[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3571 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3571

  To require the Bureau of Consumer Financial Protection to conduct a 
 small business review panel on the qualified mortgage rule before the 
                Bureau can go forward with a final rule.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 19, 2012

    Mr. Crapo (for himself, Mr. Shelby, Mr. Corker, and Mr. Toomey) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To require the Bureau of Consumer Financial Protection to conduct a 
 small business review panel on the qualified mortgage rule before the 
                Bureau can go forward with a final rule.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SMALL BUSINESS REVIEW PANELS.

    (a) Qualified Mortgage Rulemaking Exception.--Section 1400(c) of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 
U.S.C. 1601 note) is amended by adding at the end the following:
            ``(4) Qualified mortgage rule.--Nothing in this section, 
        including the effective dates provided in paragraph (3), shall 
        apply with respect to regulations required to be issued under 
        subsection (b) of section 129C of the Truth in Lending Act (15 
        U.S.C. 1639c), as added by section 1412.''.
    (b) Additional Requirements.--
            (1) Treatment of regulation.--No regulation prescribed 
        under section 129C(b) of the Truth in Lending Act (15 U.S.C. 
        1639c(b)) shall take effect unless and until the Bureau of 
        Consumer Financial Protection has convened a review panel and 
        complied with the requirements of section 609 of title 5, 
        United States Code.
            (2) Effectiveness of regulation.--For purposes of section 
        609 of title 5, United States Code, each regulation prescribed 
        under section 129C(b) of the Truth in Lending Act (15 U.S.C. 
        1639c(b)) shall be treated as a rule that will have a 
        significant economic impact on a substantial number of small 
        entities.
                                 <all>