Financial CHOICE Act of 2017

3.0.0 3971 2023-01-11T13:38:09Z 2023-01-11T13:38:09Z House HR 2017-10-05 115 [Congressional Record Volume 163, Number 160 (Thursday, October 5, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. TENNEY:H.R. 3971.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, clause 18 of the United StatesConstitution.[Page H7888]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-12-13T18:13:34Z hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Hearings by 2017-09-07T20:23:37Z Reported by 2017-11-30T19:42:37Z Markup by 2017-10-12T21:43:47Z Referred to 2017-10-05T13:03:20Z H. Rept. 115-432 Financial CHOICE Act of 2017 115 10 HR 2017-07-13 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108. Related bill CRS Financial Services and General Government Appropriations Act, 2018 115 3280 HR 2017-07-26 Committee on Appropriations Senate Subcommittee on Financial Services and General Government. Hearings held on the subject prior to measure being received from the House. Hearings printed: S. Hrg. 115-191. Related bill CRS Interior and Environment, Agriculture and Rural Development, Commerce, Justice, Science, Financial Services and General Government, Homeland Security, Labor, Health and Human Services, Education, State and Foreign Operations, Transportation, Housing and Urban Development, Defense, Military Construction and Veterans Affairs, Legislative Branch, and Energy and Water Development Appropriations Act, 2018 115 3354 HR 2017-09-27 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 230. Related bill CRS Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.R. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes. 115 647 HRES 2017-12-07 Motion to reconsider laid on the table Agreed to without objection. 14:12:13 Related bill House Procedurally-related House 2017-12-13 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2017-12-12 17:11:03 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2017-12-12 17:11:01 On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675). (text: CR H9799) Floor H37100 2 House floor actions 675 https://clerk.house.gov/evs/2017/roll675.xml House 115 2017-12-12T22:11:01Z 1 2017-12-12 17:11:01 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 294 - 129 (Roll no. 675).(text: CR H9799) Floor 8000 9 Library of Congress 675 https://clerk.house.gov/evs/2017/roll675.xml House 115 2017-12-12T22:11:01Z 1 2017-12-12 17:03:17 On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 233 (Roll no. 674). Floor H36110 2 House floor actions hsba00 Financial Services Committee 674 https://clerk.house.gov/evs/2017/roll674.xml House 115 2017-12-12T22:03:17Z 1 2017-12-12 16:37:17 Considered as unfinished business. (consideration: CR H9828-9830) Floor H30000 2 House floor actions 2017-12-12 13:38:08 POSTPONED PROCEEDINGS - At the conclusion of debate on the Titus motion to recommit, the Chair put the question on passage of the motion to recommit, and by voice vote announced that the noes had prevailed. Ms. Titus demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day. Floor H8D000 2 House floor actions 2017-12-12 13:37:50 The previous question on the motion to recommit with instructions was ordered without objection. Floor H8A000 2 House floor actions 2017-12-12 13:29:57 DEBATE - The House proceeded with 10 minutes of debate on the Titus motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to Protecting Consumers from Excessive Housing Costs and Predatory Lenders. Floor H8D000 2 House floor actions 2017-12-12 13:29:24 Ms. Titus moved to recommit with instructions to the Committee on Financial Services. (text: CR H9807) Floor H36100 2 House floor actions hsba00 Financial Services Committee 2017-12-12 13:23:34 DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1. Floor H8D000 2 House floor actions 2017-12-12 12:22:07 DEBATE - The House proceeded with one hour of debate on H.R. 3971. Floor H8D000 2 House floor actions 2017-12-12 12:20:59 Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion Floor H8D000 2 House floor actions 2017-12-12 12:20:54 Considered under the provisions of rule H. Res. 647. (consideration: CR H9799-9808) Floor H30000 2 House floor actions 2017-12-06 16:57:02 Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion Floor H1L210 2 House floor actions 2017-11-30 Placed on the Union Calendar, Calendar No. 319. Calendars H12410 2 House floor actions U00319 2017-11-30 Reported by the Committee on Financial Services. H. Rept. 115-432. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2017-11-30 Reported by the Committee on Financial Services. H. Rept. 115-432. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported by the Yeas and Nays: 41 - 19. Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-11 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-05 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-10-05 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-05 Introduced in House IntroReferral 1000 9 Library of Congress 2017-09-07 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral. Committee T000478 Rep. Tenney, Claudia [R-NY-22] Claudia Tenney R NY 22 N S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2017-10-05 True W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2017-10-05 True L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2017-10-23 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2017-11-30 False 2017-11-30T21:02:30Z H.R. 3971, Community Institution Mortgage Relief Act of 2017 https://www.cbo.gov/publication/53357 As ordered reported by the House Committee on Financial Services on October 12, 2017 Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Consumer Financial Protection Bureau Consumer credit Housing finance and home ownership Finance and Financial Sector

00 2017-10-05 Introduced in House 2017-12-14T22:00:37Z Community Institution Mortgage Relief Act of 2017

This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $25 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 30,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

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79 2017-11-30 Reported to House without amendment 2017-12-15T20:00:13Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $25 billion or less that holds the loan on its balance sheet for three years after its origination.

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36 2017-12-12 Passed House amended 2017-12-18T19:10:56Z Community Institution Mortgage Relief Act of 2017

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

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Community Institution Mortgage Relief Act of 2017 Display Title Community Institution Mortgage Relief Act of 2017 Short Titles as Introduced Community Institution Mortgage Relief Act of 2017 Short Titles as Reported to House Community Institution Mortgage Relief Act of 2017 H House Short Titles as Passed House Community Institution Mortgage Relief Act of 2017 H House Official Title as Introduced To amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes. 497 115 HAMDT An amendment numbered 1 printed in Part B of House Report 115-443 to lower the amount of consolidated assets of a creditor eligible for the safe harbor from escrow requirements in the bill from $25,000,000,000 or less to $10,000,000,000 or less; lowers the number of loans that a mortgage servicer eligible for exemptions and adjustments from the Bureau can service annually from 30,000 or fewer mortgage loans to 20,000 or fewer mortgage loans. An amendment numbered 1 printed in Part B of House Report 115-443 to lower the amount of consolidated assets of a creditor eligible for the safe harbor from escrow requirements in the bill from $25,000,000,000 or less to $10,000,000,000 or less; lowers the number of loans that a mortgage servicer eligible for exemptions and adjustments from the Bureau can service annually from 30,000 or fewer mortgage loans to 20,000 or fewer mortgage loans. 2022-02-01T02:28:01Z 2017-12-12 On agreeing to the Sherman amendment (A002) Agreed to by voice vote. 13:28:56 S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2017-12-12T05:00:00Z House of Representatives 115 HR House H 3971 Community Institution Mortgage Relief Act of 2017 2023-01-11T13:38:09Z House Report 115-443 https://www.congress.gov/congressional-report/115th-congress/house-report/443 8 2017-12-12 13:28:56 On agreeing to the Sherman amendment (A002) Agreed to by voice vote. Floor H34111 2 House floor actions 2017-12-12 13:28:46 The previous question was ordered on the amendment and the bill pursuant to the rule. Floor H34180 2 House floor actions 2017-12-12 13:22:00 Amendment (A002) offered by Mr. Sherman. (consideration: CR H9806-9807; text: CR H9806) Floor H3A100 2 House floor actions 2017-12-12 House amendment offered Floor 71000 9 Library of Congress 2017-12-12 13:22:00 House amendment offered/reported by: Amendment (A002) offered by Mr. Sherman.(consideration: CR H9806-9807; text: CR H9806) NotUsed 71500 9 Library of Congress 2017-12-12 13:28:56 Amendment agreed to by House: On agreeing to the Sherman amendment (A002) Agreed to by voice vote. NotUsed 79000 9 Library of Congress 2017-12-12 13:28:56 House amendment agreed to: On agreeing to the Sherman amendment (A002) Agreed to by voice vote. Floor 72000 9 Library of Congress 496 115 HAMDT Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-44 is considered as adopted. Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-44 is considered as adopted. 2022-02-01T02:28:01Z Rules Committee 2017-12-12T05:00:00Z House of Representatives 115 HR House H 3971 Community Institution Mortgage Relief Act of 2017 2023-01-11T13:38:09Z Committee Print 115-44 https://www.congress.gov/committee-print/115th-congress/house-committee-print/27657 H.Res. 647 https://www.congress.gov/bill/115th-congress/house-resolution/647 2 2017-12-12 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2017-12-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3971rfs/xml/BILLS-115hr3971rfs.xml Engrossed in House 2017-12-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3971eh/xml/BILLS-115hr3971eh.xml Reported in House 2017-11-30T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3971rh/xml/BILLS-115hr3971rh.xml Introduced in House 2017-10-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3971ih/xml/BILLS-115hr3971ih.xml 2017-12-13 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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. 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