The economy will benefit if the Treasury’s Financial Stability Oversight Council and other agencies can successfully coordinate a series of mortgage rules scheduled to hit the marketplace this year and next, said Rep. Andy Barr, R-Ky.
Barr made that assertion during a House Financial Services Committee Hearing in which he and other representatives pushed for agencies to communicate and coordinate when it comes to the roll out of new mortgage rules.
Amias Gerety, deputy assistant secretary of FSOC, agreed with Barr, saying coordination across agencies on new rules, including the qualified mortgage and the qualified residential mortgage, is essential.
“We have made public recommendations about mortgage-related rules and are very central in focusing on reforms that work together and promote safety and soundness in that market,” Gerety said.
Nicole Clowers, director of the financial markets and community investment at the Government Accountability Office, took the issue a step further, encouraging the committee to recognize the need for regulatory coordination within all agencies involved under the Dodd-Frank Act, not just the council.
“All agencies need to recognize the need for formal recommendations instead of ad hoc and informal coordination to provide sufficient outcomes,” Clowers said.
