United States 112th Congress Status: Died 1 R cosponsors

S 3571 — A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

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

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to declare that nothing in such Act, including its effective dates, shall apply with respect to regulations required to be issued pursuant to certain safe harbor and rebuttable presumption requirements that authorize: (1) any creditor or assignee subject to liability with respect to any residential mortgage loan to presume that it has met the minimum standards for such a loan if it is a qualified mortgage meeting specified criteria that does not result in a balloon payment; and (2) the Board of Governors of the Federal Reserve by regulation to include as a qualified mortgage any balloon loan meeting the same specified criteria if it meets certain other criteria as well, including that it is extended by a creditor operating predominantly in rural or underserved areas. Treats any such regulations as having a significant economic impact on a substantial number of small entities (small businesses). Prohibits any such regulation from taking effect unless and until the Consumer Financial Protection Bureau (CFPB) has convened a small business review panel to participate in the rulemaking through the reasonable use of specified comment-gathering techniques.

Bill Text

We don't have the full text on file for this bill yet.

Read S 3571 on the official United States source →

Action History

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

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
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Frequently asked questions

What does S 3571 do?
Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to declare that nothing in such Act, including its effective dates, shall apply with respect to regulations required to be issued pursuant to certain safe harbor and rebuttable presumption requirements that authorize: (1) any creditor or assignee subject to liability with respect to any residential mortgage loan to presume that it has met the minimum standards for such a loan if it is a qualified mortgage meeting specified criteria that does not result in a balloon payment; and (2) the Board of Governors of the Federal Reserve by regulation to include as a qualified mortgage any balloon loan meeting the same specified criteria if it meets certain other criteria as well, including that it is extended by a creditor operating predominantly in rural or underserved areas. Treats any such regulations as having a significant economic impact on a substantial number of small entities (small businesses). Prohibits any such regulation from taking effect unless and until the Consumer Financial Protection Bureau (CFPB) has convened a small business review panel to participate in the rulemaking through the reasonable use of specified comment-gathering techniques.
Who sponsors S 3571?
S 3571 is sponsored by Mike Crapo (R).
What is the current status of S 3571?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 3571?
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