HELP Rural Communities Act of 2015

Summary

Helping Expand Lending Practices in Rural Communities Act of 2015 or the HELP Rural Communities Act of 2015 Directs the Consumer Financial Protection Bureau (CFPB) to establish an application process under which a person who lives or does business in a state may apply to have an area in the state identified as a rural area if it has not yet been so designated by the CFPB for purposes of federal consumer financial law. Prescribes criteria for the CFPB to consider when evaluating the application. States that if, at any time before submission of an application, the area subject to review has been designated as nonrural by certain federal agencies, the CFPB is not required to consider that designation in its evaluation. Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register, including an explanation of the factors upon which the CFPB relied in making its determination. Sunsets this Act two years after its enactment. Amends The Truth in Lending Act with respect to CFPB authority to treat a balloon loan as "a qualified mortgage" to mean a balloon loan extended by any creditor operating in rural or underserved areas even if it does not operate predominantly in them. Exempts such a creditor from the requirements for escrow or impound accounts governing certain consumer credit transactions secured by a first lien on the consumer's principal dwelling.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 March 2015

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2048-2049)

   Source: IntroReferral

2. 26 March 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 March 2015 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 March 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 March 2015

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 26 March 2015

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. McConnell, Mitch [R-KY] · R · Sponsor
• Sen. Heller, Dean [R-NV] · R · Sponsor
• Sen. Capito, Shelley Moore [R-WV] · R · Sponsor
• Sen. Paul, Rand [R-KY] · R · Sponsor
• Sen. Rounds, Mike [R-SD] · R · Cosponsor
• Sen. Fischer, Deb [R-NE] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Helping Expand Lending Practices in Rural Communities Act
• related to → American Jobs and Community Revitalization Act of 2015
• related to ← Financial Regulatory Improvement Act of 2015
• related to ← Financial Services and General Government Appropriations Act, 2016
• related to ← An Act Making Appropriations to Stop Regulatory Excess and for Other Purposes, 2016