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The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), sponsored by the Senate Committee on Banking, Housing, and Urban Affairs Chairman Mike Crapo, passed the Senate on March 14, 2018. The bill generally aims to provide regulatory relief to banks, relax mortgage lending and capital formation rules, and provide additional consumer financial protections. The bill addresses a number of policy issues that are also addressed by the Financial CHOICE Act (H.R. 10), which was passed by the House on June 8, 2017, and other House bills that have been passed by the House or otherwise seen legislative action in the 115th Congress. The table below matches the policy issues covered in sections of S. 2155 with sections of H.R. 10 and those other House bills. Note, however, that while the issues addressed in the various pieces of legislation are similar, how the bills address them may differ to varying degrees, some quite significantly.
For a more detailed examination of S. 2155, see CRS Report R45073, Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and Selected Policy Issues, coordinated by [author name scrubbed].
For a more detailed examination of H.R. 10, see CRS Report R44839, The Financial CHOICE Act in the 115th Congress: Selected Policy Issues, by [author name scrubbed] et al.
Policy Issues Addressed in S. 2155 and Selected House Legislation
Policy Issue |
S. 2155 Section |
H.R. 10 Section |
Other House bills |
Additional criteria for mortgages to receive "Qualified Mortgage" status |
101 |
516 |
H.R. 2226 (Passed by House, voice) H.R. 2133, Sec. 15 (Hearings held) |
Charitable donations of home appraisals |
102 |
591 |
H.R. 2255, Title I (Passed by House, voice) |
Appraisal requirement exemptions for rural or low value mortgages |
103 |
H.R. 2133, Sec. 3 (Hearings held) H.R. 3221 (Ord. to be Rept., 32-26) |
|
Exemptions from certain HMDA reporting requirements |
104 |
576 |
H.R. 2954 (Passed by House, 243-184) H.R. 2133, Sec. 8 (Hearings held) |
Loan originator grace period during license changes |
106 |
556 |
H.R. 3978, Title V (Passed by House, 271-145) H.R. 2948 (Rept. by Comm., 60-0) |
Mortgage rule exemptions for certain manufactured homes retailers |
107 |
501 |
H.R. 1699 (Passed by House, 256-163) |
Escrow requirements for mortgages exemptions |
108 |
531 |
H.R. 3971 (Passed by House, 294-129) H.R. 2133, Sec. 2 (Hearings held) |
Mortgage waiting period requirement exemptions |
109 |
H.R. 2133, Sec. 12 (Hearings held) |
|
Bank leverage ratio criteria for exemption from other ratios and rules |
201 |
601-602 |
|
Reciprocal deposits restrictions exemptions |
202 |
H.R. 2133, Sec. 14 (Hearings held) |
|
Federal Reserve Small BHC Policy Statement asset threshold increase |
203 |
526 |
H.R. 4771 (Passed by House, 280-139) H.R. 2133, Sec. 4 (Hearings held) |
Volcker Rule trading restriction exemptions |
204 |
901 |
H.R. 4790 ( |
Volcker Rule naming restriction exemptions |
205 |
H.R. 3093 (Passed by House, voice) H.R. 4790 ( |
|
Shortened "call report" in bank financial reporting requirements |
206 |
566 |
H.R. 4725 (Passed by House, voice) |
Alternative to charter changes for federal thrifts seeking to increase certain loan types |
207 |
551 |
H.R. 1426 (Passed by House, voice) |
Deposit availability time requirements in U.S. territories |
208 |
521 |
|
Reduced examination frequency for certain small banks |
210 |
H.R. 5076 (Rept. by Comm., 60-0) |
|
International insurance standards oversight |
211 |
1101-1102 |
H.R. 4537 (Rept. by Comm. 56-4) |
Public disclosure of NCUA budgets |
212 |
541 |
|
Scanned images of ID cards and online banking |
213 |
H.R. 1457 (Passed by House, 397-8 |
|
High volatility commercial real estate exposures in capital requirements |
214 |
H.R 2148 (Passed by House, voice) |
|
Wait period before including veterans' medical debt in credit reports |
302 |
H.R. 2683 (Rept. by Comm., 59-0) |
|
Whistleblower protection for identifying cases of defrauding seniors |
303 |
491-493 |
H.R. 2255, Title III (Passed by House, voice) H.R. 3758 (Rept. by Comm., 60-0) |
Alterations to the Family Self-Sufficiency program |
306 |
H.R. 4258 (Passed by House, 412-5) |
|
Enhanced prudential regulation regime alterations |
401 |
H.R. 3312 (Passed by House, 288-130) H.R. 4292 (Passed by House, 414-0) H.R. 4293 ( |
|
SLR central bank deposit exemption for custodial banks |
402 |
H.R. 2121 (Rept. by Comm., 60-0) |
|
Treatment of municipal debt under LCR |
403 |
H.R. 1624 (Passed by House, voice) |
|
National securities exchange definition in exemption from state registration |
501 |
496 |
H.R. 4546 (Rept. by Comm., 46-14) H.R. 3978, Title IV (Passed by House, 271-145) |
Exemptions from certain registration and disclosure requirements for certain venture capital funds |
504 |
471 |
H.R. 1219 (Passed by House, 417-3) |
Future SEC assessment offset after overpayment |
505 |
416 |
H.R. 1257 (Rept. by Comm., 59-0) |
Application of certain securities requirements to funds located in U.S. territories |
506 |
H.R. 1366 (Passed by House, voice) |
|
Compensation disclosure requirement exemption |
507 |
406 |
H.R. 1343 (Passed by House, 331-87) |
Expanded Regulation A+ access to reporting companies |
508 |
H.R. 2864 (Passed by House, 403-3) |
|
Streamlined closed-end fund registration |
509 |
499A |
H.R. 4279 (Passed by House, 418-2) |
Source: Congressional Research Service.
Notes: The table identifies bills that have passed the House or have otherwise seen legislative action as of March 26May 14, 2018. "Rept. by Comm." refers to the House Financial Services Committee unless otherwise noted and includes bills that were ordered to be reported. The table does not include sections of the House appropriations bill (H.R. 3354) that passed the House on September 14, 2017, some sections of which do address certain policy issues listed in the table.
In addition to those listed above, a number of House Financial Services Committee bills have been passed by the House in the 115th Congress thatthat are also generally aimed at providing regulatory relief to banks, relaxing mortgage lending and capital formation rules, or providing additional financial consumer protection, but are not related to issue areas addressed by S. 2155. Some observers believe that the House will seek to attach some of these pieces of legislation—through either formal or informal conference—before voting on the Senate bill. House Financial Services Chairman Jeb Hensarling has also indicated he wants certain House bills added to S. 2155. Certain Senators reportedly oppose that idea.