Financial Services Committee
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Congressman Andy Barr (KY-6) applauded the House’s passage yesterday of bipartisan legislation he introduced with Congressmen Scott Tipton (CO-3) and Lacy Clay (MO-1) to reduce the frequency of on-site examinations for small banks in good standing.
Yesterday afternoon, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced that, due to an administrative error, his Bureau would be delaying the effective date of the Truth in Lending Act, Real Estate Settlement Procedures Act, Integrated Disclosure (TRID) regulation required by the Dodd-Frank Act from August 1 until October 1, 2015. Representative Andy Barr (R-KY) issued the following statement concerning this policy change:
Representatives Andy Barr (R-KY), Carolyn B. Maloney (D-NY), and 252 other House Members have asked the Consumer Financial Protection Bureau (CFPB) for a grace period that would help lenders and home buyers comply with a new regulation. The Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID) regulation required by the Dodd-Frank Wall Street Reform Act is meant to reduce the number and complexity of disclosure forms home buyers must review when closing on a home. The rule is set to take effect in August – the peak home buying season.
Congressmen Andy Barr (R-KY) and John Carney (D-DE) announced the introduction of H.R. 2362, the Medical Debt Relief Act. This bill would require credit reporting agencies to remove medical debt from a credit report within 45 days of the debt being either settled or paid in full. Currently, consumers may have to wait for up to seven years for paid medical debt to be removed from their credit report.
Today, the House of Representatives passed H.R. 1259, the Helping Expand Lending Practices (HELP) in Rural Communities Act introduced by Congressman Andy Barr (KY-6). The bill would provide individuals in rural areas the right to petition for the area to be properly reclassified as “rural” and relieve local community banks and credit unions from burdensome regulations that unfairly limit their ability to lend and help create jobs in their communities.
Congressman Andy Barr (R-KY) was appointed to the Committee on Financial Service’s Bipartisan Task Force to Investigate Terrorism Financing. The task force will be led by Congressman Mike Fitzpatrick (R-PA) and Congressman Stephen Lynch (D-MA). The goal of the task force is to investigate terrorist financing and examine what, if any, changes are needed to upgrade and improve our nation’s ability to deny terrorists the funding they use to carry out attacks.
Congressman Andy Barr (R-KY) today introduced the Taking Account of Bureaucrats’ Spending (TABS) Act, which will move the Consumer Financial Protection Bureau (CFPB) into the appropriations process. In doing so, Congress would be able to oversee the Bureau’s budget for the first time.
Congressman Andy Barr (R-KY) today introduced H.R. 1389, the American Jobs and Community Revitalization Act, a package of regulatory reforms that would expand access to credit, create jobs, and expand opportunities especially in rural communities.
“New federal financial regulations are making it harder for Kentuckians to borrow money to buy a home, purchase a car, or get a line of credit to start or expand a small business,” said Congressman Barr. “The result has been devastating especially for rural communities.”
Congressman Andy Barr (R-KY) today reintroduced the Helping Expand Lending Practices (HELP) in Rural Communities Act with Congressman Ruben Hinojosa (D-TX). The bill would provide individuals in rural areas the right to petition for the area to be properly reclassified as “rural” and relieve local community banks and credit unions from burdensome regulations that unfairly limit their ability to lend and help create jobs in their communities.
Congressman Andy Barr (KY-6) introduced legislation that would ease the regulatory requirements on home loans, so long as the mortgage lender holds the loan on its books rather than selling it into the secondary market. H.R.