07/15/2015

House Approves Two ICBA-Backed Reg Relief Bills

The House approved two ICBA-advocated regulatory relief bills inspired by ICBA’s Plan for Prosperity platform. The pro-community bank bills, which ICBA urged approval of in a letter to lawmakers yesterday, are:

• H.R. 1408, sponsored by Rep. Ed Perlmutter (D-Colo.), to delay and study Basel III rules on mortgage-servicing assets, and

• H.R. 1334, sponsored by Reps. Steve Womack (R-Ark.) and Jim Himes (D-Conn.), to correct an oversight in the JOBS Act and allow thrift holding companies to take advantage of new SEC registration thresholds.

The House also is expected to vote this week on H.R. 1529, sponsored by Rep. Brad Sherman (D-Calif.), to exempt from escrow requirements any mortgage loan held in portfolio by financial institutions with $10 billion or less in assets and to increase exemptions for small servicers. Read ICBA Letter.