Congressional disapproval of regulatory guidance which has been in place for five years is nearly complete, following the House’s vote Tuesday in favor of a Senate resolution repealing the Consumer Financial Protection Bureau’s 2013 indirect auto lending bulletin.
Congressional Review Act (CRA) disapproval resolutions have happened 16 times since the passage of the act in 1998, once in 2001 and 15 times since Republicans took control of the House, Senate and presidency in 2017.
This, however, would be the first time CRA disapproval had been used to nullify a form of guidance, rather than a promulgated rule. Read on for more.
As the House is preparing to pass bipartisan reforms from the Senate regarding Dodd-Frank Act statutes and the Consumer Financial Protection Bureau (CFPB), a heated debate before a vote on repealing indirect auto lending guidance shined a light on fractures surrounding the bureau.
Rep. Mike Kelly (R-Pa.), whose family has been in the auto dealer business for more than 60 years, said he was appalled by the divisiveness shown by Democrats in debating the resolution. Rep. Maxine Waters (D-Calif.) said she was “more offended as an African-American woman than you will ever be.” Financial Services Committee Chairman Jeb Hensarling (R-Texas) said he was shocked as Democrats came to “accuse us of such outrageous defending discrimination.”
Read on for details of the exchanges, and what impact the tone might have for future reforms of the CFPB and Dodd-Frank.
A new bill introduced by the House seeks to encourage the Consumer Financial Protection Bureau (CFPB) to issue guidance.
The bill was introduced the same time in which the Senate voted to disapprove a five-year-old bulletin the CFPB issued providing guidance on indirect auto lending.
The bill compels the agency to issue guidance, including guidance necessary to comply with the law, and received positive feedback from the industry. Read on for more details.
The House Oversight and Government Reform Committee released a Majority Staff Report examining federal agencies’ regulatory guidance documents and their compliance with rulemaking, notably the Congressional Review Act.
The committee sought information from 46 federal agencies on guidance documents over the past 10 years, and in a three-month timespan, 38 agencies produced more than 13,000 guidance documents issued since Jan. 1, 2008.
It found various shortcomings with compliance with CRA and notification to the Office of Management and Budget. Read on for details and recommendations from the Republicans on the committee.
As the Senate secured final passage of its regulatory reform bill Wednesday night, one of the areas in which it amends TILA directly affects mortgage disclosure forms.
Although it is not the fix to the accurate disclosure of simultaneously issued title insurance that settlement agents hoped for, the change could bring clarity to the closing transaction.
Read on for more about that change, as well as change to escrow requirements, the treatment of loans held in portfolio, and much more.
Twelve trade associations recently wrote to the House Financial Services Committee to express their support for the Counter Terrorism and Illicit Finance Act introduced by Reps. Steven Pearce (R-N.M.) and Blaine Luetkemeyer (R-Mo.).
The letter said the associations believe the bill will modernize anti-money laundering (AML) and help prevent the use of shell companies to launder money.
Read on for more about how the bill addresses industry concerns over the disclosure of ownership.
Two weeks before the new Home Mortgage Disclosure Act rule is set to take effect, Rep. Tom Emmer (R-Minn.) has filed a bill to delay the rule by one year.
The bill, H.R. 4648, is titled “To delay the effective date of certain regulations relating to home mortgage disclosures, to suspend certain data sharing requirements, and for other purposes.”
Read on for more details about the bill and when it would require companies to being reporting data.
The National Association of Realtors (NAR) wrote to the chairmen of the House and Senate conference committee working on the tax cut proposal, shortly before the two sides said they came to agreement on a bill to prepare for a vote next week.
Among the areas which NAR pointed out to lawmakers was the capital gains exclusion for the sale of a principal residence. By changing current law, NAR said the country could see a $7 billion drop in annual GDP.
Read on for more areas of concern from the Realtors.
A group of insurance trade associations, including the American Land Title Association, wrote to a House subcommittee in support of H.R. 3746, the Business of Insurance Regulatory Reform Act of 2017.
The bill, which was discussed by the Financial Services Subcommittee on Financial Institutions and Consumer Credit in a recent hearing, would clarify the extent to which the Consumer Financial Protection Bureau has authority over the insurance industry.
Read on for more about the language of the bipartisan bill and the associations’ letter in support.
As Mick Mulvaney finished his first week as acting director of the Consumer Financial Protection Bureau (CFPB) following his appointment by President Donald Trump, the House of Representatives began work on overturning the most recently approved CFPB rule.
A bill of disapproval under the Congressional Review Act was introduced last week which would overturn the recently finalized rule on small-dollar lending. The rule was issued in October but was not published in the Federal Register until Nov. 17.
Read on for more about the introduction of the bill.
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