Community Institution Mortgage Relief Act of 2014

Bill: 113-hr-4521
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2014-04-30
Policy area: Housing and Community Development
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Federal Reserve System

Housing finance and home ownership

Real estate business

Small business
Latest action: action_date: 2014-05-22
text: Ordered to be Reported by the Yeas and Nays: 43 - 16.

Summaries:
action_date: 2014-04-30
action_desc: Introduced in House
text: <p>Community Institution Mortgage Relief Act of 2014 - Amends the Truth in Lending Act (TILA) to require the Board of Governors of the Federal Reserve System to exempt from certain escrow or impound requirements a loan secured by a first lien on a consumer's principal dwelling if the loan is held by a creditor with assets of $10 billion or less.</p> <p>Amends the Real Estate Settlement Procedures Act of 1974 to direct the Consumer Financial Protection Bureau (CFPB) to provide either exemptions or adjustments from the mortgage loan servicing and escrow account administration requirements of the Act for servicers that annually service 20,000 or fewer mortgage loans.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4521 IN THE HOUSE OF REPRESENTATIVES April 30, 2014 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services A BILL To modify exemptions for small creditors and mortgage loan servicers, to require a study of appropriate capital requirements for mortgage servicing assets for nonsystemic banking institutions, and for other purposes.

1. Short title This Act may be cited as the Community Institution Mortgage Relief Act of 2014 . 2. Exemption from escrow requirements for loans held by small creditors Section 129D(c) of the Truth in Lending Act ( 15 U.S.C. 1639d(c) ), as added by section 1461(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is amended— (1) by redesignating paragraphs (1), (2), (3), and (4) as subparagraphs (A), (B), (C), and (D) and moving such subparagraphs 2 ems to the right; (2) by striking The Board and inserting the following: (1) In general The Board ; and (3) by adding at the end the following new paragraph: (2) Treatment of loans held by smaller creditors The Board shall, by regulation, exempt from the requirements of subsection (a) any loan secured by a first lien on a consumer’s principle dwelling, if such loan is held by a creditor with assets of $10,000,000,000 or less. . 3. Modification to exemption for small servicers of mortgage loans Section 6 of the Real Estate Settlement Procedures Act of 1974 ( 12 U.S.C. 2605 ) is amended by adding at the end the following: (n) Small Servicer Exemption The Bureau shall, by regulation, provide exemptions to, or adjustments for, the provisions of this section for servicers that annually service 20,000 or fewer mortgage loans, in order to reduce regulatory burdens while appropriately balancing consumer protections. .