Monday, December 14, 2015

ICYMI: French Hill and The Terrorism Task Force, FSOC, and TRID Highlight

by Mike Siegel, Communications Director, Congressman French Hill:

Rep. French Hill
FSOC Hearing
On Tuesday, eight of the ten voting members of the Financial Stability Oversight Council (FSOC) testified before the House Committee on Financial Services. During the hearing, Rep. French Hill questioned the members about the lack of transparency and accountability at FSOC.

“I have only been in Congress 11 months, but one thing that has come up consistently… is the lack of transparency in the process, that many in the industry feel—yes it’s a new agency, and it has growing pains, and it has structure to be put in place—but there’s a right way, and kind of a wrong way to do things in Washington. We all know the Administrative Procedures Act, we all know our obligation to openness, and in some cases we have taken action before we even have rules.” – Rep Hill Watch Rep. Hill’s Entire Questions for the FSOC Members
Terrorism Task Force, Data Security, and Golden Fleece

On Wednesday, the House Financial Services Committee passed 7 bills and a resolution to continue the Committee’s Task Force to Investigate Terrorism Financing for an additional six months. Rep. French Hill, who will continue to serve on the Task Force, said this at the markup:

“The recent attacks in Paris and San Bernardino demonstrate the continued need for congressional oversight in all aspects of terrorist activity, especially in how terrorists finance their attacks and their daily operations. Our war on terror finance is a fundamental weapon in the destruction of both ISIS and their fellow travelers.” WATCH: Rep Hill’s Entire Statement in Support of the Continuing the Task Force

The Committee also passed H.R. 2205, the Data Security Act of 2015. H.R. 2205 is a step forward in creating a nationwide date security and breach notification standard to protect consumers’ personal info.Watch: Rep. Hill on Data Security bill

H.R. 3700, the Housing Opportunity Through Modernization Act of 2015 promotes greater efficiency in existing housing programs and modernizes outdated rules and regulations by places limits on over-income families and a greater emphasis on veterans and children aging out of foster care. In August, Rep. Hill awarded The Golden Fleece to the U.S. Department of Housing and Urban Development for wasting $104.4 million to support thousands of over-income families in public housing units throughout the United States while eligible, low-income families sit on public housing waiting lists.

Yesterday, a story ran in The Title Report detailing a report from Moody’s titled “US Mortgage Lenders Face Difficulties Complying with New Rules, Credit Negative for RMBS” which states that third-party reviews of more than 300 loans from 12 lenders showed that more than 90 percent had TRID compliance errors.

“Rep. French Hill (R-Ark.) said he was not surprised to hear the findings of the Moody's report, and that it bolstered the cause for the hold-harmless bill he has sponsored.

"The information provided in this report is not surprising. I have been contacted by title companies, lenders, and realtors in Arkansas and across the country that have said TRID is causing much confusion in the industry," Rep. Hill told The Title Report. "They have also said CFPB has provided no guidance for how to navigate through their new closing regime since its implementation, yet recent comments indicate they will have no qualms enforcing it. We are exploring every possible option to move this bill before the end of the year, but as new reports come out, and more and more evidence shows people struggling to comply, then the need for a hold-harmless period increases dramatically."

See also:
CFPB's Exam Agenda for 2016: Loan-Officer Pay Tops the List, American Banker
Calvin Hagins, the Consumer Financial Protection Bureau's deputy assistant director for originations, warned mortgage lenders this week about four contentious areas that its examiners will zero in on next year. CFPB examiners will spend "a lot of time" looking at loan-officer-compensation plans, compliance with ability-to-repay rules and "Know Before You Owe" consumer-disclosure requirements, as well as the structure of marketing services agreements, Hagins said Monday at a mortgage conference in Costa Mesa, Calif.

Tags: French Hill, The Terrorism Task Force, FSOC, TRID Highlight To share or post to your site, click on "Post Link". This site is an Outreach of the ARRA News Service.

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