HR 2226 115th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Housing finance and home ownership

Portfolio Lending and Mortgage Access Act

Introduced: April 28, 2017 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov

Everywhere this bill has been 14 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 7, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Mar 6, 2018

Motion to reconsider laid on the table Agreed to without objection.

Mar 6, 2018

On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1389-1390)

Mar 6, 2018

Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1389-1390)

Mar 6, 2018

DEBATE - The House proceeded with forty minutes of debate on H.R. 2226.

Mar 6, 2018

Considered under suspension of the rules. (consideration: CR H1389-1393)

Mar 6, 2018

Mr. Barr moved to suspend the rules and pass the bill, as amended.

Feb 23, 2018

Placed on the Union Calendar, Calendar No. 438.

Feb 23, 2018

Reported (Amended) by the Committee on Financial Services. H. Rept. 115-578.

Jan 18, 2018

Ordered to be Reported (Amended) by the Yeas and Nays: 55 - 0.

Jan 18, 2018

Committee Consideration and Mark-up Session Held.

Jan 17, 2018

Committee Consideration and Mark-up Session Held.

Apr 28, 2017

Referred to the House Committee on Financial Services.

Apr 28, 2017

Introduced in House

Plain-English summary Congressional Research Service

Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and continuously retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer.

The bill also provides for circumstances in which such requirements shall be waived with respect to a loan that is transferred: (1) by reason of bankruptcy or failure of the originating institution, (2) to a similar institution, (3) in the event of a merger, or (4) to a wholly owned subsidiary of the institution.

What's happening now March 7, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 2