WASHINGTON — The House Financial Services Committee is teeing up discrete bills that are part of a larger Senate regulatory reform package.
On Tuesday the panel held a hearing on five bills, three of which are included in the deal negotiated between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats. The bill was approved 16-7 by the Senate panel last month.
One of those measures, introduced by Rep. Randy Hultgren, R-Ill., would allow banks with less than $5 billion in assets to file short-form call reports. Another introduced by Rep. John Delaney, D-Md., would exempt certain veteran medical debt from consumer credit reports.
The panel also debated a bill sponsored by Rep. Tom Emmer, R-Minn., that would amend the Consumer Financial Protection Bureau’s Home Mortgage Disclosure Act rule by delaying reporting requirements until 2020 for a regulation that expanded the number of data points that financial institutions have to report.
The Senate bill has a similar provision, and acting CFPB Director Mick Mulvaney said the agency would give banks a similar schedule to comply with the rule.
A bill introduced by Rep. Roger Williams, R-Tex., would exempt depository institutions with less than $50 billion in assets from CFPB oversight. That provision was not included in the Senate package and is unlikely able to garner enough Democratic support to be a bicameral deal that could become law.
Another provision, sponsored by Rep. Steve Pearce, R-New Mexico, would increase the number of seller-financed homes that can be sold and be exempt from the Truth and Lending Act to five from three.
