Sec. 16. Amendments to ability to pay requirements for mortgage loans

444 words·~2 min read·/bill/115/hr/2133/ih/section-16·

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Section 129C(b)(3) of the Truth in Lending Act ( 15 U.S.C. 1639C(b)(3) ) is amended— by amending subparagraph

(A)to read as follows: The Bureau shall prescribe regulations to carry out the purposes of this subsection, except that the Bureau may not prescribe any regulation that addresses modifies any provision of paragraph (2)(A)(iii), or that addresses modifies any rule promulgated by the Federal Housing Finance Agency pursuant to subparagraph (B)(i). Any existing regulation of the Bureau that addresses modifies paragraph (2)(A)(iii) shall have no force or effect as of the date the Federal Housing Finance Agency prescribes a rule pursuant to subparagraph (B)(i)(II). The Federal Housing Finance Agency shall only prescribe regulations to carry out the purposes of paragraph (2)(A)(iii). The Federal Housing Finance Agency may not prescribe any regulation that addresses modifies any requirement under clause (i), (ii), (iv), (v), (vi), (vii), (viii), or

(ix)of paragraph (2)(A), or that addresses modifies any rule promulgated by the Bureau pursuant to clause

(i)or subparagraph (B)(i)(I). ; in subparagraph (B)— by striking The Board may and inserting The Bureau may . in subclause (I), as designated by subparagraph (A), by striking compliance with such actions and inserting , except that the Bureau may not prescribe any regulation that violates the provisions of subparagraph (A). The Bureau may not eliminate any requirement or add any new requirement under clause (i), (ii), (iv), (v), (vi), (vii), (viii), or

(ix)of paragraph (2)(A) unless it does so by prescribing a rule enacted pursuant to the procedures set forth in section 553 of title 5, United States Code ; in clause (i), by adding at the end the following new subclause: Not later than 180 days after the date of the enactment of this subclause, the Federal Housing Finance Agency shall prescribe regulations to carry out the requirements of paragraph (2)(A)(iii). Notwithstanding the procedures set forth in section 553 of title 5, United States Code, the Federal Housing Finance Agency shall review its promulgated standards under such paragraph at least annually, and shall publish any proposed adjustments to such standards in the Federal Register. The Federal Housing Finance Agency may not eliminate any requirement or add any new requirement under paragraph (2)(A)(iii) unless it does so by prescribing a rule enacted pursuant to the procedures set forth in section 553 of title 5, United States Code. ; and in clause (ii), by striking with the Board and inserting with the Bureau with respect to the requirements under clauses (i), (ii), (iv), (v), (vi), (vii), (viii), and

(ix)of paragraph (2)(A), and in consultation with the Federal Housing Finance Agency with respect to the requirement under paragraph (2)(A)(iii) .

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15 USC 1639C(b)(3)

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Sec. 16

Amendments to ability to pay requirements for mortgage loans

Cite15 USC 1639C(b)(3)

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