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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-432
COMMUNITY INSTITUTION MORTGAGE RELIEF ACT OF
2017
NOVEMBER 30, 2017.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 3971]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 3971) to amend the Truth in Lending Act and the Real
Estate Settlement Procedures Act of 1974 to modify the require-
ments for community financial institutions with respect to certain
rules relating to mortgage loans, and for other purposes, having
considered the same, report favorably thereon without amendment
and recommend that the bill do pass.
PURPOSE AND SUMMARY
Introduced by Representative Claudia Tenney on October 5,
2017, H.R. 3971, the Community Institution Mortgage Relief Act
of 2017 amends the Truth in Lending Act (TILA) to direct the
Consumer Financial Protection Bureau (CFPB) to exempt from cer-
tain escrow or impound requirements a loan secured by a first lien
on a consumer's principal dwelling if the loan is held by a creditor
with assets of $25 billion or less. The CFPB must also provide ei-
ther exemptions to, or adjustments for, the mortgage loan servicing
and escrow account administration requirements of the Real Estate
Settlement Procedures Act of 1974 (RESPA) for servicers of 30,000
or fewer mortgage loans.
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