What is H.R. 4383? What Does it Do For You?

The title insurance industry is finally mobilizing itself to take positions on bills currently pending in Washington, DC.  With all the chatter recently making its way through the wires, we thought it was important to let you know how independent real estate settlement service providers and those who follow policy with NAILTA viewed the recent movements. What is Going On? The House Financial Services Committee (HFSC) recently convened a hearing concerning eleven (11) separate legislative bills that are each directed at the Dodd-Frank Act, and specifically the Consumer Financial Protection Bureau (CFPB).  This is not the first effort for the HFSC on Dodd-Frank.  Since 2011, there have been over fifty (50) such bills designed to alter, restrict or outright repeal Dodd-Frank and the CFPB. None of any consequence have been signed into law. Of the 11 current bills being pushed by the leadership of the HFSC, one has appeared on the radar screen for the title insurance industry.  That bill is known as H.R. 4383, the Bureau of Consumer Financial Protection Small Business Advisory Board Act. What Does H.R. 4383 Do? The stated goal of the bill is to modify those portions of Dodd-Frank to mandate that the CFPB Director establish a Small Business Advisory Board (SBAB) to: (1) advise and consult with the Bureau; and, (2) provide information on emerging practices of small business that provide eligible financial products or services — i.e., information on what you do every day. The bill would mandate that 12 representatives of small business meet with the CFPB at least two times per year to discuss these trends and issues, regardless of rulemaking efforts.   To see the bill’s language, click here. What is Missing From H.R. 4383? H.R. 4383...