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S 2296 118th Congress Senate Finance and Financial Sector

Middle Class Borrower Protection Act of 2023

Introduced: July 13, 2023 See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 13, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 13, 2023
Introduced in Senate
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 Plain-English summary Congressional Research Service

Middle Class Borrower Protection Act of 2023

This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.

The bill reinstates the fee structure that was in place prior to May 1, 2023.

The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.

After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.

The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.

Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.

What's happening now July 13, 2023

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

 Related & companion bills 1
  • HR 3564 Related bill Middle Class Borrower Protection Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 4

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

 Cosponsors 14
All 14 Republican 14
R
Ricketts, Pete
Nebraska · Jul 18, 2023
 R
Barrasso, John
Wyoming · Jul 13, 2023
 R
Budd, Ted
North Carolina · Jul 13, 2023
 R
Cornyn, John
Texas · Jul 13, 2023
 R
Cotton, Tom
Arkansas · Jul 13, 2023
 R
Cramer, Kevin
North Dakota · Jul 13, 2023
 R
Cruz, Ted
Texas · Jul 13, 2023
 R
Hyde-Smith, Cindy
Mississippi · Jul 13, 2023
 R
Marshall, Roger
Kansas · Jul 13, 2023
 R
Moran, Jerry
Kansas · Jul 13, 2023
 R
Scott, Rick
Florida · Jul 13, 2023
 R
Thune, John
South Dakota · Jul 13, 2023
 R
Tillis, Thomas
North Carolina · Jul 13, 2023
 R
Wicker, Roger F.
Mississippi · Jul 13, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2296: Middle Class Borrower Protection Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-2296/
MLA
"S. 2296: Middle Class Borrower Protection Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2296/.
Bluebook (legal)
S. 2296, 118th Cong. (2026), https://openamerica.io/bill/118-S-2296/.
Markdown link
[S. 2296: Middle Class Borrower Protection Act of 2023](https://openamerica.io/bill/118-S-2296/)
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