MBA Issues Call to Action on Senate Regulatory Relief Bill
Ahead of debate this week on a Senate bill aimed at providing broad regulatory relief, the Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action urging its members to contact their senators to support the bill.
S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act (https://www.congress.gov/bill/115th-congress/senate-bill/2155), includes several MBA-supported priorities:
–SAFE Act amendments to provide mortgage loan originators with 120 days of transitional authority to originate when moving from a federal depository to a non-bank (or across state lines);
–Subjecting Property Assessed Clean Lending (PACE) or property retrofit loans to Truth In Lending Act consumer protections;
–Exempting financial institutions originating fewer than 500 closed-end mortgages from Home Mortgage Disclosure Act reporting requirements; and
–Targeted TILA/RESPA Integrated Disclosure fixes.
Other issues involving Qualified Mortgage portfolio relief, Systematically Important Financial Institution thresholds, veterans’ credit reports and the Volcker rule. MBA continues to pursue addition of other favorable provisions to the bill within a “Manager’s Amendment” to S. 2155 expected to be introduced later this week.
Senate Banking Committee Chairman Mike Crapo, R-Idaho, introduced this bipartisan legislation last November; the bill was reported favorably from the full committee in early December. Parallel action on the bill in the House remains a yet-to-be-defined process, but Chief GOP Deputy Whip (and House Financial Services Committee Vice-Chairman) Patrick McHenry, R-N.C., said last week the House could ratify an amended Senate bill by the August recess.
MBA Senior Vice President of Legislative and Political Affairs Bill Killmer said MAA members have already collectively contacted 96 Senate offices in support of the legislation, helping to add to the growing list of 25 co-sponsors, including 12 Republicans, 12 Democrats and one Independent.
“Advocacy from our industry has kept these priorities front and center, and we need your help to ensure this legislation has the support necessary for full Senate passage,” Killmer said.
Killmer said 60 votes are needed to invoke cloture that would allow debate on the underlying bill to begin.
For more information about the Call to Action, click https://action.mba.org/mba/app/write-a-letter?0&engagementId=446314.
