Bill > HR5786

This bill, the Small Financial Institutions Regulatory Relief Act of 2014, aims to ease regulatory burdens on community banks and support rural areas. It proposes to exempt certain loans held by creditors with less than $10 billion in assets from specific requirements under the Truth in Lending Act, including escrow requirements for loans secured by a primary dwelling. Additionally, it would exempt mortgage servicers handling 10,000 or fewer loans from certain provisions of the Real Estate Settlement Procedures Act, and allow financial institutions that haven't changed their privacy policies to skip annual privacy notices under the Gramm-Leach-Bliley Act. The bill also seeks to revise policies for small bank holding companies, increasing their allowable debt-to-equity ratio and adjusting asset thresholds for certain assessments. A key provision is the requirement for the Board of Governors of the Federal Reserve System to include at least one member with demonstrated community bank experience. Finally, it establishes a process for the Bureau of Consumer Financial Protection to designate counties as rural areas, considering various federal and state criteria, after a public comment period.