Tuesday, April 3, 2018

Industry changes

The Bill S.2155 passed the Senate on March 2018.
03/14/2018 Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 67 - 31.
The CHOICE Act would:
  • Reduce regulatory burdens on institutions based on capital levels irrespective of asset size
  • Reduce the Financial Stability Oversight Council's powers
  • Repeal Dodd–Frank's orderly liquidation authority, and
  • Scale back the Consumer Financial Protection Bureau's (CFPB) powers.
Among other changes this bill amends the Truth in Lending Act to allow institutions with less than $10 billion in assets to waive ability-to-repay requirements for certain residential-mortgage loans. Other mortgage-lending provisions related to appraisals, mortgage data, licensing of loan originators, manufactured homes, escrow requirements, and transaction waiting periods are also modified.

It also requires credit reporting agencies to provide credit-freeze alerts and includes consumer-credit provisions related to minors and veterans.More information on the Congress Government page.