The American Bankers Association and state bankers associations across the country today sent letters to congressional leaders urging the House to pass S. 2155 — the Senate-passed regulatory reform bill — “as soon as possible.” The associations noted that the bill contains numerous provisions championed by members of the House Financial Services Committee in recent years.
Among the S. 2155 provisions that originated in the House are those that would provide Qualified Mortgage status for mortgage loans held in portfolio by banks with less than $10 billion in assets, raise the small bank holding company threshold and provide greater flexibility to federal thrifts. “The tireless work of the House Financial Services Committee over the last six years under the leadership of Chairman Jeb Hensarling cannot be overstated, nor can the influence the committee had on this critically important bipartisan agreement,” ABA said.
While welcoming House members’ efforts to pass additional regulatory reform bills, ABA added that “now is the time to get S. 2155 to the president’s desk for his signature” and urged the House to pass it promptly. “We believe S. 2155 will make a very real difference to community banks across the country,” ABA said. “It is on the verge of enactment due in no small part to the actions and the efforts of House lawmakers.”