-
WASHINGTON The House Financial Services Committee approved nearly a dozen regulatory reform bills for community banks and credit unions on Thursday, though Democrats signaled they remain concerned about efforts to roll back the Dodd-Frank Act and consumer protection measures.
March 26
WASHINGTON The House is slated to vote on a host of regulatory relief bills next week when Congress returns from its spring break.
The chamber will take up nine banking bills, all of which won bipartisan support from the Financial Services Committee during a markup last month.
The legislation will "promote a healthier economy, preserve consumer choice and help our fellow Americans achieve the dream of financial independence," House Majority Leader Kevin McCarthy said in a memo to lawmakers Thursday.
The bills up for consideration would allow financial institutions to send out privacy notices when disclosures change rather than annually; require that any privileged information shared between state and federal regulators be kept confidential; decrease check-clearing times in some U.S. territories; recalculate how some points and fees are considered under the Consumer Financial Protection Bureau's "qualified mortgage" rule; mandate the agency hold open meetings; create a small business advisory board at the CFPB; establish a designation appeals process for the definition of "rural" under the QM rule; allow privately insured credit unions to access the Federal Home Loan Bank System; and remove some manufactured housing from being considered "high cost."
