WASHINGTON, D.C. – House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement after the House passed the Community Institution Mortgage Relief Act of 2017 (H.R. 3971), sponsored by Rep. Claudia Tenney (R-NY). This bill was included in the Financial CHOICE Act which passed the House on June 8, 2017.
“The CFPB, through Dodd-Frank,is imposing burdensome regulations on community financial institutions in the residential mortgage market. As a result, many community banks and credit unions are being forced out of the mortgage market, reducing access to loans and making it harder for them to serve their communities. By providing exemptions to these top-down one-size-fits-all regulations for community banks and credit unions, Rep. Tenney’s bill will give them the flexibility they need to better serve their customers seeking to purchase or refinance a home. I thank Rep. Tenney for her important work on this common sense, bipartisan solution.”