US Congress House Bill 2642 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 25-1)
Status: Introduced on June 3 2015 - 25% progression, died in committee
Action: 2015-06-03 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Community Lender Regulatory Relief and Consumer Protection Act of 2015 This bill amends the Truth in Lending Act with respect to the presumption of a mortgagor's ability to pay a qualified residential mortgage loan and the insured depository institutions or insured credit unions meeting specified criteria that may be its creditors. The Gramm-Leach-Bliley Act is amended to exempt from its requirement of annual written privacy notices certain financial institutions. The Federal Deposit Insurance Act is amended to: (1) increase from $500 million to $1 billion the size of certain small insured depository institutions eligible for an 18-month on-site examination cycle, and (2) require private deposit insurers of credit unions to give the Federal Housing Finance Agency copies of independent audit reports within 7 days after the audit is completed. The Federal Home Loan Bank Act is amended to require the treatment of a state-chartered credit union as an insured depository institution even though it is not federally insured if it has applied for membership in a federal home loan bank and has met specified conditions, including insurance application eligibility requirements under the Federal Credit Union Act. The Government Accountability Office must report to Congress on the adequacy of insurance reserves held by the private deposit insurer of privately insured credit unions, including the level of compliance with federal regulations regarding disclosure of a lack of federal deposit insurance. The Securities Exchange Act of 1934 is amended to extend securities registration requirements to savings and loan holding companies. The S.A.F.E. Mortgage Licensing Act of 2008 is amended to: establish a transitional period during which a state, while examining the applicant's submitted background information, may permit a covered registered loan originator applying for a state license as a loan originator to act as one under the supervision of a non-depository firm that engages in loan origination in that state, and grant confidentiality to information shared with state and federal regulatory officials with financial services industry oversight authority. The Consumer Financial Protection Act of 2010 is amended to cover specified sections of the Servicemembers Civil Relief Act as "enumerated consumer laws." The expiration of the Protecting Tenants at Foreclosure Act of 2009 is repealed, and the Act is restored and revived as it was in effect on December 31, 2014.

Community Lender Regulatory Relief and Consumer Protection Act of 2015

Rep. Maxine Waters [D-CA]	Rep. John Carney [D-DE]	Rep. Al Green [D-TX]	Rep. Bill Foster [D-IL]
Rep. Brad Sherman [D-CA]	Rep. Carolyn Maloney [D-NY]	Rep. Daniel Kildee [D-MI]	Rep. David Scott [D-GA]
Rep. Denny Heck [D-WA]	Rep. Ed Perlmutter [D-CO]	Rep. Emanuel Cleaver [D-MO]	Rep. Gregory Meeks [D-NY]
Rep. Gwen Moore [D-WI]	Rep. James Himes [D-CT]	Rep. John Delaney [D-MD]	Rep. Joyce Beatty [D-OH]
Rep. Juan Vargas [D-CA]	Rep. Keith Ellison [D-MN]	Sen. Kyrsten Sinema [I-AZ]	Rep. Michael Capuano [D-MA]
Rep. Nydia Velazquez [D-NY]	Rep. Patrick Murphy [D-FL]	Rep. Ruben Hinojosa [D-TX]	Rep. Stephen Lynch [D-MA]
Rep. Terri Sewell [D-AL]	Rep. Lacy Clay [D-MO]

Date	Chamber	Action
2015-06-03	House	Referred to the House Committee on Financial Services.
2015-06-03	House	Introduced in House

HB299 (Related) 2015-04-14 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB1334 (Related) 2015-07-15 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB1354 (Related) 2015-03-13 - Referred to the House Committee on Financial Services.
SB1367 (Related) 2015-05-18 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB1484 (Related) 2015-07-23 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
SB1491 (Same As) 2015-10-28 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2642/all-info
Text	https://www.congress.gov/114/bills/hr2642/BILLS-114hr2642ih.pdf