Dear Employees:
On May 22, 2014, the House Financial Services Committee approved ABA and state banker association advocated legislation on a number of bills that will provide much needed regulatory relief for banks, particularly community institutions across the country.
H.R. 2673, the Portfolio Lending and Mortgage Access Act introduced by Rep. Andy Barr (R-KY) would deem any loan made by a lender and held in that lender’s portfolio as compliant with the Qualified Mortgage rule under the Dodd/Frank Act (DFA).
The Committee also approved H.R. 4521, the Community Institution Mortgage Relief Act introduced by Representative Blaine Luetkemeyer (R-MO). This bill will expand the CFPB’s small services exception to include services of 20,000 mortgage loans or less and would revise the small creditor exemption to include loans that are held by creditors with assets of $10 billion or less.
Additionally, the Committee approved H.R. 4466, the Financial Regulatory Clarity Act introduced by Financial Institutions Chairman Shelley Moore Capito (R-WV) and Ranking Member Gregory Meeks (D-NY), that would require a review and reconciliation of existing regulations that may be in conflict with or duplicative of new rules being promulgated by the banking agencies.
These measures are extremely important to the banking industry and we urge you to write to your Representatives and request that they support H.R. 2673, H.R. 4521, and H.R. 4466. Click on the links below to write your Representatives on these important issues today. We have provided talking points to assist with your letters.
H.R. 2673, the Portfolio Lending and Mortgage Access Act
H.R. 4521, the Community Institution Mortgage Relief Act
H.R. 4466, the Financial Regulatory Clarity Act
As a Zions employee, I encourage you to be actively involved in the political process. Communicating to members of Congress about these issues is a great way to get involved.
Thank you,
Scott Anderson
Zions Bank President and CEO
