WASHINGTON—While credit unions are still celebrating passage in the Senate of S 2155, the reg relief bill that rolls back portions of Dodd Frank, Republicans in the House say they have no plans to “rubber stamp” the Senate bill.
House Financial Services Committee Chairman Jeb Hensarling (R-TX) called the Senate bill an “important first step,” but indicated members of the House want to debate adding certain provisions. Some House lawmakers have expressed disappointment that the Senate bill doesn’t incorporate more bipartisan provisions already approved by the House, according to a Wall Street Journal report.
“Senate aides have said making changes to the package could delay final passage of the overhaul for weeks or months, or derail it altogether,” the Journal reported. “Centrist Democrats have already said they won’t support negotiations with House lawmakers to make changes to the Senate bill.”
“There are some out there that will say this bill is going to look completely different when it comes back from the House,” Sen. Jon Tester (D-MT). “If it does, then I guess we’re done.”
Both CUNA and NAFCU have endorsed the Senate version of the legislation. Key provisions in S 2155 would:
- Classify credit union one-to-four unit, non-owner occupied residential property loans as real estate loans, freeing up credit unions to lend to more small businesses, which CUNA believes would make up to $4 billion in additional capital available
- Treat loans held in portfolio by certain lenders as Qualified Mortgages
- Raise Home Mortgage Disclosure Act reporting thresholds to 500 closed-end and open-end loans in calendar year
- Apply the same consumer protections in place for mortgage lending to Property Assessed Clean Energy (PACE) loans
- Remove the three-day wait period required under the Truth in Lending Act Real Estate Settlement Procedures Act
- Provide legal immunity for properly trained, good-faith reporters of suspected financial elder abuse
- Require the Treasury to conduct a study on the risks that cyber threats might pose to financial institutions