Thursday, April 27, 2017

Rep. Luetkemeyer Reintroduces CLEARR Act

Rep. Blaine Luetkemeyer (R-Mo.) on April 26 re-introduced the CLEARR Act (H.R. 2133), which would provide relief from certain rules and regulations for community banks and credit unions.

In reintroducing the bill Rep. Luetkemeyer stated: "The pendulum has swung too far, and it’s time to return to a common-sense, responsible approach to financial regulation that protects consumers from harm without jeopardizing access to the financial products they need to grow their businesses, invest in their communities, and provide for their families."

The bill would limit the authority of the Consumer Financial Protection Bureau (CFPB) by raising the asset size threshold for CFPB supervision from $10 billion to $50 billion. The bill also removes the term “abusive” from the CFPB’s “unfair, deceptive or abusive” acts or practices authority.

Additionally, it would provide relief in the mortgage lending area by exempting community financial institutions from certain escrow requirements and providing a Qualified Mortgage safe harbor for loans held in portfolio.

Furthermore, H.R. 2133 would repeal the Dodd-Frank Act provision amending the Equal Credit Opportunity Act to require collection of small business and minority-owned business loan data.

The bill would curtail "Operation Choke Point" by prohibiting federal banking agencies from requiring depository institutions to terminate a
specific account or group of accounts unless the agency has a material reason not based solely on reputational risk.

Rep. Luetkemeyer introduced similar legislation in the 113th and 114th Congresses.

No comments:

Post a Comment


The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.