House Subcommittee Chair Pushes for Main Street Regulatory Relief

first_imgHome / Daily Dose / House Subcommittee Chair Pushes for Main Street Regulatory Relief Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save About Author: Brian Honea U.S. Representative Randy Neugebauer (R-Texas) on Wednesday urged his colleagues in the House to adopt legislation to ease the regulatory burdens on non-depository financial institutions in his opening statement of a House subcommittee hearing.In the Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing entitled “Examining Regulatory Burdens on Non-Depository Financial Institutions,” Neugebauer, who is the chairman of that subcommittee, called those institutions “a diverse and important part of our financial sector.”“We must push forward in our bipartisan efforts to provide regulatory relief for our Main Street financial institutions and protect the financial independence of the individuals and families they serve,” he said.Neugebauer presented four main issues facing the institutions in his opening statement.The first issue Neugebauer discussed was the Truth in Lending Act and Real Estate Act, commonly known as TRID, and the pending August 1 effective date.”This is a major endeavor that will significantly alter the mortgage closing process for consumers, lenders, and title insurance companies,” Neugebauer said, noting that it is important for the committee to understand what the industry is doing to comply with the effective date and what issues the committee needs to address.The second issue was the Consumer Financial Protection Bureau’s promulgating rules addressing the short-term, small dollar credit market, which American consumers widely use – and is highly enforced and regulated at the state level.”It is important for this Committee to examine the regulatory structure of these products, and understand how a Federal regulation impacts credit access and product choice for consumers,” Neugebauer said.The Congressman addressed the CFPB’s regulatory action that has affected the auto industry, then for the fourth issue, he stated how important it was for the committee to recognize how federal regulation impacts industries that have been historically state-regulated.”While we often talk about regulatory burdens in compliance terms—burdensome, duplicative, and unnecessary supervision and examination can also burden community-based lenders,” Neugebauer said. Sign up for DS News Daily Previous: Housing Advocates Ask Regulators to Investigate Possible Pro-Foreclosure Campaigns Next: DS News Webcast: Thursday 04/16/15 House Financial Services Committee Non-Depository Financial Institutions Randy Neugebauer U.S. House of Representatives 2015-04-15 Brian Honea The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Postcenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Government, News Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: House Financial Services Committee Non-Depository Financial Institutions Randy Neugebauer U.S. House of Representatives Servicers Navigate the Post-Pandemic World 2 days ago April 15, 2015 910 Views Related Articles House Subcommittee Chair Pushes for Main Street Regulatory Relief Subscribelast_img

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