The Senate Banking Committee has passed S.2155, a bi-partisan regulatory relief package for community lenders. The bill will now advance to the Senate Floor with enough bi-partisan support to overcome a Senate filibuster, which means it could and should pass the Senate. Specifics for credit unions in this bill include: parity in the banking code for non-owner occupied residential mortgages – which will alleviate pressure on the member-business lending cap; deeming all mortgages held in portfolio as qualified mortgages; provide relief from HMDA reporting requirements; and requiring the CFPB to issue a rule on underwriting standards for Property Assessed Clean Energy (PACE) loans.
Additionally the bill requires a Treasury Department study on cyber threats, data security, and the impact of breaches on financial institutions. Read more at CU Times.