WASHINGTON–The House voted Tuesday to pass two regulatory relief bills that have the backing of credit unions. Passed by the House were:
- The Portfolio Lending and Mortgage Access Act (H.R. 2226), which passed by voice vote. The bill would treat residential mortgages held in portfolio by the original creditor as qualified mortgages.
- The Comprehensive Regulatory Review Act (H.R. 4607), which passed 264-143, which would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and federal financial regulators, including the Consumer Financial Protection Bureau and NCUA, to review all existing regulations once every five years. NCUA already reviews each of its regulations every three years.
NCUA currently voluntarily reviews its regulations every three years, which CUNA supports.
“Both of the bills are common-sense, pro-consumer pieces of legislation that will facilitate more efficient regulations and increased access to mortgage credit,” said CUNA President/CEO Jim Nussle in a statement.