3.0.0 1964 2023-01-11T13:36:03Z 2023-01-11T13:36:03Z House HR 2017-04-05 115 [Congressional Record Volume 163, Number 59 (Wednesday, April 5, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WILLIAMS:H.R. 1964.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3--``To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes''[Page H2755]]]> hsba00 Financial Services Committee House Standing Referred to 2017-04-05T14:06:35Z 2017-04-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-04-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-04-05 Introduced in House IntroReferral 1000 9 Library of Congress W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 N Finance and Financial Sector Accounting and auditing Banking and financial institutions regulation Consumer Financial Protection Bureau Government studies and investigations Housing and Community Development Housing finance and home ownership Finance and Financial Sector 00 2017-04-05 Introduced in House 2017-07-27T22:23:02Z Community Mortgage Lender Regulatory Act of 2017

This bill amends the Consumer Financial Protection Act of 2010 to specify that the Consumer Financial Protection Bureau (CFPB) may audit, investigate, or take an enforcement action against a responsible community mortgage lender other than a depository institution or credit union, but only if requested to do so by one of several specified regulators or agencies. A "responsible community mortgage lender" is one that: (1) meets certain restrictions with respect to number and volume of mortgage loan originations and amount of either assets or net worth; and (2) has not, with respect to its mortgage loan originations and within a specified time frame, been subject to a cease and desist order or found by a court to have violated the law.

Furthermore, the CFPB and other federal banking agencies are prohibited from requiring such a lender to audit one of its vendors or third-party contractors unless the CFPB or other agency has reasonable cause to believe that the vendor or contractor is causing the lender to violate the law.

]]> Community Mortgage Lender Regulatory Act of 2017 Display Title Community Mortgage Lender Regulatory Act of 2017 Official Title as Introduced To preserve competition among mortgage lenders, provide relief from unnecessary regulatory requirements on responsible community mortgage lenders, and for other purposes. Introduced in House IH Short Titles as Introduced Community Mortgage Lender Regulatory Act of 2017 Introduced in House 2017-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr1964ih/xml/BILLS-115hr1964ih.xml 2017-04-05 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.