S.3571 - A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.112th Congress (2011-2012)
|Sponsor:||Sen. Crapo, Mike [R-ID] (Introduced 09/19/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||09/19/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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- Finance and Financial Sector
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Summary: S.3571 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (09/19/2012)
Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to declare that nothing in such Act, including its effective dates, shall apply with respect to regulations required to be issued pursuant to certain safe harbor and rebuttable presumption requirements that authorize: (1) any creditor or assignee subject to liability with respect to any residential mortgage loan to presume that it has met the minimum standards for such a loan if it is a qualified mortgage meeting specified criteria that does not result in a balloon payment; and (2) the Board of Governors of the Federal Reserve by regulation to include as a qualified mortgage any balloon loan meeting the same specified criteria if it meets certain other criteria as well, including that it is extended by a creditor operating predominantly in rural or underserved areas.
Treats any such regulations as having a significant economic impact on a substantial number of small entities (small businesses).
Prohibits any such regulation from taking effect unless and until the Consumer Financial Protection Bureau (CFPB) has convened a small business review panel to participate in the rulemaking through the reasonable use of specified comment-gathering techniques.