Bill Sponsor
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Bill Sponsor
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Bills
House Bill 3564
118th Congress(2023-2024)
Middle Class Borrower Protection Act of 2023
Active
Amendments
Active
Passed House on Jun 23, 2023
Overview
Text
Introduced
May 22, 2023
Latest Action
Jul 10, 2023
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3564
Congress
118
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Warren Davidson
Ohio
Republican
Andy Biggs
Arizona
Republican
Young Kim
California
Republican
Barry Loudermilk
Georgia
Republican
Rick W. Allen
Georgia
Republican
Erin Houchin
Indiana
Republican
Rudy Yakym
Indiana
Republican
Mike Johnson
Louisiana
Republican
Bill Huizenga
Michigan
Republican
Tom Emmer
Minnesota
Republican
Michael Lawler
New York
Republican
Stephanie Bice
Oklahoma
Republican
Alex Mooney
West Virginia
Republican
Bryan Steil
Wisconsin
House Votes (2)
Senate Votes (0)
Question
On Passage
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
Yea-And-Nay
Roll Number
289
House Roll Call Votes
Summary

Middle Class Borrower Protection Act of 2023

This bill rolls back changes made by the Federal Housing Finance Agency (FHFA) to the fees charged by Fannie Mae and Freddie Mac for a conventional single-family mortgage (i.e., loan-level pricing adjustments) and restricts future fee adjustments. These changes, effective May 1, 2023, revised the fee charts that provide percentage adjustments based on a mortgagor's credit score and down payment.

The bill reinstates the fee structure that was in place prior to May 1, 2023.

The Government Accountability Office (GAO) must report on the changes made by the FHFA. Further adjustments to the fee structure by FHFA are prohibited until 90 days after the publication of the GAO report.

After this period, FHFA must follow Administrative Procedure Act requirements when proposing adjustments to the fee structure.

The bill also requires that, to the greatest extent feasible, revisions to the fee schedule must be based on risk.

Further, FHFA, Fannie Mae, and Freddie Mac are prohibited from imposing any loan-level pricing adjustment fee that is based on the ratio of the debt of the mortgagor to the income of the mortgagor.

Text (4)
Referred in Senate
July 10, 2023
Engrossed in House
June 23, 2023
Reported in House
June 7, 2023
Introduced in House
May 22, 2023
Amendments (4)
Displaying only amendments with a detailed public record (1)
Jun 23, 2023
Not Agreed to in House
1
Sponsorship
House Amendment 214
Amendment sought to prevent the legislation from being enacted if the Federal Housing Finance Agency Director determines that the repeal of recalibrated single-family pricing framework increases fees on middle class borrowers.
Active
Related Bills (2)
Jul 13, 2023
Introduced in Senate
16
Sponsorship
Senate Bill 2296
Middle Class Borrower Protection Act of 2023
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Jun 21, 2023
Passed House
1
Sponsorship
House Simple Resolution 524
Providing for consideration of the bill (H.R. 3564) to cancel recent changes made by the Federal Housing Finance Agency to the up-front loan level pricing adjustments charged by Fannie Mae and Freddie Mac for guarantee of single-family mortgages, and for other purposes; providing for consideration of the bill (H.R. 3799) to amend the Internal Revenue Code of 1986 to provide for health reimbursement arrangements integrated with individual health insurance coverage; and providing for consideration of the resolution (H. Res. 461) condemning the use of elementary and secondary school facilities to provide shelter for aliens who are not admitted to the United States.
Active
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
House
Type
Procedurally-Related Measure
Procedurally-Related Measure
Legislation that affects consideration of other legislation (e.g., a rule for consideration, a bill ordered to be reported or passed in lieu of another measure). Identical bills, companion measures, and legislation with text similarities are other related bill types.
Identified By
House
Public Record
Record Updated
Jul 24, 2024 3:18:19 PM
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