The U.S. House of Representatives is scheduled to vote on the Mortgage Choice Act and the Preserving Access to Manufactured Housing Act next week.
Both bills are supported by CUNA and NAFCU.
According to CUNA Media Manager Vicki Christner, the exact day of the vote has not been determined. The Mortgage Choice Act (H.R. 685), introduced by Rep. Bill Huizenga (R-Mich.), would adjust the definition of points and fees under the Truth in Lending Act as applied in the CFPB's qualified mortgage rule. The Preserving Access to Manufactured Housing Act (H.R. 650), introduced by Rep. Stephen Fincher (R-Tenn.), would amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage.
The House Financial Services Committee approved both bills, along with other regulatory relief legislation, on March 26.
"It is not an exaggeration to say that community banks and credit unions are withering on the vine," Chairman Jeb Hensarling (R-Texas) said after the committee approved the bills. "We are losing, on average, more than one a day and they are not perishing of natural causes."
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