US Congress Senate Bill 871 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on March 26 2015 - 25% progression, died in committee
Action: 2015-03-26 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2048-2049)
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

HELP Rural Communities Act of 2015 Helping Expand Lending Practices in Rural Communities Act of 2015 Directs the Consumer Financial Protection Bureau (CFPB) to establish an application 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. Prescribes criteria for the CFPB to consider when evaluating the application. States that if, at any time before submission of an application, the area subject to review has been designated as nonrural by certain federal agencies, the CFPB is not required to consider that designation in its evaluation. Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register, including an explanation of the factors upon which the CFPB relied in making its determination. Sunsets this Act two years after its enactment. Amends The Truth in Lending Act with respect to CFPB authority to treat a balloon loan as "a qualified mortgage" to mean a balloon loan extended by any creditor operating in rural or underserved areas even if it does not operate predominantly in them. Exempts such a creditor from the requirements for escrow or impound accounts governing certain consumer credit transactions secured by a first lien on the consumer's principal dwelling.

HELP Rural Communities Act of 2015 Helping Expand Lending Practices in Rural Communities Act of 2015

Sen. Mitch McConnell [R-KY]	Sen. Dean Heller [R-NV]	Sen. Shelley Capito [R-WV]	Sen. Rand Paul [R-KY]
Sen. Mike Rounds [R-SD]	Sen. Deb Fischer [R-NE]

Date	Chamber	Action
2015-03-26	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2048-2049)

HB1259 (Related) 2015-04-14 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB1389 (Related) 2015-04-08 - Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
SB1484 (Related) 2015-07-23 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
SB1910 (Related) 2015-07-30 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 176.
SB2132 (Related) 2015-10-06 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 251.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/871/all-info
Text	https://www.congress.gov/114/bills/s871/BILLS-114s871is.pdf