Legislation

House approves bill to ease mortgage servicing capital requirements

The House Financial Services Committee approved a number of bills earlier this week, including legislation from Rep. Blaine Luetkemeyer (R-Mo.) that would require regulators to conduct a study to calculate capital requirements for mortgage servicing assets. Luetkemeyer’s bill, which was approved 44-9, would delay the implementation of Basel... Read More...

Richmond introduces bill to allow USPS to offer financial services

Rep. Cedric Richmond (D-La.) introduced legislation last week that would allow the U.S. Postal Service (USPS) to offer basic financial services, a plan proposed by the postal inspector general earlier this year. The Providing Opportunities for Savings, Transactions and Lending Act—or POSTAL Act—would allow USPS to offer checking... Read More...

Miller introduces bill to exempt loans to veterans from MBL cap

Rep. Jeff Miller (R-Fla.), the chairman of the House Veterans Affairs Committee, introduced legislation last week to exempt loans made to veterans from the credit union member business loan (MBL) cap. Under the legislation—H.R. 5061—the word “veteran” would include those who served on active duty or individuals who were discharged... Read More...

Waters presses rules committee to review appropriations bill

Rep. Maxine Waters (D-Calif.) urged the House Committee on Rules to review certain provisions of the 2015 appropriations bill that she said would hurt funding for financial regulators. Waters said one provision “places improper funding restrictions” on the Office of Financial Research (OFR), which was created to examine systemic risk in... Read More...

HFSC approves TRIA, FSOC reform legislation

The House Financial Services Committee (HFSC) approved legislation last week aimed at reforming the Terrorism Risk Insurance Act (TRIA) and improving transparency within the Financial Stability Oversight Council (FSOC). Critics of FSOC, which was established under the Dodd-Frank Act, maintain that the council and its operations lack... Read More...

California senate puts off bill to require EMV equipment for merchants

Legislation that would require merchants in the state of California to implement EMV technology was set aside on Monday at the request of the bill’s sponsor. The bill, S.B. 1351, would have required California vendors and retailers to implement EMV processing equipment by April 2016. It would have also required that 75 percent of replacement... Read More...

FTC staff submit comments on bills related to DTC auto sales

Members of the Federal Trade Commission’s staff recently submitted comments to Missouri state Rep. Michael Colona (D) and New Jersey state Rep. Paul Moriarty (D) on bills that affect the ability of auto manufacturers to sell cars directly to consumers. In Missouri, H.B. 1124 would expand the current restrictions on direct-to-consumer (DTC)... Read More...

FTC urges lawmakers to pass bill to enhance data broker transparency

The Federal Trade Commission called on Congress last week to enact legislation to regulate the activities of data brokers and to enhance consumer protections, following the release of a report that showed widespread opacity in the profession. In an effort to increase understanding of the data broker industry, the FTC undertook a study of nine... Read More...

Lawmakers introduce bills to end kickbacks between colleges, banks

A group of congressional Democrats recently introduced a number of bills in the Senate and House aimed at banning agreements between financial institutions that steer students to high-cost debit cards and increasing transparency across campus-sponsored financial products. Sen. Tom Harkin (D-Iowa), along with Sens. Dick Durbin (D-Ill.) and... Read More...

California senate committee passes bill to require EMV technology for retailers

A California state senate committee voted 5-2 on Tuesday to approve legislation that would require retailers in the state that accept payment cards to implement EMV technology. Under the legislation—S.B. 1351, introduced by California state Sen. Jerry Hill (D)—retailers would be required to provide a means of processing EMV cards as of... Read More...

Lawmakers introduce companion data breach legislation

Just after eBay announced hackers had stolen customers’ passwords last week, Sen. Robert Menendez (D-N.J.) and Rep. Albio Sires (D-N.J.) introduced companion legislation aimed at increasing consumer protections and corporate responsibility in the event of a data breach. “This latest data breach confirms what we already know: our data is... Read More...

CUNA expresses support for bill to expand rural designations by CFPB

The Credit Union National Association expressed support on Wednesday for legislation could potentially increase the number of areas designated as “rural” under the CFPB’s ability-to-repay and qualified mortgage rules. S. 1916, the HELP Rural Communities Act introduced by Sen. Mitch McConnell (R-Ky.) in January, would require the CFPB to... Read More...

Leahy withdrawals patent troll legislation from committee consideration

Sen. Patrick Leahy (D-Vt.) announced on Wednesday the withdrawal of his bill—the Patent Transparency and Improvements Act—from the Senate Judiciary Committee’s agenda, citing a lack of broad bipartisan agreement on how to reform patent laws. “Unfortunately, there has been no agreement on how to combat the scourge of patent trolls on... Read More...

Terry introduces bill to curb frivolous demand letters by patent trolls

Rep. Lee Terry (R-Neb.) released draft legislation last week that would address frivolous patent demand letters used by so-called patent trolls to extract settlements from businesses and financial institutions. The legislation joins a similar bipartisan bill introduced in the Senate by Sen. Patrick Leahy (D-Vt.), the chairman of the Senate... Read More...

ATMIA adds state legislative monitoring service for members

The ATM Industry Association announced earlier this week that it has expanded its regulatory and compliance monitoring service to include legislative monitoring for 11 states—a new service called iStateLink. The service, which will be free to all ATMIA members, will report on a number of topics, including surcharges, licensing, taxes and... Read More...

Johnson-Crapo GSE reform bill leaves committee for full Senate consideration

The Senate Banking Committee voted 13-9 on Thursday to approve bipartisan housing finance reform legislation sponsored by Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) that will now move to the full Senate for consideration. The legislation provides for the wind-down of government mortgage giants Fannie Mae and Freddie Mac and their... Read More...

ABA supports Luetkemeyer’s proposal to suspend Basel MSA capital rule

The American Bankers Association expressed support on Monday for bipartisan legislation to delay the implementation of Basel III regulations on mortgage servicing assets until an impact study is conducted and alternatives are explored. The legislation—H.R. 4042, introduced by Rep. Blaine Luetkemeyer (R-Mo.) with Rep. Ed Perlmutter (D-Colo.)... Read More...

House committee pushes through bill to improve credit, mortgage access

The House Financial Services Committee approved bipartisan legislation last week that is designed to improve access to credit and qualified mortgages for low- and moderate-income borrowers. The legislation—H.R. 3211, which was introduced by Rep. Bill Huizenga (R-Mich.)—would amend the definition of qualified mortgage under the 2010... Read More...

Warren introduces bill to allow student loan borrowers to refinance

Sen. Elizabeth Warren (D-Mass.) introduced legislation last week that would allow student borrowers to refinance at lower interest rates offered to new borrowers under the Bipartisan Loan Certainty Act passed by Congress last year. The Bipartisan Loan Certainty Act allows new borrowers to take out federal student loans at an interest rate... Read More...

FHFA Director Mel Watt to keynote on GSE reform at Brookings Institution

Federal Housing Finance Agency (FHFA) Director Mel Watt will discuss reform of government-sponsored enterprises Fannie Mae and Freddie Mac at an event at the Brookings Institution later this month. The event, which will be held from 9:30-11 a.m. on May 13, will examine the role Fannie and Freddie play in the housing finance... Read More...

Hundreds of groups express support for patent reform legislation

More than 400 organizations wrote to lawmakers on Wednesday expressing support for patent reform legislation aimed at discouraging patent trolls and reducing patent litigation. The letter was sent ahead of a Senate Judiciary Committee vote on a bill—the Patent Transparency and Improvements Act, S. 1720-- that was slated for markup on... Read More...

Senate Banking Committee postpones markup of GSE reform bill

The Senate Banking Committee postponed a mark-up of housing finance reform legislation on Tuesday to allow members of the committee adequate time to consider the proposal. "As all of the Members already know, there continue to be important discussions to build a larger coalition supporting the bill,” Committee Chairman Tim Johnson... Read More...

SECURE Act would protect consumers from inaccurate credit reports

Sens. Sherrod Brown (D-Ohio) and Brian Schatz (D-Hawaii) unveiled major legislation - the Stop Errors in Credit Use and Reporting Act - on Wednesday that would protect consumers from inaccurate credit reports and credit scores. “Errors in a credit report can make the difference between whether someone can live the American dream and buy a... Read More...

Coats introduces bill to protect credit unions, banks from CFPB overreach

Sen. Dan Coats (R-Ind.) introduced a bill on Thursday to give credit unions and community banks some relief from what he called "crippling financial regulations" enacted following the 2008 financial crisis. Coats' bill, supported by the Indiana Credit Union League and the Credit Union National Association, would modify how the CFPB requests... Read More...

Sens. Warner, Kirk introduce bill to cap consumer debit fraud liability

Sens. Mark Warner (D-Va.) and Mark Kirk (R-Ill.) introduced legislation last week that would expand current federal law and cap liability for consumers affected by debit card fraud at $50. Under current federal law, consumers can be liable for up to $500 or more if their debit cards are stolen or used fraudulently. “Debit card use has just... Read More...

Ohio Senate holds hearing on mortgage subrogation bill

The Ohio Senate Committee on Insurance and Financial Institutions held a hearing last week on legislation aimed at streamlining the mortgage process and providing lenders in the state with clarity on the priority of liens. The bill—Substitute H.B. 201, originally introduced last June by Republican State Rep. Jim Butler—was passed by the... Read More...

Senate Banking Committee to mark up Johnson-Crapo housing proposal

The Senate Banking Committee will meet later this month to mark up the draft of the bipartisan Johnson-Crapo housing finance reform legislation. Last month, Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) introduced the legislation, which was based on a similar bill by Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.). The legislation... Read More...

FSC’s Waters releases draft housing finance reform proposal

Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, recently released a proposal for housing finance reform just after the release of another discussion draft by Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho). “Reforming a $10 trillion housing finance market is an immense undertaking that must... Read More...

HFSC passes bill to protect small creditors under CFPB’s “rural” definition

The House Financial Services Committee passed legislation last Friday that would address the CFPB’s designation of “rural” areas as it relates to compliance with its qualified mortgage rule. The legislation—H.R. 2672, the CFPB Rural Designation Petition and Correction Act, introduced by Rep. Garland “Andy” Barr (R-Ky.)—would... Read More...

House committee examines bill to require online sales tax collection

The House Judiciary Committee held a hearing last week to examine legislation that would require online and mobile merchants to collect state and local sales tax. Under current law, online merchants cannot be forced to collect sales tax because they are required to have a physical presence in the states in which they do business—a clause... Read More...

Rep. Royce introduces bill to provide credit unions relief from MBL

Rep. Ed Royce (R-Calif.) of the House Financial Services Committee introduced legislation last week that would exempt loans for certain smaller apartment buildings from the member business lending cap, providing relief to credit unions. H.R. 4226—or the Credit Union Residential Loan Parity Act—is co-sponsored by Rep. Jared Huffman... Read More...

House committee clears credit union FHLB membership parity legislation

The House Financial services Committee voted 55-0 last week to pass legislation that would allow privately insured credit unions to become members of a Federal Home Loan Bank—government-sponsored banks that provide discount funding to financial institutions. H.R. 3584, which was introduced by Rep. Steve Stivers (R-Ohio), would expand credit... Read More...

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