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Legislation, Regulatory News, This Week in Washington

Financial Services subcommittee leadership, jurisdiction announced

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Legislation, Regulatory News, This Week in Washington
Monday, January 16, 2023

As leadership switches parties in the U.S. House of Representatives, the new chair of the House Committee on Financial Services Patrick McHenry (R-NC) also announced the subcommittees, their chairs, and their jurisdiction for the 118th Congress.

“Committee Republicans are ready to deliver on our promises made to the American people,” McHenry said in a release. “This slate of subcommittee chairs will be the drivers of our policy agenda centered around economic prosperity for all Americans. Whether that is increasing opportunities for all investors, expanding access to innovative financial products, or ensuring the safety and soundness of our financial system – this committee’s leadership team is ready to meet the moment. I am honored to have these talented leaders – who represent the diverse experiences and expertise of our conference – by my side as we get to work.”

The Subcommittee on Capital Markets will be chaired by Ann Wagner (R-Mo.) and will focus on developing and pursuing policies that strengthen access to capital formation; overseeing the operations and policy development of the SEC, MSRB, FASB, and PCAOB; overseeing and responding to the SEC’s regulatory agenda; and identifying best practices and policies that continue to strengthen diversity and inclusion in the capital markets industry.

The Subcommittee on Financial Institutions and Monetary Policy will be chaired by Andy Barr (R-Ky.). It is charged with overseeing the operations and policy development of the Prudential Financial regulators, the CFPB, and the Federal Reserve and its 12 reserve banks; identifying policies that grow and stabilize the financial system and broader economy; and identifying best practices and policies that continue to strengthen the financial industry’s commitment to diversity and inclusion.

French Hill (R-Ark.) will chair the Subcommittee on Digital Assets, Financial Technology, and Inclusion. It will focus on providing clear rules of the road among federal regulators for the digital asset ecosystem; developing policies that promote financial technology to reach underserved communities; and identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.

The Subcommittee on National Security, Illicit Finance, and International Financial Institutions is tasked with strengthening policies to combat the generational threat posed by the Chinese Communist Party; overseeing the operations and policy development with respect to the Office of Terrorism Financial Intelligence; overseeing the policy development at the International Financial Institutions; and identifying best practices and policies that continue to strengthen diversity and inclusion within the national security and international finance industry. It will be chaired by Blaine Luetkemeyer (R-Mo.).

Bill Huizenga (R-Mich.) will lead the Subcommittee on Oversight and Investigations, focusing on overseeing all agencies, departments, programs and matters within the Financial Services Committee’s jurisdiction, including agency and programmatic commitment to diversity and inclusion policies and best practices.

The last subcommittee, chaired by Warren Davidson (R-Ohio) is the Subcommittee on Housing and Insurance. Under Davidson’s leadership, it is tasked with developing and pursuing policies that increase and strengthen the housing market, including increasing the nation’s housing supply; overseeing U.S. Department of Housing and Urban Development and Federal Housing Finance Agency policies and operations; and identifying best practices and policies that continue to strengthen diversity and inclusion in the housing industry.

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12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
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