The House today approved bipartisan legislation passed by the Senate in March that will roll back some of the Dodd-Frank rules on banks that are hampering the momentum of the housing industry.
S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, will eliminate some of the barriers to credit availability and support a stronger, more robust recovery of the housing and mortgage markets.
It should be noted that in the current era of hyperpartisanship on Capitol Hill, both the House and Senate bills were approved with bipartisan support. President Trump is expected to sign the measure into law shortly.
Prior to the House vote, NAHB sent a letter to the full House designating support of S. 2155 as a “key vote” for the housing industry.
“NAHB is pleased that the Economic Growth, Regulatory Relief and Consumer Protection Act contains critical reform elements that would help to alleviate the tight credit conditions that are keeping more buyers on the sidelines even as the housing market strengthens,” the letter stated.
The message to lawmakers specifically commended the provisions in S. 2155 that pertain to regulatory relief for community financial institutions.
“Community banks are the most common source of lending for home construction and are key providers of home mortgage loans, including mortgages for first-time home buyers and consumers in rural communities and other underserved market segments,” the letter said. “With regulatory pressures on community banks still impacting the cost and availability of construction and mortgage credit, there cannot be a sustainable housing recovery without bipartisan congressional action on these critical issues.”
For more information, contact Scott Meyer at 800-368-5242 x8144.