CONGRESSWOMAN ELISE STEFANIK
On Tuesday, May 6, 2014, the House will consider H.R. 2672, the CFPB Rural Designation Petition and Correction, as amended, under a suspension of the rules. H.R. 4386 was introduced on July 11, 2013 by Rep. Andy Barr (R-KY) and was referred to the Committee on Financial Services, which ordered the bill reported, as amended, by a vote of 55-1.
H.R. 2672 amends Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Consumer Financial Protection Bureau (CFPB), within 90 days of the bill’s enactment, to establish an application process by which a person who lives or does business in a state may, with respect to a county that has not been designated by the CFPB as a rural area for purposes of a Federal consumer financial law, petition for the county to be designated as rural. Furthermore, this legislation sets the criteria the CFPB may take into consideration when reviewing an application. Finally, this legislation directs the agency to approve or deny applications within 90 days of the end of the comment periods.
The CFPB defines areas as “rural” in accordance with Urban Influence Codes (UICs), developed by the U.S. Department of Agriculture, that distinguish between metropolitan and nonmetropolitan counties. Designation as a “rural” county allows creditors that operate predominantly in that area to take advantage of certain exemptions for Dodd-Frank mortgage rules.
A CBO cost estimate is currently unavailable.
For questions or further information contact the GOP Conference at 5-5107.