Wendy Sherman: “This bill began with a proposal by Mr. Luetkemeyer of Missouri two Congresses ago. Last Congress, I introduced it, and…”

“This bill began with a proposal by Mr. Luetkemeyer of Missouri two Congresses ago. Last Congress, I introduced it, and now the gentlewoman from New York is carrying the bill. Mr. Speaker, I wouldn't be here supporting this bill in any form if it undermined Dodd-Frank--I cosponsored Dodd-Frank--or if it undermined the CFPB, an institution that I think is very important and was created by Dodd-Frank. With the amendment that I am proposing, this bill goes back to the text that I introduced last year. That text came before the Financial Services Committee and secured the vote of all Republicans and 60 percent of the Democrats. Now, you can't get all the votes all the time, but if you can get, for any particular draft, 100 percent of the Republicans and 60 percent of the Democrats on the committee, that, I think, is bipartisan legislation. Now, the first part of this bill and, by far, the most important part deals with loans made by small institutions that would otherwise be required to have an impound account. An impound account is when the bank collects from you not only your mortgage payment but collects, every month, some money toward your property taxes and toward your insurance, and then the bank pays those bills for you. Small institutions are not set up in order to keep track of how much property tax to collect and pay or fire and other homeowners insurance.…”