(August 2018) While there are a number of issues being addressed at HUD in which National REIA is weighing in, including companion animals, Disparate Impact, and Affirmatively Furthering Fairhousing, along with Lead paint disclosures and requirements, Section 8 reform, and inspection procedures review, our lobbyists are also keeping tabs on a variety of legislative issues.

Summary of Finance Legislation Moving in Congress

Bills passed in the House

H.R. 4537, the “International Insurance Standards Act of 2017,” sponsored by Sean Duffy (R-WI), preserves the State-based system of insurance regulation and provides greater Congressional oversight and transparency on international insurance standard negotiations.

H.R. 5793, the “Housing Choice Voucher Mobility Demonstration Act of 2018,” sponsored by Rep. Sean Duffy (R-WI), authorizes the Secretary of Housing and Urban Development to carry out a housing choice voucher mobility demonstration to encourage families receiving such voucher assistance to move to lower-poverty areas and expand access to opportunity areas.

H.R. 5877, the “Main Street Growth Act,” sponsored by Rep. Tom Emmer (R-MN), amends the Securities Exchange Act of 1934 to allow for the registration of venture exchanges with the Securities and Exchange Commission to provide a venue that is tailored to the needs of small and emerging growth companies and allow these w qualifying companies one venue in which their securities can trade.

H.R. 5953, the “Building Up Independent Lives and Dreams (BUILD) Act,” sponsored by Rep. Barry Loudermilk (R-GA), addresses the challenges that certain charities face with the Bureau of Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) rule. This bill allows certain charitable mortgage loan transactions to qualify for use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms instead of those required under the TRID rule.

The House Financial Services Committee passed a bipartisan agreement on a package of bipartisan legislation in mid-July. The vast bipartisan push for the legislative package, known as the JOBS and Investor Confidence Act of 2018, is made up of 32 single pieces of legislation that have passed the committee or House this congressional session with broad bipartisan support. Some of the legislation includes clearing up rules, reducing regulation for smaller companies such as making different small banks exempt from federal stress tests or even orders for federal agencies to look further into the benefits of certain rules. All of the following bills passed the House of Representatives:

  1. H.R. 79, Helping Angels Lead Our Startups Act – Passed in House with a margin of 344-73 on January 10, 2017. This bill defines an “angel investor group” and clarifies a regulation issued by the Securities and Exchange Commission to ensure that startups have the opportunity to make a presentation to interested parties without running afoul of the securities laws.

  2. H.R. 435, The Credit Access and Inclusion Act of 2017– Passed in House by voice vote on June 25, 2018. The bill amends the Fair Credit Reporting Act to authorize an entity, including the Department of Housing and Urban Development to furnish data to consumer reporting agencies regarding an individual’s history of on-time payments with respect to a lease, or contracts for utilities and telecommunications services.

  3. H.R. 2364, Investing in Main Street Act– Passed in House by voice vote on July 24, 2017. The bill amends the Small Business Investment Act by increasing the percentage a financial institution or federal savings association can invest in a small business investment company to 15% and requires the financial institution or the federal savings association to be approved by their federal regulator prior to investing more than 5%.

  4. H.R. 4281, Expanding Access to Capital for Job Creators Act– Passed unanimously in committee on November 15, 2017. The act amends the Securities Exchange Act of 1934 to have the SEC’s Advocate for Small Business Capital Formation identify any unique challenges to rural area small businesses when identifying problems that small businesses have with securing access to capital. The bill also requires that the annual report made by the SEC’s Small Business Advocate include a summary of any unique issues encountered by rural area small businesses.

  5. H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act– Passed in House with a margin of 395-19 on March 20, 2018. The section of this legislation to be included in JOBS Act 3.0 amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt non-bank financial institutions not primarily regulated by either a federal banking agency or the Federal Housing Finance Agency from the Dodd-Frank Act’s mandatory company-run stress-testing requirements. The bill also clarifies that the SEC and the Commodity Futures Trading Commission retain their authority to issue regulations to require non-bank financial companies to conduct periodic analysis of the financial condition of such companies under adverse economic conditions.

  6. H.R. 5953, Building Up Independent Lives and Dreams Act– Passed in House by voice vote on July 10, 2018. The bill allows certain non-profits that are conducting charitable mortgage loan transactions to use either the truth in lending, good faith estimate, and HUD-1 forms or those required under the TILA-RESPA Integrated Disclosure rule.

In Senate Banking, Housing & Urban Development Committee:

  1. 2155, Community banks and credit unions across the country will soon receive regulatory relief from onerous regulations thanks to Idaho Senator Mike Crapo’s Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which was signed into law today. As Chairman of the Senate Banking Committee, Senator Crapo worked with his colleagues in the Senate, House, and outside groups and stakeholders to craft and usher this bipartisan banking legislation through Congress and to the President’s desk.

 

RSS Legislative News from Real Estate Investing Today

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