Bipartisan bills rein in GSE CEO pay, provide formal TRID grace period

The House Financial Services Committee approved a slate of bipartisan bills directly impacting the mortgage and housing finance space Wednesday.

They now face a vote before the full House of Representatives.

“We seek to simplify the rules, reduce complexity and compliance costs.  Complicated and costly regulations serve as barriers that too often keep small competitors off the playing field,” said Chairman Jeb Hensarling, R-Texas. “With regulatory relief, we can level that playing field between big corporations and small businesses and create a healthier economy.”

Among the bills passed were:

H.R. 3192, the “Homebuyers Assistance Act”

H.R. 3192 delays enforcement of a CFPB regulation surrounding the home buying process to allow more time for the CFPB to ensure purchasers and buyers are not unfairly harmed by this new regulation.

H.R. 3192 passed 45-13.

H.R. 1210, the “Portfolio Lending…

Outlined in today’s Wall Street Journal:

A few weeks after Hillary Clinton was sworn in as secretary of state in early 2009, she was summoned to Geneva by her Swiss counterpart to discuss an urgent matter. The Internal Revenue Service was suing UBS AG to get the identities of Americans with secret accounts.

If the case proceeded, Switzerland’s largest bank would face an impossible choice: Violate Swiss secrecy laws by handing over the names, or refuse and face criminal charges in U.S. federal court.

Within months, Mrs. Clinton announced a tentative legal settlement—an unusual intervention by the top U.S. diplomat. UBS ultimately turned over information on 4,450 accounts, a fraction of the 52,000 sought by the IRS, an outcome that drew criticism from some lawmakers who wanted a more extensive crackdown.

From that point on, UBS’s engagement with the Clinton family’s charitable organization increased. Total donations by UBS to…

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