Items Tagged with 'House of Representatives'

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  • House approves changes to TRID rule, loan originator licensing rules

    Bill brings changes to SAFE Act rules for nonbank originators
    The House of Representatives last night approved a bill that could bring big changes to the mortgage industry, including making it easier for loan originators to move from a traditional bank to a nonbank. The bill would also bring changes to the CFPB’s TRID rule. Here are the full details.
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  • Mortgage Choice Act approved by House of Representatives

    Bill to adjust TILA definition of points and fees passes House for third time
    The House of Representatives voted Thursday to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule. This is actually the third time that the House has passed a “Mortgage Choice Act” that contained similar provisions.
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  • Financial services groups ask Congress to pursue new data breach rules

    Bankers, title companies lay out vision for data security legislation
    Credit reporting agencies are far from the only companies that house consumers’ data. Banks, credit unions, insurance companies, title insurers and other companies are also tasked with safeguarding the information they possess. And now, the trade groups that represent many of those companies are also asking for the government to enact new data security rules.
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  • House Financial Services Committee Chairman Jeb Hensarling not running for re-election

    Prominent Texas Republican announces retirement from Congress
    House Financial Services Committee Chairman Jeb Hensarling, R-Texas, will not run for re-election in 2018, the prominent Republican told his supporters on Tuesday. Hensarling may be on his way out of Congress, but he said Tuesday that he won’t stop working to further his agenda for the remainder of his term – including housing finance reform.
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  • House to consider bill to change TRID rules

    “TRID Improvement Act of 2017” could give lenders more regulatory leeway
    The House of Representatives could soon consider a bill that would bring several changes to the Consumer Financial Protection Bureau’s “Know Before You Owe mortgage disclosure rule”, also known as the TILA-RESPA Integrated Disclosure rule or TRID. Here are all the details.
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  • Fannie, Freddie reformer Rep. John Delaney running for president in 2020

    Democrat from Maryland announces plan to take on Trump
    The next presidential election is still more than three years away, but President Donald Trump now has his first official challenger, as Rep. John Delaney, D-Maryland, announced Friday that he is running for president in 2020. During his time in the House, Delaney has spoken out about housing finance reform, going so far as to introduce legislation in 2014 that would have broken up Fannie Mae and Freddie Mac.
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  • House revokes new CFPB arbitration rule

    Passes vote 231-190 on Tuesday
    The U.S. House of Representatives passed a “resolution of disapproval” to revoke a controversial new rule by the Consumer Financial Protection Bureau that bans companies from using mandatory arbitration clauses. Under the Congressional Review Act, Congress may overturn a broad range of regulatory rules issued by federal agencies. But as Republicans worked together to block the rule, Democrats were just as quick to defend it, along with the CFPB.
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  • House Republicans move to repeal new CFPB arbitration rule

    Effort to rescind rule coming soon in Senate as well
    In the wake of the Consumer Financial Protection Bureau unveiling a new rule to ban companies from using mandatory arbitration clauses, Sen. Tom Cotton, R-Ark., immediately announced that he was launching an effort in the Senate to rescind the rule, stating that the CFPB has “gone rogue again” and is “abusing its power.” Now, Republicans in the House of Representatives are joining their Senate colleagues in moving to repeal the CFPB’s controversial rule.
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