Dear MAA Member:
The Senate is scheduled to vote on the procedural motion to begin debate on a broad bipartisan regulatory relief package this week. The bill, The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) contains several MBA-supported priorities including: SAFE Act Amendments to create a transitional authority to originate loans (similar to language that passed the House in February as part of H.R. 3978, as amended), consumer protections for Property Assessed Clean Lending (PACE) loans, relief from HMDA reporting requirements for some institutions, as well as an important fix to TRID.
Senate Banking Committee Chairman Mike Crapo (R-ID) introduced this bipartisan legislation last November, and the bill was reported favorably from the full committee in early December 2017. MAA members collectively contacted 96 Senate offices in support of the legislation, helping to add to the growing list of 25 co-sponsors, including 12 Republicans, 12 Democrats, and 1 Independent.
Advocacy from our industry has kept these priorities front and center, and we need your help to ensure this legislation has the support necessary for full Senate passage. Sixty votes are needed to “invoke cloture” and allow debate on the underlying bill to begin. MBA continues to pursue the addition of other favorable provisions to the bill within a “Manager’s Amendment” to S. 2155 that will be revealed at some point this week as well.
Contact your Senators today and urge them to vote to begin debate on – and then vote for final passage of – S. 2155.
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