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29 » VISIT US ONLINE @ DSNEWS.COM CFPB PUTS FOCUS ON THE QM PATCH e Consumer Financial Protection Bureau (CFPB) released its Spring 2019 rulemaking agenda, part of the Unified Agenda of Federal Regulatory and Deregulatory Actions. Included in the Bureau's rulemaking is a Notice of Proposed Rulemaking to follow up on an interpretive and procedural rule that it issued in August 2018 to provide clarification regarding Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (EGRRCPA) amendments to the Home Mortgage Disclosure Act (HMDA). ese created "partial exemptions that allow certain insured depository institutions and insured credit unions not to report certain data points for some transactions." e Bureau also announced several new projects down the line. According to the CFPB, after completing an assessment in October 2018 of its rules to implement Dodd- Frank Act requirements for international remittance transfers: » e Bureau issued, in April 2019, a request for information to gather information related to the expiration of a statutorily established exception in the Remittance Rule that permits insured banks and insured credit unions to estimate certain required disclosures and other potential remittance transfer issues and related topics. » e Bureau also recently completed an assessment of rules implementing Dodd- Frank Act provisions that require mortgage lenders to determine consumers' ability to repay loans and define certain 'qualified mortgages' that are presumed to comply with the statutory requirements. As part of its plan, the CFPB notes that it will be focusing its attention on the Qualified Mortgage "Patch" on loans that are eligible to be purchased or guaranteed by either Fannie Mae or Freddie Mac. e CFPB will also be reviewing existing regulations, such as, "conducting an assessment pursuant to section 1022(d) of the Dodd-Frank Act of its regulations to consolidate various mortgage origination disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act." In May 2019, the CFPB published its plan for conducting reviews consistent with section 610 of the Regulatory Flexibility Act, and also "issued a request for information on the first such review, concerning the impact of certain regulations concerning overdraft services on small banks and credit unions." CORY BOOKER ADDRESSES AFFORDABILITY CRISIS From expanding the Fair Housing Act to include discrimination based on sexual orientation or gender identity to focusing on a renters' credit that would lift 9.4 million people out of poverty, Presidential candidate Sen. Cory Booker has unveiled a plan to address housing affordability challenges. "Making sure all Americans have the right to good housing is very personal to me," CNN reported Booker as saying. "I'm determined to tear down the barriers that stand in the way of every American being able to do for their families what my parents did for mine." e New Jersey Democrat, who has focused on housing issues in his 20-year political career, has modeled his plan for renters' credit on legislation he recently introduced. CNN reported that while this plan "is similar to a plan by his 2020 rival Sen. Kamala Harris, a California Democrat who has centered her housing policy on a subsidy for low-income renters," Booker's plan goes further by introducing "sweeping changes to restrictive zoning laws, coupled with federal incentives to build more affordable housing." As part of his plan, Booker also said that he would not only target predatory housing market practices and funding grants to combat homelessness, but also expand the right to counsel for tenants from low-income households who were fighting eviction. According to the Washington Post, with the release of this proposal, Booker seeks to highlight "his tenure as mayor of Newark, during which his administration made considerable investments in the struggling city's housing stock." On his campaign trail, Booker has often mentioned that housing has always been a personal issue for him. Additionally, in his new plan, Booker said, he would expand the Fair Housing Act to include discrimination based on sexual orientation or gender identity. "Access to safe, affordable housing is a central theme in my life and my career in politics," Booker said. "Housing is a basic need and a basic right. And Americans shouldn't have to face insurmountable financial challenges to put a roof over their heads."

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