Jeb Hensarling: “I am looking at this motion to recommit, and, on its best day, it may be superfluous and redundant; and on its worst…”

“I am looking at this motion to recommit, and, on its best day, it may be superfluous and redundant; and on its worst day, it may be confusing. But I fear, in many respects, it is just a smokescreen to give many of my friends on the other side of the aisle an excuse not to vote for the underlying legislation, H.R. 3971. Already the CFPB has full UDAAP authority to deal with unfair, deceptive, and abusive acts. That already exists. So this is a red herring that somehow people are using the lack of the passage of the MTR as a rationale not to support H.R. 3971, which is vitally needed for so many of our community financial institutions to be able to make home mortgage loans to hardworking Americans who deserve their chance at the American Dream. Again, as I said earlier during this debate, Mr. Speaker, all of these mortgages continue to be subject to the Equal Credit Opportunity Act, the Fair Housing Act, the Fair Credit Reporting Act, the Home Mortgage Disclosure Act, the Homeownership Counseling Act, the Homeowners Protection Act, the Real Estate Settlement Procedures Act, the Secure and Fair Enforcement for Mortgage Licensing Act, the Truth in Lending Act, Regulation Z, and the list goes on and on and on. That is simply an excuse. The MTR is an excuse not to save our struggling community banks and our citizens in rural America who deserve the services of these community banks and credit unions. Again, on its best day, it is superfluous and redundant.…”