Bill > HR1408

This bill, titled the Mortgage Servicing Asset Capital Requirements Act of 2015, directs several Federal banking agencies—the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to jointly conduct a comprehensive study on the appropriate capital requirements for mortgage servicing assets held by banking institutions. Mortgage servicing assets are defined as those arising from contracts to manage loans secured by real estate that are owned by third parties. The study is intended to examine various aspects, including the risks associated with these assets, their market history, valuation challenges, and the potential impact of existing capital regulations like Basel III and proposed NCUA capital requirements on the ability of banking institutions to compete in the mortgage servicing business and serve consumers. The agencies are also tasked with analyzing how these capital requirements might affect the broader mortgage servicing marketplace if applied to both banking institutions and non-bank servicers, and to identify any role mortgage servicing assets played in past banking institution failures. Finally, within 180 days of enactment, the agencies must submit a report to Congress detailing their findings, any prior analyses on this topic, and recommendations for legislative or regulatory actions.