Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.), Thom Tillis (R-N.C.) and Heidi Heitkamp (D-N.D.) yesterday introduced the Community Lending Enhancement and Regulatory Relief Act (S. 1002), a package of financial regulatory relief measures targeted at community banks.
Incorporating aspects of provisions in play in the House, the bill would allow banks with less than $10 billion in assets to receive Qualified Mortgage designation for loans held in portfolio, exempt banks with less than $10 billion in assets from the Consumer Financial Protection Bureau’s escrow rule and the Volcker Rule, allow creditors to extend second offers of credit with a lower annual percentage rate without triggering the three-day waiting period under the TILA-RESPA integrated disclosures and exempt banks with less than $1 billion in assets from Sarbanes-Oxley internal control certification requirements.
The American Bankers Association remains supportive of legislative regulatory relief efforts as part of its Blueprint for Growth. The association is engaging with members of Congress from both parties in discussions about measures that would help banks of all sizes better serve their customers and communities.