II 112th CONGRESS 2d Session S. 3571 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.

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.