HR-2133 : Still Just a Bill
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Community Lending Enhancement and Regulatory Relief Act of 2017 or the CLEARR Act of 2017
This bill
- exempts small banks from certain mortgage escrow requirements and from mandatory disclosures of loan servicing transfers;
- exempts small mortgage loans from specified property appraisal requirements;
- requires federal banking agencies to revise regulations regarding capital requirements for mortgage servicing assets;
- modifies the authority of the Consumer Financial Protection Bureau (CFPB) over unfair, deceptive, or abusive acts;
- limits the institutions over which the CFPB has a supervisory role;
- limits prohibitions on discrimination under the Equal Credit Opportunity Act and the Fair Housing Act to intentional acts;
- modifies certain mortgage loan recordkeeping and disclosure requirements;
- limits the authority of a federal banking agency to request or order a deposit institution to terminate a customer account;
- limits the liability of creditors and mortgage originators for violating certain ability-to-pay requirements; and
- otherwise modifies provisions related to financial institutions.