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US HR2133
CLEARR Act of 2017 Community Lending Enhancement and Regulatory Relief Act of 2017
summary
Introduced
04/25/2017
04/25/2017
In Committee
04/25/2017
04/25/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
CLEARR Act of 2017 Community Lending Enhancement and Regulatory Relief Act of 2017
AI Summary
This bill, the Community Lending Enhancement and Regulatory Relief Act of 2017 or the CLEARR Act of 2017, provides several regulatory relief measures for community financial institutions. Key provisions include:
- Exempting loans held by smaller creditors (with assets of $50 billion or less) from escrow requirements under the Truth in Lending Act.
- Allowing the Consumer Financial Protection Bureau (CFPB) to exempt smaller mortgage servicers (those servicing 30,000 or fewer loans annually) from certain provisions of the Real Estate Settlement Procedures Act.
- Exempting mortgage loans of $250,000 or less from certain appraisal requirements under the Truth in Lending Act and the Financial Institutions Reform, Recovery, and Enforcement Act.
- Raising the consolidated asset threshold for the Small Bank Holding Company Policy Statement from $1 billion to $10 billion.
- Repealing recent capital requirements on mortgage servicing assets issued by federal banking agencies.
- Limiting the CFPB's authority to take action against "unfair and deceptive" practices, focusing only on "unfair or deceptive" practices.
- Amending the Equal Credit Opportunity Act and Fair Housing Act to require intent to discriminate.
- Providing regulatory relief and exemptions related to Home Mortgage Disclosure Act reporting requirements.
Overall, the bill aims to reduce regulatory burdens on community financial institutions while maintaining appropriate consumer protections.
Committee Categories
Business and Industry
Sponsors (56)
Blaine Luetkemeyer (R)*,
Jodey Arrington (R),
Gus Bilirakis (R),
Mike Bost (R),
Vern Buchanan (R),
Ted Budd (R),
John Carter (R),
Tom Cole (R),
Kevin Cramer (R),
Rick Crawford (R),
John Culberson (R),
Carlos Curbelo (R),
Warren Davidson (R),
Rodney Davis (R),
Ron DeSantis (R),
Mario Diaz-Balart (R),
Neal Dunn (R),
Tom Emmer (R),
Ron Estes (R),
John Faso (R),
Brian Fitzpatrick (R),
Chuck Fleischmann (R),
Gregg Harper (R),
Trey Hollingsworth (R),
Randy Hultgren (R),
Sam Johnson (R),
Adam Kinzinger (R),
David Kustoff (R),
Darin LaHood (R),
Bob Latta (R),
Jason Lewis (R),
Barry Loudermilk (R),
Paul Mitchell (I),
Alex Mooney (R),
Ralph Norman (R),
Erik Paulsen (R),
Stevan Pearce (R),
Bill Posey (R),
John Ratcliffe (R),
Tom Reed (R),
James Renacci (R),
David Roe (R),
Francis Rooney (R),
Dennis Ross (R),
Keith Rothfus (R),
John Rutherford (R),
Pete Sessions (R),
Steve Stivers (R),
David Trott (R),
Tim Walberg (R),
Daniel Webster (R),
Roger Williams (R),
Rob Wittman (R),
Steve Womack (R),
Ted Yoho (R),
Lee Zeldin (R),
Last Action
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral. (on 07/12/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/house-bill/2133/all-info |
| BillText | https://www.congress.gov/115/bills/hr2133/BILLS-115hr2133ih.pdf |
| Bill | https://www.congress.gov/115/bills/hr2133/BILLS-115hr2133ih.pdf.pdf |
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