Legislation

The House of Representatives has passed a bill that provides a total of $50.1 billion for the U.S. Department of Housing and Urban Development (HUD).

H.R. 3055, includes the bill providing appropriations for the Transportation Department and HUD – which would allow for $1.75 billion to fund the HOME Investment Partnership Program – $500 million above the 2019 enacted level. The president’s budget request recommended eliminating the program. 

Read on for more details about the proposed law.

The Blue Water Navy Vietnam Veterans Act, which eliminates the cap on home loans issued by the U.S. Department of Veterans Affairs (VA), has been signed into law by President Donald Trump.

H.R. 299 was passed unanimously by the Senate earlier this month, and the National Association of Realtors said it secured a victory in the bill by limiting proposed VA home loan fee increases.

Read on for reaction from the association.

House Financial Services Committee Chairwoman Maxine Waters recently addressed the National Flood Insurance Program (NFIP) during a policy speech. 

Waters spoke June 5 at the National Flood Conference in Washington, D.C. The event was hosted by the American Property Casualty Insurance Association and the Reinsurance Association of America.

Read on for Waters’ top priorities involving reform of the program and a long-term reauthorization of the NFIP.

The House of Representatives has passed the Consumers First Act, legislation introduced by House Financial Services Committee Chairwoman Maxine Waters (D-Calif.).

Waters has said the bill would block the administration’s anti-consumer agenda and reverse their past efforts to undermine the mission of the Consumer Financial Protection Bureau. The act also accuses the White House of politicizing the agency.

Read on for reaction from consumer groups.

The Senate Banking Committee met recently to discuss possible changes to non-binding agency statements by federal bank regulators.

The changes would require non-binding agency guidances to undergo notice-and-comment proceedings and Congressional Review Act oversight.

Proponents say the changes could make it easier for big banks to follow the rules. Opponents argue “regulation by enforcement” would return. Read on for highlights of testimony from both sides at the hearing.

The Consumer Bankers Association is asking the Senate Banking Committee to pass legislation requiring the Financial Crimes Enforcement Network to collect beneficial ownership information for corporations.

The information would be used to create a federal database, searchable by financial institutions and law enforcement officials.

CBA President and CEO Richard Hunt recently wrote to senators Mike Crapo and Sherrod Brown asking for their help. Read on for details from the letter.

The House of Representatives recently approved bipartisan bills to change TRID requirements for non-profit organizations and extend the National Flood Insurance Program (NFIP).

The Building Up Independent Lives and Dreams (BUILD) ACT (H.R. 1060) would allow Habitat for Humanity and similar organizations to choose the Loan Estimate and Closing Disclosure forms, or less complicated forms, when making mortgage loans with zero percent interest.

Read on for more details about both bills.

The House Subcommittee on Housing, Community Development and Insurance recently met to discuss disparities in American homeownership.

Representatives from the National Association of Realtors and the National Association of Real Estate Brokers testified before the panel about disturbing trends in the U.S. housing market regarding African American and Hispanic homeownership rates.

Read on for highlights from the hearing and comments from NAR President John Smaby.

The Federal Housing Administration (FHA) and Fannie Mae are at odds over whether so-called “Dreamers” are eligible borrowers.

U.S. Sen. Bob Menendez (D-N.J.) sent a letter to U.S. Secretary of Housing and Urban Development (HUD) Ben Carson regarding whether the Trump administration has begun implementing an unofficial policy of denying FHA-insured mortgages to Deferred Action for Childhood Arrivals (DACA) recipients.

Read on for details from the senator’s letter, HUD’s response and Fannie Mae’s stance.

Utah Gov. Gary Herbert has signed a bill into law that dramatically will expand affiliated business arrangements (AfBAs) in title and real estate.

Senate Bill 121, sponsored by Sen. Daniel Hemmert and Rep. Mike Schultz, was supported by RESPRO, which led the effort to secure changes to Utah affiliated business law to allow AfBAs under certain requirements.

Read on for reaction from RESPRO President and Executive Director Kenneth Trepeta.