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March 27, 2019

The U.S. Senate Committee on Banking, Housing and Urban Affairs (the "Committee") heard testimony from various witnesses on Chair Mike Crapo's (R-IA) proposed framework for housing reform legislation. Released in February, the framework for reform would: protect taxpayers by reducing the too-big-to-fail risk posed by the current "duopoly of mortgage guarantors"; keep existing infrastructure in the housing finance system that works well, while increasing the role of private risk-bearing capital; create new layers of protection between mortgage credit risk and taxpayers; ensure a level playing

January 14, 2015

Yesterday, the U.S. House of Representatives passed H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act, in a 271 to 154 vote.Section 801 of H.R. 37 would extend the Volcker Rule conformance date with respect to collateralized loan obligations for an additional two years, until July 21, 2019. The text of H.R. 37, as passed by the House, is available here. See: H.R. 37.Related news: Committee on Rules for U.S. House of Representatives to Consider Regulatory Reform (with Lofchie Comment) (January 8, 2015).

January 08, 2015

The Committee on Rules for the U.S. House of Representatives announced that it would convene on January 12, 2015 to consider two proposals for regulatory reform: (i) H.R. 37, the Promoting Job Creation and Reducing Small Business Burdens Act (the "Economy Act"); and (ii) H.R. 185, the Regulatory Accountability Act of 2015 (the "Accountability Act"). The Economy Act was first considered by the U.S. House of Representatives on January 7 but failed to secure the necessary two-thirds vote required for passage under House rules applicable at the time. The Economy Act is being re-proposed under

September 19, 2014

The U.S. House of Representatives voted on Wednesday to pass H.R. 5405, the Promoting Job Creation and Reducing Small Business Burdens Act. One provision of the bill would grandfather certain CLOs from the covered fund prohibitions of the Volcker Rule and would override the Volcker Rule regulations' definition of "ownership interest." The bill now moves to the Senate Banking Committee, where the CLO provision is expected to meet opposition. See: Text of Legislation. Related News: FRB Allows Banking Entities Two Additional One-Year Extensions to Conform CLO Ownerships Covered by Volcker (with

March 14, 2014

The House Financial Services Committee passed five bills with bipartisan support that are intended to provide regulatory relief to smaller businesses and community financial institutions. The five bills primarily relate either to mortgage finance or to easing SEC registration requirements for small issuers. H.R. 4167, the Restoring Proven Financing for American Employers Act (53-3) would amend the Bank Holding Company Actto allow banks to invest in collateralized loan obligations ("CLOs") issued before January 31, 2014. The bill also would clarify the definition of ownership interest in a