The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) have asked Congress to support legislation to fund emergency mortgage and rental assistance.
In a letter to Sen. Jack Reed, House Financial Services Committee Chairwoman Maxine Waters and other legislators, the trade groups expressed gratitude for actions Congress has already taken to support pandemic relief, but said more needs to be done.
Read on for more from NAR and MBA.
Now that the Senate has unanimously approved adding $370 billion to the Paycheck Protection Plan (PPP) account, which ran out of $349 billion in 11 days, Congress must turn to comprehensive legislation to address other aspects of the economic crisis caused by the pandemic.
That’s according to House Financial Services Committee Chairwoman Maxine Waters, who is now asking legislators to provide additional assistance to struggling homeowners, renters, landlords and people experiencing homelessness.
Read on for more details from Waters.
The National Association of Federally-Insured Credit Unions (NAFCU) is the latest trade group to call for the single-director Consumer Financial Protection Bureau (CFPB) to switch to a bipartisan commission.
Rep. Blaine Luetkemeyer (R-Mo.) previously introduced a bill in the House of Representatives to change the CFPB’s governance structure, and NAFCU is expected to advocate for its passage.
Read on for details from NAFCU President and CEO Dan Berger.
The Consumer Bankers Association (CBA) made several legislative and regulatory recommendations to the House Financial Services Committee in advance of the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress.
CBA President and CEO Richard Hunt suggested Congress quickly pass a law changing the bureau’s structure to a bipartisan commission, citing concerns with the upcoming Seila Law v. CFPB case, which will be argued before the U.S. Supreme Court March 3.
Read on to learn about additional recommendations.
Conference of State Bank Supervisors President and CEO John Ryan has announced this year’s legislative priorities for state regulators.
The priorities include strengthening Bank Secrecy Act/Anti-Money Laundering (BSA/AML) reform proposals.
Read on to learn more about Ryan’s legislative priorities.
House Financial Services Committee Chairwoman Maxine Waters and other Democrats are asking the Government Accountability Office (GAO) for information on the benefits and drawbacks of alternative data in mortgage lending.
The lawmakers recently sent a letter to GAO Comptroller General Gene Dodaro requesting details about the role of the federal government in overseeing the use of alternative data by credit reporting agencies and lenders.
Read on for more from the letter.
The House of Representatives has voted in favor of ratifying the United States-Mexico-Canada Trade Agreement (USMCA).
The National Association of Realtors (NAR) previously joined with the Canadian Real Estate Association and the Asociacion Mexicana de Profesionales Inmobiliarios in support of the USMCA.
Read on for a statement from NAR.
The House of Representatives has passed a bill that provides a total of $49.1 billion for the Department of Housing and Urban Development.
That amount is $4.9 billion above the 2019 enacted level and $12.4 billion above President Donald Trump’s budget request.
The bill also provides for $126 million to the Financial Crimes Enforcement Network and $331 million for the Federal Trade Commission. Read on for more details about the appropriations.
The National Association of Realtors (NAR) has joined with the Canadian Real Estate Association (CREA) and the Asociacion Mexicana de Profesionales Inmobiliarios (AMPI) in support of the U.S., Mexico and Canada (USMCA) Trade Agreement.
In a recent letter to Speaker of the House Nancy Pelosi and Minority Leader Kevin McCarthy, the trade groups said the agreement would have a positive economic impact on the real estate sector across the continent.
Read on for details from the letter.
Americans for Financial Reform (AFR) is supporting a proposed law that would extend the 36 percent APR interest rate cap on payday and car-title lenders in the Military Lending Act to cover all Americans.
The benefits of the Veterans and Consumers Fair Credit Act of 2019 would include making compliance for industry easier and less costly, according to AFR.
Read on for more details about the proposed law.
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