Tag: regulation

WSJ : Lawmakers Seek to Ease Mortgage-Disclosure Rule for Small Lenders

This article on H.R. 2954, the Home Mortgage Disclosure Act, was published in the Wall Street Journal, January 12, 2018. Read the full article here.

Excerpts:

The legislation would allow a significant proportion of community banks and credit unions to escape reporting requirements that came into effect this month. The new requirements fall under the Home Mortgage Disclosure Act, a law enacted in 1975 to curb discrimination against minority borrowers.

The bill introduced by Rep. Tom Emmer (R., Minn.) has a good chance of becoming law because a broad Senate financial-deregulation bill, introduced in November with bipartisan support, includes a similar provision. Mr. Emmer said he expected a few House Democrats to support his bill.

The bill is expected to cover roughly a quarter of the U.S. mortgage market, Mr. Emmer said in an interview.

“These thresholds will still require the Wells Fargos, Bank of Americas and JPMorgans of the world to report data but it will provide relief to little guys, community banks and credit unions,” he said.

Financial institutions, particularly community banks and credit unions, have complained about new disclosure requirements, citing compliance costs and data-security concerns.

Specifically, the legislation would expand the exemption to lenders that originate fewer than 500 closed-end mortgage loans in each of the two preceding calendar years, up from 25 loans currently. The threshold for open-end home-equity lines of credit would be raised to 500 loans a year from 100 loans currently.

Two of My Bills Cleared Committee

Last November, Americans went to the polls and demanded we Make America Great Again. While the mainstream  media may not always tell you about our progress, we are working to make that goal a reality.

Last week, in the House Financial Services Committee we got a little closer to it. I am proud that two of my bills – the Micro Offering Safe Harbor Act and the Home Mortgage Disclosure Adjustment Act – were debated and earned support from the majority of my colleagues to pass out of committee.

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How to Support “Made By Hand”

Last week was manufacturing week – a time dedicated to celebrate the men and women across the country in the manufacturing industry.

I may sound like a broken record, but the manufacturing industry is one of the two main drivers of our state’s economy. It accounts for more than 10 percent of our state’s private sector jobs and is responsible for nearly 15 percent of Minnesota’s GDP. According to the National Association of Manufacturers, this industry contributed more than $2 trillion to the U.S. economy last year.

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Big Things Happening in Washington D.C.

Last week was a busy week in Washington, D.C. While the daily news may lead you to believe otherwise, there was certainly more going on in our nation’s capital than the testimony of former FBI Director James Comey. In fact, there were big things happening.

On Thursday, the U.S. House of Representatives passed a major financial reform package called the Financial CHOICE Act. This legislation aims to overhaul Dodd-Frank, which was enacted seven years ago. While we can all agree something needed to be done after the financial crash in 2008, what we got was a one-size-fits-all, top-down regulatory regime stifling community banks and credit unions, hurting consumers, and damaging Main Street America. In total, Dodd-Frank handed down nearly 30,000 new regulations that account for almost $40 billion in compliance costs for our financial services industry – costs that have been handed down to you and me. Dodd-Frank wasn’t fixing things; instead, it was making them worse.

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Toward Responsible Energy Independence

These days it seems everywhere you turn you can find someone on the left saying that President Trump has done nothing since taking office. While many of us can point to countless areas to prove this is simply not the case, one issue at the top of the list is the President’s efforts in the energy arena.

Four days after his inauguration, President Trump signed an executive order indicating he was committed to fulfilling his campaign promises through the advancements of the Keystone XL and Dakota Access Pipelines. Read More