St Casimirs Mortgage Minute

House Panel Passes ABA-Advocated Reg Relief Bills
With strong bipartisan majorities, the House Financial Services Committee yesterday approved eight ABA-backed regulatory relief measures, many of which are included in ABA’s Agenda for America’s Hometown Banks:

• H.R. 601, which would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies.
• H.R. 685, which would clarify the Qualified Mortgage rule’s points and fees test.
• H.R. 1408, which would postpone Basel III rules on mortgage servicing assets until their impact can be studied.
• H.R. 1259, which would establish a process for designating an area as rural or underserved for purposes of CFPB exemptions.
• H.R. 1529, which would provide a legal safe harbor from escrow requirements for smaller institutions that hold loans in portfolio for three years.

The bills will now move to the House floor.

--ABA Daily Newbytes