Relationship Lending Preservation Act of 2015

To require the Bureau of Consumer Financial Protection to amend its regulations relating to qualified mortgages, and for other purposes. 1. Short title This Act may be cited as the Relationship Lending Preservation Act of 2015 2. Qualified mortgage amendment (a) Definitions In this section— (1) the term affiliate 12 U.S.C. 1841(k) (2) the term Bureau (3) the terms community financial institution Federal Home Loan Bank System 12 U.S.C. 1422 (4) the term creditor 15 U.S.C. 1602 (5) the term Federal Home Loan Bank 12 U.S.C. 1421 et seq. (6) the term qualified mortgage 15 U.S.C. 1639c(b)(2)(A) (b) Requirement To issue regulations Not later than 9 months after the date of enactment of this Act, the Bureau shall issue regulations that provide that the term qualified mortgage (1) is extended by a creditor that— (A) together with its affiliates, has less than $10,000,000,000 in total consolidated assets; and (B) is a member of a Federal Home Loan Bank; (2) meets the requirements of clauses (i), (ii), (iv), (v), (vii), and (viii) of section 129C(b)(2)(A) of the Truth in Lending Act ( 15 U.S.C. 1639c(b)(2)(A) (3) is eligible to be purchased by a Federal Home Loan Bank pursuant to requirements established by the Federal Home Loan Bank, including underwriting and documentation requirements; and (4) is eligible to be purchased and is held by a Federal Home Loan Bank pursuant to regulations issued by the Federal Housing Finance Agency. (c) Assessment of regulations (1) In general The Bureau shall conduct, in consultation with the Federal Housing Finance Agency, an assessment of the regulations issued under subsection (b), which shall— (A) address, among other relevant factors, the usage of the regulations by community financial institutions, the impact of the regulations on access to residential mortgage loans, and whether the Federal Home Loan Banks have established underwriting and documentation requirements; and (B) reflect available evidence and any data that the Bureau reasonably may collect. (2) Report Not later than 4 years after the date on which the Bureau issues the regulations under subsection (b), the Bureau shall publish and submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report on the assessment conducted under paragraph (1). (3) Public comment required Before publishing the report under paragraph (2), the Bureau shall invite public comment on recommendations for modifying, expanding, or eliminating the regulations issued under subsection (b). (d) Revision of regulations Beginning 5 years after the date on which the Bureau issues the regulations under subsection (b), the Bureau may revise those regulations if the Bureau determines that the revision is necessary— (1) to protect the safety of mortgage loan borrowers or lenders; or (2) to increase access to mortgage credit.

Summary: Relationship Lending Preservation Act of 2015 This bill directs the Consumer Financial Protection Bureau to issue regulations to include as a qualified mortgage any mortgage loan that: (1) is extended by a creditor that, together with its affiliates, has less than $10 billion in total consolidated assets and is a member of a Federal Home Loan Bank; (2) meets qualifying criteria of the Truth in Lending Act; (3) is eligible to be purchased by a Bank pursuant to its underwriting and documentation requirements; and (4) is eligible to be purchased and is held by a Bank pursuant to regulations of the Federal Housing Finance Agency. The Bureau shall assess these regulations, addressing, among other relevant factors, their usage by community financial institutions, their impact on access to residential mortgage loans, and whether the Banks actually have established underwriting and documentation requirements.