3.0.0 5786 2023-01-11T13:25:14Z 2023-01-11T13:25:14Z House H HR 2014-12-03 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. LANKFORD:H.R. 5786.Congress has the power to enact this legislation pursuantto the following:Congress has the explicit constitutional authority toregulate commerce ``with foreign Nations, and among theseveral States, and with Indian tribes:'' as enumerated inArticle 1, Section 8, Clause 3, of the United StatesConstitution.[Page H8365]]]> hsba00 Financial Services Committee House Standing Referred to 2014-12-03T15:00:52Z Eliminate Privacy Notice Confusion Act 113 749 HR 2013-03-13 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Helping Expand Lending Practices in Rural Communities Act 113 2672 HR 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Community Institution Mortgage Relief Act of 2014 113 4521 HR 2014-05-22 Ordered to be Reported by the Yeas and Nays: 43 - 16. Related bill CRS Privacy Notice Modernization Act of 2013 113 635 S 2014-09-18 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS HELP Rural Communities Act of 2014 113 1916 S 2014-09-16 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS 2014-12-03 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2014-12-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-12-03 Introduced in House IntroReferral 1000 9 Library of Congress L000575 Rep. Lankford, James [R-OK-5] James Lankford R OK 5 N W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2014-12-03 True Finance and Financial Sector Administrative law and regulatory procedures Administrative remedies Bank accounts, deposits, capital Banking and financial institutions regulation Consumer Financial Protection Bureau Consumer affairs Consumer credit Federal Reserve System Federal officials Housing finance and home ownership Real estate business Right of privacy Rural conditions and development Small business Finance and Financial Sector 00 2014-12-03 Introduced in House 2015-01-14T16:59:34Z Small Financial Institutions Regulatory Relief Act of 2014 - Amends the Truth in Lending Act (TILA), with respect to minimum standards for residential mortgage loans and the presumption of ability to repay, to treat as a "qualified mortage" any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as the loan is originated and retained in creditor's portfolio for the duration of the loan term.

Directs the Consumer Financial Protection Bureau (CFPB) to exempt a creditor with assets of less than $10 billion from the requirement to establish escrow or impound accounts for the payment of taxes and hazard insurance before consummating a consumer credit transaction secured by a first lien on the principal dwelling of the consumer.

Amends the Real Estate Settlement Procedures Act of 1974 to direct the CFPB to provide either exemptions to, or adjustments from, its mortgage loan servicing and escrow account administration requirements for servicers that service fewer than 10,000 mortgage loans annually.

Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement a financial institution that: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in its most recent disclosure to consumers.

Directs the Board of Governors of the Federal Reserve System to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors that: (1) apply that policy to bank holding companies having pro forma consolidated assets of less than $5 billion (adjusted annually), no engagement in nonbanking activities involving significant leverage, and no significant amount of outstanding debt; and (2) increase from 1.1 to 3.1 the debt-to-equity ratio allowable for a small bank holding company in order to retain its eligibility both to pay a corporate dividend and to implement expedited processing procedures under the Board's Regulation Y.

Amends the Federal Reserve Act to require the Board to have at all times at least one member with demonstrated experience working in or supervising community banks having less than $10 billion in total assets.

Directs the CFPB to establish an application process under which a person who lives or does business in a state may apply to have an area in the state identified as rural if it has not yet been so designated for purposes of federal consumer financial law.

Prescribes criteria for the CFPB to consider when evaluating an application. Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register.

]]> Small Financial Institutions Regulatory Relief Act of 2014 Display Title Small Financial Institutions Regulatory Relief Act of 2014 Official Title as Introduced To amend certain banking statutes to exempt community banks from certain regulatory requirements, to include a community bank representative in the membership of the Board of Governors of the Federal Reserve System, to create a process for a county to be designated as a rural area, and for other purposes. Introduced in House IH Short Titles as Introduced Small Financial Institutions Regulatory Relief Act of 2014 Introduced in House 2014-12-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5786ih/xml/BILLS-113hr5786ih.xml 2014-12-03 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.