Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and House Legislation: Common Issue Areas

Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) and House Legislation: Common Issue Areas

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) 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
(status in parentheses)

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 (Passed by House, 300-104)

Volcker Rule naming restriction exemptions

205

H.R. 3093 (Passed by House, voice)

H.R. 4790 (Passed by House, 300-104)

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 (Passed by House, 245 -174)

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 May 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 that 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.