Should we ease regulatory burdens on small financial institutions looking to enter the mortgage marketplace?
Bill Summary
This bill amends the Truth-in-Lending Act and the Real Estate Settlement Procedures Act of 1974 to reduce the burden on small financial institutions by exempting financial institutions with consolidated assets of $25 billion or less from mortgage escrow requirements. Sponsor: Rep. Tenney, Claudia [R-NY-22]
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Opponents say
• H.R. 3971 extends regulatory relief to much larger banks (with assets up to $25 billion), exacerbating the difficulty smaller institutions face in the mortgage marketplace.
Proponents say
• This bill helps small community financial institutions and mortgage servicers by exempting them from the regulatory burdens under the Dodd-Frank Act that deter them from operating in the mortgage marketplace, and as a result, preserves consumer choice.
