The U.S. House of Representatives this week passed five regulatory relief bills that help community banks.
The bills are:
Helping Expand Lending Practices in Rural Communities Act (H.R. 1259)
Reps. Andy Barr (R-KY) and Ruben Hinojosa (D-TX) have reintroduced this legislation that passed the full House in the last Congress. The bill would direct the CFPB to establish an application process under which a person who lives or does business in a state may apply to have an area designated as a rural area if it has not already been designated as such by the Bureau.
Eliminate Privacy Notice Confusion Act (H.R. 601)
This bill by Rep. Blaine Luetkemeyer (R-MO) would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies.
Bureau Advisory Commission Transparency Act (H.R. 1265)
This bill by Rep. Sean Duffy (R-WI), would increase transparency in CFPB advisory council meetings.
SAFE Act Confidentiality and Privilege Enhancement Act (H.R. 1480)
This bill by Rep. Robert Dold (R-IL) would protect the confidentiality of information banks share with state regulators.
Mortgage Choice Act (H.R. 685)
This bill by Rep. Bill Huizenga (R-MI) would provide needed clarifications on the Qualified Mortgage rule’s points and fees test.
All of the bills were supported by the American Bankers Association.