hortysir
In Memorial of 47
Big politics shielding big money/banks
Bank Mortgage Liability -- Passage - Vote Passed (255-174, 4 Not Voting)
The bill creates a safe harbor from lawsuits for banks that originate non-qualified mortgages that do not comply with ability-to-repay requirements, as long as the bank retains the mortgage in its own portfolio.
Auto Loans -- Passage - Vote Passed (332-96, 5 Not Voting)
The bill nullifies 2013 guidance issued by the Consumer Financial Protection Bureau (CFPB) regarding fair lending practices for indirect auto lenders, after the CFPB determined that car loans provided through auto dealers were artificially high and discriminatory.
This next one I like, but is it just me or does it appear quite hypocritical following those other two pieces of legislation::
Federal Reserve Overhaul -- Passage - Vote Passed (241-185, 7 Not Voting)
The bill modifies Federal Reserve operations and oversight in an effort to make it more accountable, including by requiring the Fed to develop detailed strategies with set goals for conducting monetary policy that would be reviewed by the Government Accountability Office (GAO) and requiring the Fed chairman to testify before Congress if GAO determines that the strategy no longer complies with bill requirements. It also provides for GAO audits of all Fed activities, including its deliberations over monetary policy. The legislation requires Fed to conduct cost-benefit analyses of all proposed rules and limits the Feds emergency lending powers.
Bank Mortgage Liability -- Passage - Vote Passed (255-174, 4 Not Voting)
The bill creates a safe harbor from lawsuits for banks that originate non-qualified mortgages that do not comply with ability-to-repay requirements, as long as the bank retains the mortgage in its own portfolio.
Auto Loans -- Passage - Vote Passed (332-96, 5 Not Voting)
The bill nullifies 2013 guidance issued by the Consumer Financial Protection Bureau (CFPB) regarding fair lending practices for indirect auto lenders, after the CFPB determined that car loans provided through auto dealers were artificially high and discriminatory.
This next one I like, but is it just me or does it appear quite hypocritical following those other two pieces of legislation::
Federal Reserve Overhaul -- Passage - Vote Passed (241-185, 7 Not Voting)
The bill modifies Federal Reserve operations and oversight in an effort to make it more accountable, including by requiring the Fed to develop detailed strategies with set goals for conducting monetary policy that would be reviewed by the Government Accountability Office (GAO) and requiring the Fed chairman to testify before Congress if GAO determines that the strategy no longer complies with bill requirements. It also provides for GAO audits of all Fed activities, including its deliberations over monetary policy. The legislation requires Fed to conduct cost-benefit analyses of all proposed rules and limits the Feds emergency lending powers.
