New Regulatory Relief Legislation a Reality

May 24, 2018:  President Trump signed S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The full House passed the bill earlier in the week by a vote of 258-159. This legislation is unchanged from that which passed the Senate in March by a filibuster-proof bipartisan margin of 67-31. This legislation contains a number of MBA-supported provisions, such as:

  • SAFE Act amendments to provide 120 days of transitional authority for MLOs to originate when leaving a depository to join a sponsoring non-bank (or when crossing state lines);
  • Applying TILA consumer protections to PACE/energy efficiency mortgage products;
  • Added safeguards to protect veterans, surviving spouses and service members who utilize the VA Home Loan program’s IRRRL refinancing product;
  • An improved, more workable regulatory regime for the eligibility of High Volatility Commercial Real Estate (HVCRE) construction loans; and,
  • Partial TRID and HMDA relief

Source: MBA

Thank you to those who took action on these important issues!  Your advocacy makes a difference.