The House passed five bipartisan Financial Services bills this week, including one that provides a formal hold-harmless period for those making a good faith effort to comply with the CFPB’s 1,888-page TRID rule, which became effective on Oct. 3.
The bill, H.R. 3192, the Homebuyers Assistance Act sponsored by Rep. French Hill (R-AR), passed overwhelmingly by a vote of 303-121.
“I am happy members of both sides of the aisle were able to come together and move legislation that will prevent costly market disruptions and delays for Americans homebuyers,” said Rep. Hill.
Four other bipartisan bills that passed the House this week provide needed regulatory relief for Main Street job creators and investors, and help state and local agencies aid families in collecting child support payments. Americans working in the financial sector to have the freedom to use their time and resources toward creating jobs and growing the economy rather than complying by misguided rules. The following are the financial services bills that passed with bipartisan support:
• H.R. 1553, the Small Bank Exam Cycle Reform Act, sponsored by Rep. Scott Tipton (R-CO)
• H.R. 1839, the Reforming Access for Investments in Startup Enterprises Act (RAISE) Act, sponsored by Rep. Patrick McHenry (R-NC)
• H.R. 2091, the Child Support Assistance Act, sponsored by Rep. Bruce Poliquin (R-ME)
• H.R. 1525, the Disclosure Modernization and Simplification Act, sponsored by Rep. Scott Garrett (R-NJ)
Subcommittee Recommends MDBs Focus on Economic Growth
The Monetary Policy and Trade Subcommittee held a hearing on Friday to discuss the future of multilateral development banks (MDBs) and how they can more effectively spur economic growth to alleviate poverty in developing countries.
“Congress plays an important role in determining U.S. funding for the MDBs and engaging in oversight of the Administration’s participation in the MDBs," remarked Subcommittee Chairman Bill Huizenga (R-MI). "The MDBs’ goal is to draw on member nations’ contributions to leverage additional private sector financing."
MEMBER SPOTLIGHT
Rep. French Hill | House OKs Hill's bill to delay bank rebuke
Rep. French Hill, R-Ark., who sponsored the bill, said businesses are concerned that the agency won't be lenient, despite a written promise from the bureau's director. An act of Congress, he said, would give the institutions greater confidence.
Rep. Scott Tipton| House OKs Tipton’s bank relief bill
The House unanimously passed legislation on Tuesday sponsored by Rep. Scott Tipton that would ease regulatory burdens on well-managed community banks.
Weekend Must Reads
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In the News
Bloomberg | House Passes Bill Easing Exams on Small Banks
Washington Examiner | GOP seeks to rein in Obama's finance bureau
American Banker | House Passes Bill to Delay Enforcement of New Mortgage Disclosures
HousingWire| House passes bipartisan TRID grace period bill 303-121
The Hill | Dem economists attack Elizabeth Warren over Brookings firing
Washington Examiner | Jobs Report: Disappointment Is Routine With This Administration
Investor's Business Daily | Jobs Report: Disappointment Is Routine With This Administration
Wall Street Journal | Top Republican Urges Yellen to Comply with Congressional Subpoena