Community Mortgage Lender Regulatory Act of 2016

Summary

Community Mortgage Lender Regulatory Act of 2016 This bill amends the Consumer Financial Protection Act of 2010 to prohibit the Consumer Financial Protection Bureau (CFPB) from auditing, investigating, or taking an enforcement action against a responsible community mortgage lender unless requested to do so by one of several specified regulators or agencies. A "responsible community mortgage lender" is one that: (1) meets certain restrictions with respect to number and volume of mortgage loan originations and amount of either assets or net worth; and (2) has not, with respect to its mortgage loan originations and within a specified time frame, been subject to a cease and desist order or found by a court to have violated the law. Furthermore, the CFPB and other federal banking agencies are prohibited from requiring such a lender to audit one of its vendors or third-party contractors unless the CFPB or other agency has reasonable cause to believe that the vendor or contractor is causing the lender to violate the law. The bill also revises the methodology for calculating mortgage loan originations with respect to the qualified mortgage requirement in 2016.

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Timeline

1. 14 July 2016

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 14 July 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 July 2016

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 July 2016 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 July 2016

  Open at official source

Sponsors

• Rep. Williams, Roger [R-TX-25] · R · Sponsor
• · hsba00 · Standing

Related records

• related to → Community Mortgage Lender Regulatory Act of 2017