A bill to provide for an application process for interested parties to apply for an area to be designated as a rural area, and for other purposes.
Helping Expand Lending Practices in Rural Communities Act of 2015 or the HELP Rural Communities Act of 2015
Directs the Consumer Financial Protection Bureau (CFPB) to establish an application process under which a person who lives or does business in a state may apply to have an area in the state identified as a rural area if it has not yet been so designated by the CFPB for purposes of federal consumer financial law.
Prescribes criteria for the CFPB to consider when evaluating the application.
States that if, at any time before submission of an application, the area subject to review has been designated as nonrural by certain federal agencies, the CFPB is not required to consider that designation in its evaluation.
Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register, including an explanation of the factors upon which the CFPB relied in making its determination.
Sunsets this Act two years after its enactment.
Amends The Truth in Lending Act with respect to CFPB authority to treat a balloon loan as "a qualified mortgage" to mean a balloon loan extended by any creditor operating in rural or underserved areas even if it does not operate predominantly in them. Exempts such a creditor from the requirements for escrow or impound accounts governing certain consumer credit transactions secured by a first lien on the consumer's principal dwelling.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 176.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2048-2049)
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Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 251.