Legislation

The mortgage industry welcomed the passage of bipartisan legislation in the Senate prohibiting the use of “trigger leads.” The vote came shortly after nearly identical legislation passed the House Financial Services Committee with a minor amendment. Read on »

A myriad of trade advocates emphasized their support for legislation seeking to impose a widely supported prohibition on “trigger leads,” sold by credit agencies when consumers apply for residential mortgage loans, in letters to House committee leaders. Read on »

Legislation seeking to establish a clear regulatory framework for stablecoins has drawn pushback from the financial services sector over a requirement pertaining to credit card transactions. Critics claim this provision will increase fraud risk and increase credit costs. Read on »

A bipartisan coalition of 40 state attorneys general wrote to Congress opposing legislation that would prevent states from enacting or enforcing laws or regulations on artificial intelligence and automated decision-making systems for 10 years. Read on »

Both the Mortgage Bankers Association and the National Association of Realtors celebrated the real estate tax provisions in the Republican-led tax and spending package that was advanced by the House of Representatives via a narrow 215-214 vote. Read on »

The House Financial Services Committee held a hearing to explore how the current regulatory regime governing bank mergers and new (de novo) bank formation impacts the financial sector. Lawmakers and witnesses discussed potential regulatory reforms aimed at fostering competition and ensuring widespread access to financial services. Read on »

The Consumer Financial Protection Bureau’s final rules limiting overdraft fees charged by certain financial institutions and another giving the bureau authority to supervise large digital payment providers have been invalidated via resolutions of disapproval signed by President Donald Trump. Read on »

The Senate voted along party lines to approve a resolution overturning a final rule updating the process banking regulators use when reviewing proposed bank mergers and acquisitions. Read on »

As part of the ongoing budget reconciliation process in Congress, the House Financial Services Committee voted along party lines to approve a resolution to greatly reduce funding for the Consumer Financial Protection Bureau and to no longer allow the bureau to retain unspent funds in its civil penalty fund from year-to-year. Read on »

Amid a variety of bills introduced this year aimed at improving affordable housing availability, the mortgage industry has signaled its support for one proposing to do something that has not been done in more than 20 years – increasing the Federal Housing Administration loan limit. Read on »