With bipartisan majorities, the House Financial Services Committee yesterday passed several bills that are part of ABA’s Agenda for America’s Hometown Banks.
“Today’s votes are an important step toward removing statutory and regulatory barriers that constrain lending and make it harder for banks to meet the needs of their local communities,” said ABA President and CEO Frank Keating. “We look forward to working with the committee and the full House as this process moves forward.”
Bills to make more institutions eligible for the 18-month exam cycle (H.R. 1553) and eliminate unnecessary restrictions on sales of privately held stock (H.R. 1839) passed without opposition, while bills to improve exam fairness (H.R. 1941) and institute a hold-harmless period for the TILA-RESPA integrated disclosures until Feb. 1, 2016 (H.R. 3192) carried by 45-13 margins. H.R. 1210, which would designate portfolio loans as Qualified Mortgages, passed by 38-18, while H.R. 766, which would roll back Operation Choke Point, was approved by 35-19.