North Dakota Bankers Association - link home

About Us Government Relations and Legal Education Business Partners Communications



House PASSES Regulatory Relief Bill

Posted on 5/22/2018

Moments ago, the U.S. House passed by a vote of 258 to 159, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill now heads to the President for his signature. As we have reported previously, Senate Banking Committee Chairman Mike Crapo (R-UT) introduced the bipartisan bill which passed 67-31 in the Senate in March.

This bill has been a long time coming.

NDBA thanks Senator Heitkamp, Senator Hoeven and Congressman Cramer for their vote in favor of the legislation. Special thanks to Senator Heitkamp for her leadership on this bill. She was a key player in the bipartisan negotiations that established the basic framework of the deal -- and in helping to persuade many of those on her side of the aisle to support the bill.

S. 2155 contains many key provisions supported by the Association that would provide relief to North Dakota banks, including:
A safe harbor for qualified mortgages held in portfolio for banks under $10 billion in assets;
An increase in the exam cycle from 12 months to 18 months for well-managed and well-rated banks up to $3 billion in assets;
An increase in the threshold for designation as a systemically important financial institution (SIFI) from $50 to $250 billion in assets;
An exemption from the Volcker Rule for banks under $10 billion in assets;
An exemption from additional HMDA disclosure rules for small volume originators (less than 500 mortgages/500 open-end lines of credit);
An exception from TILA escrow requirements for banks with less than $10 billion in assets, and that have originated 1,000 or fewer loans;
Elimination of the 3-day waiting period requirement in TILA/RESPA mortgage disclosures if the consumer receives a second offer of credit from the same lender with a lower rate;
A requirement for credit reporting agencies to provide credit-freeze alerts and includes consumer-credit provisions related to senior citizens, minors, and veterans;
Elimination of mandatory stress tests entirely for banks with under $100 billion in assets;
Simplification of the capital calculations for community banks; and
Charter flexibility for federal thrifts with less than $20 billion in assets.

Members Only
Calendar of Events

ND Banks Benefit Trust

Office Depot

2019 HSA Spring Workshop

2019 IRA Spring Seminars