Community Development Bank legislation passed by the House Banking Committee Nov. 10 would require studies on simplifying adjustable rate mortgage disclosures and making them more meaningful to consumers.
The amendments to the administration's CDB legislation were among a number of regulatory easing provisions included in the bill, H.R. 3474, reported out by the panel. The bill is scheduled to go to the House Rules Committee this week; floor action is possible before Congress adjourns for the year by Nov. 24. Senate action on a similar bill, by contrast, is not expected until next year.