Maxine Waters

The bill aimed at helping struggling homeowners also requires documentation of servicer behavior and FHFA evaluation of the services provided to borrowers.

The legislation unveiled this week left out a requirement — included in an earlier version — for new companies to report their true owners.

A change in House leadership in midterms would slow down regulatory relief initiatives and put more heat on Trump-appointed regulators.

A change in House leadership in midterms would slow down regulatory relief initiatives and put more heat on Trump-appointed regulators.

The House affirmed this week that it would move forward with a vote on a Senate bill overhauling parts of Dodd-Frank, but how far lawmakers push additional relief proposals is still unclear.

The rules to comply with the Community Reinvestment Act have become "formulaic and ossified" and must be changed to encourage lending practices the law originally intended to foster, the Fed's top regulator said.

The bill, which also exempts community banks from the trading ban named for former Fed Chairman Paul Volcker, would go a step further than the regulatory relief bill that passed the Senate.

House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face in holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.

House Speaker Paul Ryan's decision not to seek re-election is another sign of the difficulties Republicans will likely face holding the chamber in November, heightening pressure to move a pending regulatory relief bill as soon as possible.

Rep. Maxine Waters, D-Calif., questioned Bank of America's decision to discontinue free online checking accounts used by many low-income consumers in light of the bank's recent profits and corporate tax cuts.