Complete Story
07/24/2014
ICBA Backs Landrieu Bill Offering QM Status for Portfolio Loans
| ICBA expressed its support for legislation introduced by Sen. Mary Landrieu (D-La.) to provide qualified mortgage status for loans held in portfolio by community banks with $10 billion or less in assets. In a letter to Landrieu, the association noted that the legislation, which is inspired by ICBA’s Plan for Prosperity regulatory relief platform, would provide needed regulatory relief while not compromising safety and soundness or consumer protections. The legislation is similar to a provision in the ICBA-advocated Community Lending Enhancement and Regulatory (CLEAR) Relief Act (S. 1349). That bill would provide QM status for community bank loans held in portfolio for three years. S. 1349 has 38 cosponsors, including Landrieu. ICBA will continue advocating both measures as part of its ongoing push for community bank regulatory relief. |
 |
