Ted Budd: “I thank the chairman for yielding me this time. Mr. Speaker, I rise today in support of the gentlewoman from New York's…”

“I thank the chairman for yielding me this time. Mr. Speaker, I rise today in support of the gentlewoman from New York's legislation, H.R. 3971, and I thank her for her leadership on this very important issue. As many of my friends here today know, Dodd-Frank and the Consumer Financial Protection Bureau have made life very difficult for many. Luckily, the Community Institution Mortgage Relief Act will, once again, solve a problem that they created, this time regarding escrow and mortgage servicing requirements. The CFPB rule regarding these accounts has done nothing more than accelerate industry consolidation in this space, particularly causing harm to rural consumers, leaving them with even less financing options. This bill reverses that problem, though, and will help bring local banks and financial institutions back into the picture. This bill simply lets them reenter the mortgage market and directs the CFPB to exempt them from the escrow account requirement of Dodd-Frank. Now, though this is a bipartisan bill, some of my friends on the other side of the aisle may claim that this bill removes consumer safeguards, but I would argue that this CFPB rule that they support creates an unnecessary burden on local banks and credit unions, which, in the end, hurts local communities and people that they claim to protect with this very rule. Mr.…”