Oklahoma Bankers Association
OBA News and Information
Linked In Email News

Support regulatory relief effort

We're asking all bankers in Oklahoma to help us convince their congressman to co-sponsor three bills that have been moved to the House floor for consideration yet this year. The bills are H.R. 2673, H.R. 4521 and H.R. 4466.

The first bill listed would treat “portfolio” mortgage loans as being compliant with the new Ability to Repay (ATR) regulations. Such loans will also meet the requirements for the new Qualified Mortgage (QM) safe harbor. It will enable banks to continue to make balloon notes on home mortgage loans as long as the bank keeps these loans in its own portfolio.

The second bill (H.R. 4521) would exempt banks under $10 billion in total assets from the escrow requirements of Dodd-Frank. The third bill (H.R. 4466) would require federal banking regulators to review and reconcile existing regulations that may be in conflict with or duplicative of new rules being promulgated by the banking agencies.

“I've asked each Member of the Delegation to co-sponsor the bill,” said OBA President Roger Beverage. “So far Reps. Bridenstine and Lucas have done so.”

The ABA has made it easy to send a letter by going to the following website and following the simple instructions to send a letter by email: http://www.aba.com/Advocacy/Grassroots/Pages/ActionAlert-HR4466.aspx.

What might be even more effective is to use the Twitter handles for your Congressman and use the suggested tweets below. The Twitter handles for each Congressman are as follows:

The suggested Tweets, most of which were provided by ABA, are as follows:

Portfolio Lending, H.R. 2673

  • H.R 2673 — Portfolio Lending and Mortgage Access Act would help consumers have access to a wider array of loan products.
  • Join @RepAndyBarr in fighting for customers hurt by existing restrictions (ATR/QM). Support Portfolio Lending and Mortgage Access Act
  • H.R. 2673 is a common sense approach that will allow portfolio lenders to make more credit available, safely & soundly — we support that!

Mortgage Relief Act, H.R. 4521

  • H.R. 4521 will expand the @CFPB small services exception to include servicers of 20,000 mortgage loans or less — support #MortReliefAct
  • H.R. 4521 will make more mortgage credit available to consumers, especially in smaller communities.
  • We support @RepBlainePress H.R. 4521 b/c we DON'T want consumers to face fewer credit choices as small lenders leave the mortgage mkt

Regulatory Clarity Act, H.R. 4466

  • @GregoryMeeks & @RepShelley H.R. 4466 would help my bank get back to the business of banking
  • Support H.R. 4466 b/c managing large & costly compliance requirements has consequences for my bank's customers — higher prices
  • H.R. 4466 would help to eliminate conflicts among different regulations, eliminating additional compliance costs.

Please encourage your employees and directors to send tweets or go to the ABA website and send emails.

“The only way we're going to get any meaningful regulatory relief is to tackle the problems created by Dodd-Frank one at a time,” Beverage said. “I know it's frustrating, but the political situation is what it is. This effort is the beginning of that process and it needs to be something that's bipartisan in nature. We need all bankers to join in this fight and not give up.”

Back to top