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Thursday, February 8, 2018

Feb 8, 2018
Legislative Digest
On the Floor Today: 2 Rule Bills and 2 Suspensions

The House will meet at 9:00 a.m. for morning hour and 10:00 a.m. for legislative business. First votes expected: 10:30 a.m. - 11:30 a.m. Last votes expected: TBD.

2 Rule Bills

1) Complete Consideration of H.R. 1153 - Mortgage Choice Act of 2017 (PDF)

Sponsor: Rep. Bill Huizenga (R-MI) | Financial Services Committee

Topline Summary: This bill excludes insurance held in escrow and, under certain circumstances, fees paid to companies affiliated with the creditor from the costs that would be considered in calculating the three percent “points and fees” limitation for purposes of determine whether a mortgage can be considered a “qualified mortgage”. The legislation directs the Consumer Financial Protection Bureau (CFPB) to amend its regulations related to qualified mortgages to reflect the new exclusions.

2) H.R. 4771 - Small Bank Holding Company Relief Act of 2018 (PDF)

Sponsor: Rep. Mia Love (R-UT) | Financial Services Committee

Topline Summary: This bill requires the Federal Reserve Board to apply its Small Bank Holding Company Policy Statement to banks and savings and loan holding companies with pro forma consolidated assets of less than $3 billion. The Small Bank Holding Company Policy Statement currently applies to bank holding companies with assets less than $1 billion.

2  Suspensions 

1) S. 96 - Improving Rural Call Quality and Reliability Act of 2017 (PDF)

Sponsor: Sen. Amy Klobuchar (D-MN) | Energy and Commerce Committee

Topline Summary: This bill requires third-party intermediate providers who offer the capability of transmitting covered voice communication to register with the Federal Communications Commission (FCC). Third-party intermediate providers work by carrying long distance phone calls in rural areas between providers such as Verizon, AT&T, and Sprint. The bill also requires the FCC to issue rules establishing service quality standards for those providers, in an attempt to increase phone service reliability in rural areas.

2) Concurring in the Senate Amendment to H.R. 582 - Kari's Law Act of 2017 (PDF)

Sponsor: Rep. Louie Gohmert (R-TX) | Energy and Commerce Committee

Topline Summary: This bill requires all Multi-Line Telephone Systems (MLTS) to have a default configuration that allows users to directly dial 9-1-1, without the need for additional digits or prefix, from any phone with dialing facilities. In addition, the MLTS must be configured to notify a designated central point of contact when someone initiates a call to 9-1-1 using the system. 

115th Congress