of Mortgage Bankers Association (MBA) on Wednesday released a series of legislative recommendations that were sent to the board’s president and senior members. US House of RepresentativesThe Financial Services Committee is the body that considers increases in bills focused on real estate lending.
The first work is House Joint Resolution 120which would codify the disapproval of the rule proposed by Congress. Financial Stability Oversight Council (FSOC) US Treasury It would classify nonbank financial institutions as systemically important financial institutions.
The MBA has consistently opposed such measures, with President and CEO Bob Bruksmit saying at a conference in Washington, D.C., last year that they are “already well regulated by financial institutions.” “It would be a major seizure of regulatory power over parts of the housing finance market.” State and other federal agencies. ”
MBA recommends voting yes on this resolution. The resolution is primarily sponsored by Rep. French Hill (R-Ark.) and co-sponsored by nine of his Republican colleagues.
“The MBA believes that the FSOC will conduct a deep and thorough investigation, including weighing the costs and benefits of such a designation to the U.S. financial system as a whole, as well as the potential for the financial company in question to experience significant future financial distress.” “We believe it is necessary to conduct an analysis of the designation’s results,” the MBA said in the letter.
The second one is House Resolution 5535, also known as the Insurance Data Protection Act. According to the bill’s text, it would “prohibit the Treasury Department’s Federal Insurance Service and other financial regulators from collecting data directly from insurance companies.”
The MBA also supports this measure, the letter said.
“As written, this bill protects consumer data, maintains the state’s role as the primary regulator of insurance business, and protects our association’s life insurance company members who engage in commercial real estate financing activities. “This will reduce administrative costs,” the letter said. .
The bill, introduced by Rep. Scott Fitzgerald (R-Wis.), has uniform support from Republicans and has 25 co-sponsors.
lastly, HR802According to the bill’s text, the bill aims to “amend the CARES Act to remove the requirement to provide notice to renters to vacate.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed shortly after the COVID-19 pandemic was declared in March 2020 and signed into law by then-President Donald Trump later that month. According to the MBA’s letter, H.R. 802 would remove “the CARES Act provision that required a 30-day notice period before a landlord may initiate eviction proceedings against a tenant of federally assisted or federally assisted housing.” It is said to be a thing.
The MBA also supported the measure, saying the 30-day notice period is “temporary, creates unnecessary federal interference under state law, and imposes significant operational hurdles and financial burdens on housing providers.” “We are providing this,” he said in the letter.
This measure is technically the only one of the three to feature bipartisan support. The bill, sponsored by Rep. Barry Loudermilk (R-Ga.), has 31 Republican co-sponsors and one Democratic co-sponsor, including Rep. Vicente Gonzalez of Texas.
