About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

H. Rept. 114-60 1 (2015-04-13)

handle is hein.congrecreports/crptxrpk0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-60 HELPING EXPAND LENDING PRACTICES IN RURAL COMMUNITIES ACT APRIL 13, 2015.-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 [To accompany H.R. 1259] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1259) to provide for an application process for interested parties to apply for an area to be designated as a rural area, and for other purposes, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act, directs the Consumer Financial Protection Bu- reau (CFPB) to create a petition process under which a person who lives or does business in a state may apply to have an area in the state identified as a rural area if it has not yet been so designated by the CFPB for purposes of federal consumer financial law. BACKGROUND AND NEED FOR LEGISLATION The Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. No. 111-203) created a statutory requirement that an originator of a residential mortgage loan must make a determina- tion that the borrower has the ability to repay the loan. Lower-cost loans that meet certain criteria prescribed by the CFPB in regula- tions that became effective in January 2014 are treated as Quali- fied Mortgages, and afforded a legal safe harbor from the penalties associated with the failure to determine that a borrower has the ability to repay. Generally, mortgage loans with balloon payments 49-006

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.