Editor: David Reiss
Brooklyn Law School

May 26, 2015

Tuesday’s Regulatory & Legislative Round-Up

By Serenna McCloud

  • Consumer Financial Protection Bureau Director, Richard Cordray’s, prepared remarks before the National Association of Realtors.
  • The Department of Housing and Urban Development is seeking public comment regarding proposed revisions to the language of the HUD Addendum to Uniform Residential Loan Application, also known as the 92900-A, the loan certification document signed by lenders.  HUD is providing a 60-day comment period on proposed revisions to the form and is requesting all public comments be received by July 14, 2015.
  • The Senate Banking Committee passed The Financial Regulatory Improvement Act of 2015, which would roll back provisions of Dodd-Frank, which was passed in 2010 to remedy the issues which led to the Great Recession (AKA Global Financial Crisis). The bill has many provisions which provide relief to community banks and credit unions, and also many provisions relating to mortgage finance. The Bill still has to be considered by the wider Senate, where it will face significant challenges, along party lines.
  • The American Bankers Association has issued a statement in support of The Financial Regulatory Improvement Act of 2015.
  • Americans for Financial Freedom has issued a statement in opposition to The Financial Regulatory Improvement Act of 2015.
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