Podcasts about federal home loan banks

The FHFA has proposed a new rule to enhance governance within Federal Home Loan Banks by modernizing board requirements, clarifying expertise standards, and implementing conflict of interest policies, with a public comment period open until February 3rd.----------------------------------------------------Alice Alvey, Master CMBVice President Partner Education and Training at Union Home MortgageShe handles development of their World Class Training program designed to support UHM partners and organizational effectiveness.Prior to UHM, Alice served as Senior Vice President at Indecomm leading the Indecomm-Mortgage U division, Internal QA and Compliance and SaaS technologies. Indecomm acquired Mortgage U in 2013, where Alice was President/Co-founder, providing training and consulting since 1996. Prior to MU she served as SVP of Operations at a national bank overseeing operations for wholesale, retail and correspondent from underwriting through servicing, and compliance.She has been in the trenches of mortgage lending operations from application through servicing for over 30 years. Her authoring work in training content, policies and procedures and the FHA/VA Practical guides illustrates her ability to bridge regulatory requirements with day-to-day operations.Alice has been a weekly contributor to the Lykken on Lending show since its beginning in April 2009 and has made her weekly contributions to 450+ episodes!

Ryan Donovan, the head of the Council of Federal Home Loan Banks, pushes back against criticisms that the government-sponsored enterprises have strayed from their mission. He outlines what the FHLBs want as part of a reform effort by their regulator.

Inside Economics welcomes back Mark Calabria, the former director of the Federal Housing Finance Agency. We discuss the current housing affordability crisis and what policymakers should do to address it, the FHFA's response to the COVID-19 pandemic, and the risks posed by nonbank mortgage companies. The group also takes up the role of the Federal Home Loan Banks. Plenty of debate, and even some agreement.For more info on Mark CalabriaFor more info on Mark Calabria's book, Shelter from the Storm, click hereFollow Mark Zandi @MarkZandi, Cris deRitis @MiddleWayEcon, and Marisa DiNatale on LinkedIn for additional insight.

The Federal Home Loan Banks (FHLBs) have been part of the financial landscape in this country since 1932. They were created (before the New Deal) in response to the housing crisis during the Great Depression. But their role has changed from a focus on housing to becoming a liquidity provider for large banks. And this has had a major impact on our financial system, including the fintech space.My next guest on the Fintech One-on-One Podcast is Cornelius (Con) Hurley. He is a professor at the Boston University School of Law and was a founding member of the Online Lending Policy Institute that was folded into the American Fintech Council in 2021. Most importantly for this conversation, Professor Hurley was an independent director of the Federal Home Loan Bank of Boston for 14 years. He has become an outspoken critic of FHLBs in recent years and is a co-founder of the Coalition for FHLB Reform.Professor Hurley provides a detailed history and the current state of play for FHLBs but also focuses on the role fintech companies can play here.In this podcast you will learn:Why everyone should be interested in what Federal Home Loan Banks are doing.The origins of the Federal Home Loan Banks and why they were started.How the FHLBs are regulated.How the FHLBs can claim they have never made a loan that has defaulted.The governance culture of the FHLBs.Why FHLB loans to banks should be made public.How the mission of the FHLBs moved away from housing and community development.Why banks go to an FHLB for liquidity instead of the Federal Reserve.How the FHLBs are funded and what subsidies they receive.The recommendations for reform from the recent FHLB report.Why FHLB members will need to beef up their mortgage exposure.The potential role for fintech companies here.What comes next for FHLBs.Connect with Cornelius on LinkedInConnect with Fintech One-on-One:Tweet me @PeterRentonConnect with me on LinkedInFind previous Fintech One-on-One episodes

The Federal Home Loan Banks (FHLBs) have been part of the financial landscape in this country since 1932. They were created (before the New Deal) in response to the housing crisis during the Great Depression. But their role has changed from a focus on housing to becoming a liquidity provider for large banks. And this has had a major impact on our financial system, including the fintech space.My next guest on the Fintech One-on-One Podcast is Cornelius (Con) Hurley. He is a professor at the Boston University School of Law and was a founding member of the Online Lending Policy Institute that was folded into the American Fintech Council in 2021. Most importantly for this conversation, Professor Hurley was an independent director of the Federal Home Loan Bank of Boston for 14 years. He has become an outspoken critic of FHLBs in recent years and is a co-founder of the Coalition for FHLB Reform.Professor Hurley provides a detailed history and the current state of play for FHLBs but also focuses on the role fintech companies can play here.In this podcast you will learn:Why everyone should be interested in what Federal Home Loan Banks are doing.The origins of the Federal Home Loan Banks and why they were started.How the FHLBs are regulated.How the FHLBs can claim they have never made a loan that has defaulted.The governance culture of the FHLBs.Why FHLB loans to banks should be made public.How the mission of the FHLBs moved away from housing and community development.Why banks go to an FHLB for liquidity instead of the Federal Reserve.How the FHLBs are funded and what subsidies they receive.The recommendations for reform from the recent FHLB report.Why FHLB members will need to beef up their mortgage exposure.The potential role for fintech companies here.What comes next for FHLBs.Connect with Cornelius on LinkedInConnect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes

Exploring the FHFA 100 Year Report and its Impact on the Council of Federal Home Loan BanksIn this episode of 'With Flying Colors', Mark Treichel hosts Ryan Donovan, the CEO of the Council of Federal Home Loan Banks. They discuss the recently released FHFA 100 Year Report on federal home loan banks and Ryan's key takeaways from it. They delve into the feedback processes that led to the report, noting that stakeholders predominantly want more from the home loan bank system. The report offers about 50 recommendations which according to Ryan, might take a decade to implement. They address regulatory changes, highlighting the importance of clarity for members and potential changes that may slow down the liquidity process. Ryan emphasizes that the report has not changed anything as they are only recommendations, and he urges member credit unions to engage in the policy-making process to ensure their interests are represented.00:35 Introduction and Guest Introduction00:53 Discussion on the FHFA 100 Year Report01:35 Insights on the Report's Development Process03:34 Implications of the Report's Recommendations04:51 Potential Legislative Changes07:16 Impact on Affordable Housing and Community Development09:30 Rulemaking Recommendations and Concerns17:40 Supervisory Process and its Potential Impact19:52 Closing Remarks and Call to Action22:35 Conclusion and Sign OffReach Ryan at:https://www.linkedin.com/in/ryan-donovan-4541a2/The Council of FHLB's Page:https://www.linkedin.com/company/council-of-federal-home-loan-banks/Reach Marktreichel at:https://www.linkedin.com/in/mark-treichel/www.marktreichel.com

The failures of Silicon Valley Bank, Signature Bank and First Republic brought to light the Federal Home Loan Banks' role as a ‘lender of next-to-last resort.' Some critics say that the review from the Federal Housing Finance Association should bring the system back to its original purpose of oiling the mortgage finance market. 

The US established Federal Home Loan Banks almost a century ago to make it easier for people to buy a home. Although these institutions have billions of dollars to lend, many people are still struggling to get approved for a mortgage. Bloomberg's Heather Perlberg and Noah Buhayar join this episode to talk about why that is—and what's being done to fix it.  Read more: Flawed US Home-Loan System Neglects the Buyers Who Need It Most Listen to The Big Take podcast every weekday and subscribe to our daily newsletter: https://bloom.bg/3F3EJAK  Have questions or comments for Wes and the team? Reach us at bigtake@bloomberg.net.See omnystudio.com/listener for privacy information.

Few outside the banking world grasp the true importance of the Federal Home Loan Banks (FHLBs), whose collective loans to U.S. banks outpace the Federal Reserve's by more than 10 to 1 as of summer 2023. Today Jack speaks to Michael Ericson, President of the Chicago Federal Home Loan Bank, and Dan Siciliano, chair of the Council of FHLBs and independent director of the San Francisco FHLB, about the FHLB's mission, capitalization, and implicit government guarantee. Ericson and Siciliano argue that the declining advances from FHLBs to U.S. banks since May 2023 may indicate an easing of liquidity pressures in the U.S. banking system. Filmed on August 15, 2023. Today's interview is brought to you by YCharts. For a free trial and 15% discount on new memberships, visit https://go.ycharts.com/forward-guidance Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ ____ Timecodes: (00:00) Introduction (00:21) About Federal Home Loan Bank (FHLB) System (21:08) FHLB Is Much, Much Less Centralized Than The Federal Reserve (25:47) San Francisco FHLB Advances To Now-Defunct West Coast Banks (34:48) FHLB & Affordable Housing (38:07) What Caused Banks' Scramble For Cash in March 2023? (46:21) FHLB Implict Government Guarantee (57:24) How Have FHLBs Never Lost Any Money On Advances To Banks? (01:06:58) Interest Rate Hedging (01:08:31) Liquidity Issues In U.S. Banking System Have "Calmed Down Quite A Bit" (01:15:16) Capital Stock Of Federal Home Loan Banks (01:24:40) Will Regulators Attempt To Curb FHLB Lending To Non-Mission-Oriented Institutions? (01:28:00) Potential New FHFA Regulation of FHLB ____ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Dan Siciliano is Co-founder and CEO of Nikkl, Inc as well as the current Chair of the Council of Federal Home Loan Banks. H'es consulted with Boards of Fortune 500 companies including Google, Microsoft, Fedex, & Disney, and invested in, and advised, firms in Silicon Valley, Hong Kong, India, and Latin America.  His teaching includes Finance, Governance, and Venture Capital and he has testified in front of both the U.S. Senate and the House of Representatives. From 2009-2011, alongside Ben Bernanke, Paul Krugman, and Carl Icahn, Dan was named to the “Directorship 100” – a list of the most influential people in corporate governance. He was co-founder, CEO and Executive Chairman of LawLogix Group – a technology company named nine times to the Inc. 500 and ranked in the Top 100 fastest-growing private companies in the US. In 2006, Dan co-founded the Stanford Rock Center, and as Associate Dean at Stanford Law School, led the Center until 2017.  Dan is a first-generation Mexican-American, and he chairs the American Immigration Council. He is a board member at the Latino Corporate Director Education Foundation and is a policy expert and activist on issues of immigrant/refugee rights, corporate and boardroom diversity, and related matters of economic development. I hope you enjoy learning from Dan Siciliano today, because I always do. 

Mark Calabria, the former director of the Federal Housing Finance Agency, offers his take on recent criticisms that the Federal Home Loan Banks have gone too far outside their mission—and what he would do to address them.

Ryan Donovan is the President of the Council of Federal Home Loan Banks.The Council is dedicated to enhancing public awareness and understanding of the Federal Home Loan Bank System. It is the primary public voice of the FHLBank System and its function is to represent the positions and views of its members to Washington, DC policymakers. The FHLBank System was created by the Federal Home Loan Bank Act of 1932 as a government sponsored enterprise to support mortgage lending and community investment. The System is composed of 11 regional banks which are privately capitalized and owned as cooperatives by their members. Their regional distribution enables each bank to focus on the distinct needs of their individual communities.While only financial institutions may belong to a FHLBank, people everywhere benefit from them. Each year, the FHLBanks provide access to billions of dollars in low-cost funding to approximately 6,600 of America's banks, credit unions, insurance companies and community development financial institutions. Without access to FHLBank advances, most members would find it difficult to support lending within their community. FHLBanks carry out their core mission of providing liquidity by raising funds in the global financial markets, then lending that money in the form of “advances” (loans) to members and local communities. Each FHLBank is operated independently and receives no taxpayer assistance. Each bank is registered with the SEC and is supervised and regulated by the Federal Housing Finance Agency (FHFA). The Office of Finance serves as the fiscal agent for the FHLBanks. The new paper from Jim Parrott and Mark Zandi is an opening salvo in what will likely be a high-stakes battle over the future of the lenders. The FHLB system has come under fire in recent weeks for loans made to now-collapsed financial institutions Silicon Valley Bank, Signature Bank and Silvergate Capital Corp. FHLB loans come with favorable interest rates due to implied US government backing, despite the banks being cooperatives owned by financial institutions. Critics say they can encourage risky behavior by financial firms.However, Parrott, a former Obama administration housing adviser, and Zandi, chief economist at Moody's Analytics, said on Tuesday that the FHLBs are vital sources of liquidity for financial institutions and act as a “first responder” in crises. If anything, the system should be expanded, they said in an Urban Institute paper. “Without the FHLBs, these downturns in the economic cycle would have been significantly more painful, with greater swings in the cost and availability of credit, exacting greater damage on the economy,” they wrote. Week of SVB: The Federal Home Loan Bank System issued $304 billion in debt last week, according to a person familiar with the matter, who asked not to be identified discussing non-public data.That's almost double the $165 billion that liquidity-hungry lenders tapped from the Federal Reserve. The Next to Last Resort

While the Federal Housing Finance Agency conducts a historic review of the Federal Home Loan Banks' mission, several critics are questioning whether the housing government-sponsored enterprises have lost sight of their original purpose. Karen Shaw Petrou, managing partner of Federal Financial Analytics details the controversy, and how the FHLBs should be reformed.

Heya Cryptozens, Episode 438: Investor Confidence Unphased Binance's $100k+ Bank Transfers Federal Home Loan Banks System Ransomware Revenue Down IMF's Demands of Crypto Suarez Keeps Getting Paid in BTC Legal Crypto Safe in India (1/22/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I'll be your host as we take a nightly look at the crypto, NFT and metaverse space and the industry that surrounds it. And keep in mind, nothing in this show should ever be considered financial advice.  Email: nick@cryptoovernighter.com Salem Friends of Felines: https://sfof.org/ Twitter: https://twitter.com/CryptoCorvus1

Join this sit down with Dan Coates, Deputy Director for the Division of Research and Statistics at the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Dan discusses climate change risk, what it means for the housing finance market, and how the FHFA is managing this evolving issue. Key Takeaways: Examine the role of financial regulators, like the FHFA, in addressing climate change risk Discover how climate change may impact the housing supply and housing finance industry Explore potential solutions for ensuring the housing sector is equipped to manage climate risk Dan E. Coates serves as the Deputy Director of the Division of Research and Statistics (DRS) at the Federal Housing Finance Agency (FHFA). He is responsible for using economics, research, and data analytics to enhance FHFA's regulatory policy, supervision, and oversight. Coates previously served as Senior Advisor to the Acting Director. Before becoming a Senior Advisor in the Office of the Director, he served as a Senior Associate Director in FHFA's Division of Bank Regulation, where he led a team of economists and financial analysts.

The Federal Home Loan Bank (FHLB) of Atlanta offers a safekeeping program that's second to none. Mark Treichel introduces Alonzo Swann, a credit union strategist at the Federal Home Loan Bank of Atlanta. Alonzo talks with Mark about the many benefits of joining an FHLB. In fact, any credit union that's doing mortgages should be a member. Just like cooperatives, FHLBs make product decisions according to their members' needs. There are consistent regulatory updates as well to make sure everything runs smoothly. If you want to know more about the benefits of joining federal home loan banks, this episode is for you.

Mark Calabria is the former director of the Federal Housing Finance Agency, which regulates and supervises Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. During his service at the agency, Calabria led the response to COVID-19, as well as laid the groundwork for a removal of Fannie Mae and Freddie Mac from government conservatorship.Prior to his heading of the Federal Housing Finance Agency, Calabria served as chief economist to Vice President Mike Pence. In that role, he led the vice president's work on taxes, trade, labor, financial services, manufacturing, and general economic issues, including serving as a key member of the team that enacted the Tax Cuts and Jobs Act of 2017, and on the team that crafted the United States‐Mexico‐Canada trade agreement. Calabria served as the vice president's primary representative for the U.S.-Japan Economic Dialogue. See acast.com/privacy for privacy and opt-out information.

This Girlfunds episode continues the Women of Influence podcast miniseries with Snapdocs' Camelia Martin to talk about the latest changes in digital closings. As Head of Industry and Regulatory Affairs at Snapdocs, Martin keeps a close eye on the rapidly changing digital landscape in the mortgage market, especially when it comes to how digital changes are progressing in government adoption.When she was named a 2020 Woman of Influence, Martin worked at Falcon Capital Advisors, where she served as managing director of Digital Mortgage Advisory. Throughout her career, Martin has led industry-wide digital mortgage initiatives that have directly supported eNote acceptance programs for key participants such as Ginnie Mae and the Federal Home Loan Banks. Martin is a former MERSCORP executive. She also played a pivotal role in the implementation and adaptation of digital mortgages at MERSCORP. During the podcast, she talks about her latest role at Snapdocs and also discusses the current state of the closing industry. 

Today, HousingWire Daily is joined by Snapdocs' Camelia Martin for the Women of Influence podcast miniseries to talk about the latest changes in digital closings. As Head of Industry and Regulatory Affairs at Snapdocs, Martin keeps a close eye on the rapidly changing digital landscape in the mortgage market, especially when it comes to how digital changes are progressing in government adoption.When she was named a 2020 Woman of Influence, Martin worked at Falcon Capital Advisors, where she served as managing director of Digital Mortgage Advisory. Throughout her career, Martin has led industry-wide digital mortgage initiatives that have directly supported eNote acceptance programs for key participants such as Ginnie Mae and the Federal Home Loan Banks. Martin is a former MERSCORP executive. She also played a pivotal role in the implementation and adaptation of digital mortgages at MERSCORP. During the podcast, she talks about her latest role at Snapdocs and also discusses the current state of the closing industry. 

The financial services industry, at least from a management perspective, isn't all that diverse. That's true of government-chartered Federal Home Loan Banks, and the supervised Fannie Mae and Freddie Mac mortgage finance giants - known as the enterprises. They're all the subject of a recent look-see by the Government Accountability Office. For highlights, Federal Drive with Tom Temin turned to the GAO's Managing Director for financial markets and community investment issues, Daniel Garcia-Diaz.

In this episode of On the Hill, Tim Rood, SitusAMC Head of Industry Relations, speaks with Mark Calabria, Director of the Federal Housing Finance Agency (FHFA). Prior to joining FHFA in 2019, Calabria was Chief Economist for Vice President Mike Pence, spent eight years as Director of Financial Regulation Studies at the Cato Institute, and served as a senior aide on the Senate Committee on Banking, Housing, and Urban Affairs. Calabria drafted significant portions of the Housing and Economic Recovery Act of 2008 (HERA), which created a new regulatory framework for the government-sponsored enterprises, Fannie Mae and Freddie Mac, and the Federal Home Loan Banks. Calabria discusses how coming of age in the aftermath of the savings and loan crisis and spending seven years on the Senate Banking Committee shaped his approach to regulating Fannie and Freddie. “My philosophy as a regulator is to hope for the best but plan for the worst,” he said. “What's the worst 5 percent scenario? Even if only 5 percent likely to happen, there's too much at stake to cut corners. It's the decisions of these companies that landed them in the conservatorship. How do you get them to take ownership of their own decisions? How do you create a culture in these companies where they stand up and say we're not going to enable bad behavior?”

Our featured guest in this episode is FHLB Des Moines Chief Capital Markets Officer, Bill Bemis. Join us as Bill shares insights on how the Federal Home Loan Banks are funded, as well as a front-line view of liquidity and interest rates.

The country's response to COVID-19 has constrained economic activity, dramatically reducing or eliminating the income of millions of workers.  With enactment of the CARES Act, homeowners with Federally-backed mortgage loans (backed or owned by HUD, FHA, VA, USDA, Freddie Mac, or Fannie Mae) are entitled to up to six months of payment forbearance, which may be extended up to a year, upon a simple attestation of financial hardship.  In this episode, Ed DeMarco, president of the Housing Policy Council, talks about the current stresses our nation's housing finance system is facing and the impact the CARES Act forbearance plan is having on mortgage servicers, particularly nonbank servicers. From 2009 to 2014, DeMarco was acting director of the Federal Housing Finance Agency (FHFA), where he served as the conservator for Fannie Mae and Freddie Mac and regulator of those companies and the Federal Home Loan Banks. In this episode DeMarco also talks about the future of Fannie and Freddie and the challenges associated with being both the conservator and regulator of these entities. You can find DeMarco's paper here: https://fbb0ab68-1668-4db6-9365-051035190b71.filesusr.com/ugd/d315af_a9255256f817428a9554020300ed0299.pdf Want to contact the show? Reach out at reiners@law.duke.edu Interested in learning more about issues in financial regulation and policy? Check out the Global Financial Markets Center's blog, The FinReg Blog. You can learn more about the Global Financial Markets Center by visiting our website: https://law.duke.edu/globalfinancialmarkets/

As banks across the country mark American Housing Month in June, the ABA Banking Journal Podcast sat down with Michael Petrie, who leads the $4 billion Merchants Bancorp in Carmel, Ind.—one of the nation’s largest affordable housing lenders. With affordable homes accounting for 40% of the company’s originations through its bank and nonbank subsidiaries, Petrie discusses: How staff at Merchants' nonprofit affiliate, which owns 2,500 affordable housing units, help developers apply for tax credits, bonds and grants. “We’ve taken developers who have never done affordable housing through a 4% tax credit, and they’re now quite successful at it,” says Petrie. Why Merchants employs both banks and nonbanks in its housing finance strategy—including its start as a nonbank lender that acquired a bank. The state of the real estate market and the challenges facing newly formed households. “Today it’s pretty tough, especially for the first-time home buyer,” he says. “There’s just not enough supply.” How Merchants retains a skilled workforce to support its specialized lending programs, including multifamily, single-family and warehouse lending, and develop partnerships with Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Wouldn't it be easy if someone could give you the secrets from inside the boardroom?  Do you ever wish there was a roadmap to becoming a paid corporate director? Fortunately, there is!  And today we're giving away those secrets. Meet DeForest Soaries. He has an unbelievable, almost accidental path to the boardroom.  But because he didn't have anyone to mentor him along the way, he's determined to make it easier for others. He has designed a course to help others learn how to navigate their own path to a board seat. Let's be clear why this is a good story.  DeForest is a pastor by training. And he wasn't searching for a board role. In fact, his first paid role was a complete surprise.  On today's episode, we hear how he joined the board of his local bank.  But without realizing he'd be compensated.  That fortuitous turn of events caused him to seek other boards seats.  Before long he'd landed an independent director role with one of the Federal Home Loan Banks.  That, in turn, led to a network which opened up opportunities to serve on the boards of two public companies.  Yet before all this success, DeForest asked others to mentor him. But no one was willing. And it's a whole lot tougher to have to figure it all out yourself! So DeForest has created an online course to train future corporate board members. And he's offering a special discount to our listeners. So, are you ready to hear how DeForest positioned himself for the boardroom?  And how you can too?  Click here to listen now! Subscribe & Review in iTunes Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. I’m adding a bunch of bonus episodes to the mix and if you’re not subscribed there’s a good chance you’ll miss out on those. Click here to subscribe in iTunes! Liked this episode? I would be really grateful if you'd take 30 seconds to leave me a review over on iTunes. Those reviews help other people find my podcast and they’re also fun for me to go in and read. Plus, I love to give shoutouts on the show to everyone who submits a review. Just click here to review, tap “Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you! Link mentioned in this episode: How to Become a Paid Corporate Director course.  Enter "podcast" in the coupon field for 20% discount

January 7, 2019 starts a new leadership era for the Federal Housing Finance Agency, as the new Acting Director from the Trump Administration, Joseph Otting, takes office, with the nomination of Mark Calabria as Director in process. FHFA is the regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, the combined housing finance assets of which are over $6 trillion, all involving an effective guarantee from the U.S. Treasury. What are the key issues and projects for the FHFA going forward? What can and what should it do to lead reform of Fannie and Freddie — and reform of American housing finance in general? What requires Congress and what might the FHFA, or the FHFA and Treasury, do on their own? Should the Senior Preferred Stock Agreements for Fannie and Freddie be revised? What about the role of the FHLBs? In spite of all the reform ideas, might the housing finance status quo persist?Ed DeMarco, who was Acting Director of the FHFA 2009-2014 and now heads the Housing Policy Council, will be interviewed by R Street Institute distinguished senior fellow Alex Pollock.Featuring:- Ed DeMarco, President, Housing Policy Council- [Moderator] Alex J. Pollock, Distinguished Senior Fellow, R Street InstituteVisit our website – RegProject.org – to learn more, view all of our content, and connect with us on social media.

January 7, 2019 starts a new leadership era for the Federal Housing Finance Agency, as the new Acting Director from the Trump Administration, Joseph Otting, takes office, with the nomination of Mark Calabria as Director in process. FHFA is the regulator of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, the combined housing finance assets of which are over $6 trillion, all involving an effective guarantee from the U.S. Treasury. What are the key issues and projects for the FHFA going forward? What can and what should it do to lead reform of Fannie and Freddie — and reform of American housing finance in general? What requires Congress and what might the FHFA, or the FHFA and Treasury, do on their own? Should the Senior Preferred Stock Agreements for Fannie and Freddie be revised? What about the role of the FHLBs? In spite of all the reform ideas, might the housing finance status quo persist?Ed DeMarco, who was Acting Director of the FHFA 2009-2014 and now heads the Housing Policy Council, will be interviewed by R Street Institute distinguished senior fellow Alex Pollock.Featuring:- Ed DeMarco, President, Housing Policy Council- [Moderator] Alex J. Pollock, Distinguished Senior Fellow, R Street InstituteVisit our website – RegProject.org – to learn more, view all of our content, and connect with us on social media.

Bernard Mason, RMA's Regulatory Relations Liaison, discusses the OCC's new “Retail Lending” booklet of the Comptroller's Handbook, the FDIC's new guide to help community bankers learn more about the programs and products offered by the Federal Home Loan Banks to facilitate mortgage lending, and the CFPB's proposed changes to the Home Mortgage Disclosure Act rule.

Transportation: We all need it, and Congress funded it. In this episode, we take a detailed look into the FAST Act, which funds our national transportation network for the next five years. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! H.R. 22: FAST Act ("Fixing America's Surface Transportation Act) Bill Highlights Division A - Surface Transportation Title I - Federal-Aid Highways Funding level Highways will get an average of 41 billion per year. Private Freight Grants: $500 million can go to private rail freight companies to upgrade rail infrastructure; the Federal share of these projects is capped at 60%. Acceleration of Projects Creates a pilot program that will allow States to conduct environmental reviews, using their own State laws, instead of using the National Environmental Policy Act (NEPA). Capped at 5 States The State can only be approved if the Secretary of Transportation determines the laws of the State are at least as stringent as the Federal requirements. No lawsuits will be allowed, challenging the permit approval, after 2 years. The program will sunset in 12 years Miscellaneous The Department of Transportation will identify national corridors for installation of electric car charging stations and hydrogen, propane, and natural gas refueling stations by the end of 2016. The goal is to have the charging and refueling stations deployed by September 30, 2020. Allows the Department of Transportation to move swallows from under bridges that need fixing until the Interior Department issues final rules. The Secretary of the Interior can suspend the authorization to move the swallows. Title III - Public Transportation Funding level The Mass Transit Account will provide and caps expenditures at an average of $9.7 billion per year. $199 million for positive train control installation, which can be used to pay for up to 80% of the cost. Buy American Requires American steel, iron, or manufactured goods to be purchased, when possible. Title IV - Highway Traffic Safety Provides grants to States in return for their establishment of laws that prohibit texting and driving. Prohibits Federal grant money from funding for State & local programs for checking for motorcycle helmet usage or checkpoints for motorcycle monitoring. Impaired Driving Provides grants to States for implementation of drunk driving laws. Orders a study and report to Congress on marijuana-impaired driving by the end of 2016. Title V - Motor Carrier Safety Drug Test Expansion Allows companies to conduct preemployment and random tests of commercial drivers for alcohol and controlled substances using hair testing as an alternative to urine testing. Allows for religious exemptions Title VI - Innovation Highway User Fees Grants will be provided to States that create user-fee programs for funding the Highway Trust Fund. The goal is to test the design and public acceptance of two or more user fee systems. Private vendors can be used to operate the fee collection systems. The fees collected will not be considered "tolls" Public Access to Research A database of all Department of Transportation research projects will be available on a public website and updated once per year. Title VII - Hazardous Materials Transportation Special permits Speeds up the decision time for special permits for transporting hazardous material by 60 days The decisions will be available to the public "Wetlines" Requires the Secretary of Transportation to kill a proposed rule that would have prohibited the transportation of flammable liquids in the pipes underneath tankers Transportation of flammable liquids by rail Within a year, the Secretary of Transportation has to create regulations to require railroads to report accurate, real-time information about hazardous liquids being transported to the local fusion centers, who will share the information with State and local first responders. Tank cars that do not meet Federal standards can still be used to transport oil and ethanol until 2018 or May 2025, depending on the type of tank car. The Secretary of Transportation can extend the deadlines for up to 2 years The Secretary of Transportation will have 180 days to create regulations to make sure that tank cars modified to meet Federal standards be equipped with insulating blankets that have been approved by the Secretary. Title XI - Rail Funding Levels Amtrak, which owns the tracks and passenger cars operating in the Northeast, will get an average of $519 million per year. For Amtrak operations in the rest of the country, where private freight companies own our tracks, Amtrak will receive an average of $1 billion per year. Food and Beverage Reform Amtrak will have 90 days to develop a plan to eliminate the operating loss associated with offering food and beverages on Amtrak trains in a way that doesn't eliminate any Amtrak employee positions Amtrak will be cut off from Federal funds to cover food and beverage related operating losses in December 2021. Pets on Trains Amtrak will have one year to launch a pilot program allowing dogs and cats on trains Gulf Coast Rail A working group will be created and have nine months to develop a recommendation for the best option for restoring intercity rail passenger transportation between New Orleans, LA and Orlando, FL. Privatizing long distance routes The Secretary of Transportation will have to create a pilot program by mid-2017 that will allow non-Amtrak companies to operate up to 3 long distance passenger rail routes. The non-Amtrak operator will have control of the route for four years and it can be renewed once for an additional four year period. The operator will be given an operating subsidy for up to 90% of what the government is giving Amtrak. The non-Amtrak operator can be the private company that owns the tracks, another private company that has an agreement with the track owners or the States. The non-Amtrak operator will be given access to Amtrak's reservation system, stations, and operations facilities and will be required to give hiring preferences to the Amtrak employees laid off because of the transfer. Cameras on Trains By the end of 2017, the Secretary of Transportation must create regulations requiring inward and outward facing cameras in the control cabs on all passenger trains Liability Cap Amtrak can not be held liable for more than $295 million for the fatal accident that occurred on May 12, 2015. Title XXIV - Motor Vehicle Safety Recall Information The Secretary of Transportation will have until the end of 2017 to create a public website for easily accessible information on vehicle safety recalls. Information about recalls will have to be sent to consumers electronically in addition to first class mail. There will be a two year pilot program testing the idea of States informing customers of recalls when they register their vehicles. Doubles the amount of time consumers get to have their recalled tires replaced from 60 days to 180 days. Rental Car Safety Rental car companies with more than 35 cars can sell, lease, or rent out cars only after they have fixed whatever was recalled. They can continue to rent out the cars until the solution is available, if it is not immediately available at the time they are notified. Motor Safety Violation Penalties Increases the penalties from $5,000 per violation to $21,000 per violation, capped at $105 million. Driver Privacy Information from a car's event data recorder can only be accessed by someone other than the owner or lessee if it's authorized by a court, is provided willingly by the owner/lessee, is needed for emergency response purposes, or is for traffic safety research and the personally identifiable information is hidden. Tires The Secretary of Transportation will create regulations for tire fuel efficiency minimum performance standards, taking steps to ensure that wet traction functionality is not effected. Creates a publicly searchable electronic database for tire recall information Whistleblowers If a whistleblower gives credible and unique information about a safety problem to the Secretary of Transportation that results in sanctions, the whistleblower can get between 10 and 30 percent of the award. Title XXXII - Offsets Passport Denials for Tax Delinquencies If a person has a seriously delinquent tax debt over $50,000, the Secretary of State must deny new passports and can revoke, or limit existing passports. Privatize Tax Collection Forces the Treasury Secretary to issue at least one contract for tax collection services by April 2016. Customs Fees Increases a list of customs fees every year with inflation. Federal Reserve Funds Limits the amount of money that can be held by the Federal Reserve banks to $10 billion and transfers the remainder to the general fund of the Treasury. Adjusts dividends for Federal Reserve stockholders to the lower of the rate of the 10 year Treasury notes or 6 percent Strategic Petroleum Reserve Requires the Secretary of Energy to sell at least 66 million barrels of oil from the Strategic Petroleum Reserve and deposit the money into the general fund of the Treasury. The amount sold may be increased at the discretion of the Energy Secretary until the revenue totals $6.2 billion. Crop Insurance Profits Repeals a part of the Bipartisan Budget Act that caps the returns for crop insurance providers at 8.9% Oil & Gas Royalties Eliminates interest payments that oil and gas companies could accrue on overpayments. PAYGO Scorecard The effects of this law on the budget will not be counted Title LI - Taxpayer protection provisions and increased accountability Export-Import Bank Reauthorizes the Export-Import bank until September 30, 2019 and reduces the amount of loans, guarantees, and insurance the Export-Import bank can have outstanding to $135 billion (from $140 billion). Requires the Export-Import bank to hold 5% of it's funds in reserve to protect against losses. Requires independent audits of the Export-Import bank's portfolio Creates a pilot program that allows the Export-Import Bank to enter into contracts to "share risks". The amount of liability allowed to be transferred is capped at a total of $10 billion. Title LV - Other Matters Environmental Law Waivers In an emergency during which there is a sudden increase in energy demand - which includes during a war that the United States is involved in - "any party" that follows an order to generate electricity can not be sued for violating "any Federal, State, or local environmental law or regulation". The order that allows immunity for breaking environmental laws will expire in 90 days, but the order can be renewed as the Federal Energy Regulatory Commission "determines necessary to meet the emergency and serve the public interest." If the emergency order is set aside by a court, the immunity remains. Strategic Transformer Reserve The Secretary of Energy will have one year to create a plan to store spare large power transformers and substations that are critical infrastructure or support military installations. Title LXXI - Improving Access to Capital for Emerging Growth Companies Makes it easier and faster for a company that makes under $1 billion per year to offer stock to the public. Title LXXII - Disclosure Modernization and Simplification Reduces paperwork for companies that make under $1 billion per year and want to offer stock to the public. Title LXXIII - Bullion and Collectible Coin Production Efficiency and Cost Savings Removes the requirement that collectable coins be 10% copper Title LXXIV - SBIC Advisors Relief Investment advisors who solely advise small business investment companies will be able to be excluded from registration requirements even if they are managing assets over $150 million (current limit for exemption from registration requirements). Title LXXV - Eliminate Privacy Notice Confusion Banks will not have to mail privacy notices to their customers if they haven't changed their policies since the last disclosure was sent. Title LXXVI - Reforming Access for Investments in Startup Enterprises Allows privately held shares to be sold to "accredited investors" without registering the securities with the Securities and Exchange Commission. Title LXXXII - Capital Access for Small Community Financial Institutions Allows privately insured credit unions to become members of Federal Home Loan Banks if they are FDIC eligible or are certified by the State If the State doesn't get to it in under 6 months, the application is deemed approved. Title LXXXIII - Small Bank Exam Cycle Reform Doubles the size of a bank that counts as a "small bank" from banks that have less than $500 million to banks that have less than $1 billion for the purpose of allowing those banks to have on-site examinations by regulators every 18 months instead of every year. Sound Clip Sources Hearing: House Rules Committee Meeting on Highway Bill Amendments-Part 1, November 3, 2015. Hearing: House Rules Committee Meeting on Highway Bill Amendments, Part 2, November 3, 2015. Hearing: Federal Railroad Administration Confirmation Hearing, Senate Commerce, Science, and Transportation Committee, September 17, 2015 Hearing: Positive Train Control, House Transportation Subcommittee on Railroads, Pipelines, and Hazardous Materials, June 24, 2015. Hearing: Amtrak Derailment, House Transportation and Infrastructer Committee, June 2, 2015. Recommended Congressional Dish Episodes Congressional Dish Episode 99: April Takes a Turn By Jennifer Briney, June 27, 2015 Congressional Dish Episode 73: Amtrak, By Jennifer Briney, June 24, 2014 Congressional Dish Episode 62: The Farm Bill By Jennifer Briney, February 8, 2014. Reports Federal Public Transportation Program: In Brief By William J. Mallett, December 28, 2015. Congressional Budget Office: H.R. 22, the FAST Act, December 2, 2015. Additional Reading Article: Rental companies now have to repair recalled cars By Chris Isidore, CNN Money, June 1, 2016. Article: NTSB: Philly Amtrak crash engineer’s fault By Bill Cummings, CtPost, May 17, 2016. Article: With RAISE Act, Congress Paves Way For Private Secondary Markets By Shriram Bhashyam, TechCrunch, December 20, 2015. Article: Highway Bill Restores Crop Insurance Funding Cut in Budget Deal, Insurance Journal, December 4, 2015. Article: Fewer Taxpayer Giveaways Would Cut The Fat, Not ‘Cripple’ Crop Insurance By Shannon Van Hoesen, Environmental Working Group, December 3, 2015. Article: FAST Act (H.R. 22): Surface Transportation Conference Report Released By Robert S. Kirk, December 2, 2015. Article: $305B highway bill taps Fed, oil reserves By Keith Lang, The Hill, December 1, 2015. Article: Congress votes to delay rail safety mandate by 3 to 5 years, fund transportation programs By Joan Lowy, U.S. News and World Report, October 28, 2015. Article: Ag Committee Leaders Stand United Against Reopening Farm Bill to New Crop Insurance Cuts By Meghan Cline, United States Senate Committee on Agriculture, Nutrition, and Forestry, October 27, 2015. Article: 'Devastating' crop insurance cut sends lawmakers scrambling By Philip Brasher, Agri-Pulse, October 27, 2015. Article: Rail-safety deadline extension hitched to must-pass bill on transit funding By Ashley Halsey III and Michael Laris, The Washington Post, October 27, 2015. Article: Deadline for train safety technology undercut by industry lobbying By Ashley Halsey III and Michael Laris, The Washington Post, October 25, 2015. Article: Stop pretending you know what the Export-Import Bank is By Simone Pathe, PBS, September 15, 2014. Article: REUTERS SUMMIT-U.S. Ex-Im bank would back Airbus sales -Hochberg By Alwyn Scott and Tim Hepher, Reuters, September 10, 2014. Article: CARGO TANK TRUCKS: Improved Incident Data and Regulatory Analysis Would Better Inform Decisions about Safety Risks By Susan A. Fleming, U.S. Government Accountability Office, September 11, 2013. Article: How the cult of shareholder value wrecked American business By Steven Pearlstein, The Washington Post, September 9, 2013. Article: NTTC Asks LaHood to Halt Rulemaking On Wetlines Procedures, Tanker Design By Timothy Cama, Transport Topics, October 10, 2011. Article: Hazardous Materials: Safety Requirements for External Product Piping on Cargo Tanks Transporting Flammable Liquids By Pipeline and Hazardous Materials Safety Administration, January 27, 2011. Additional Information U.S. Department of Homeland Security Budget-in-Brief Fiscal Year 2016 U.S. Department of Transportation Federal Aviation Administration Budget Estimates, Fiscal Year 2016 Metra Website: Positive Train Control Joint Explanatory Statement explaining the FAST Act OpenSecrets: Profile of National Tank Truck Carriers Inc OpenSecrets: Top Contributors to Chairman of the House Transportation Committee, Bill Shuster OpenSecrets: Top Contributing Industries for Chairman of the House Transportation Committee, Bill Shuster OpenSecrets: Career Profile for Rep. Steve Stivers of Ohio's 15th district Website: Federal Energy Regulatory Commission Website: Export-Import Bank of the United States Website: Risk Management Agency/U.S. Department of Agriculture: Crop Insurance Providers List for 2016 Website: Department of Transportation Fact Sheet Website: United States Department of Transportation, Bureau of Transportation Statistics: Transportation Fatalities by Mode YouTube: 9/11 hijackers at Dulles Airport, October 3, 2008. Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Cover Art Design by Only Child Imaginations

Medicare, cybersecurity, favors for banks, mortgages, IRS bullying, a tax cut for the rich, and a couple of good ideas are highlighted from the law and bills that passed Congress in April. Please support Congressional Dish: Click here to contribute with PayPal or Bitcoin; click the PayPal "Make it Monthly" checkbox to create a monthly subscription Click here to support Congressional Dish for each episode via Patreon Mail Contributions to: 5753 Hwy 85 North #4576 Crestview, FL 32536 Thank you for supporting truly independent media! Laws H.R. 2: Medicare Access and CHIP Reauthorization Act of 2015 Sustainable Growth Rate (SGR): Enacted in 1997, the SGR paid doctors for Medicare patients based on the growth in gross domestic product (GDP). If Medicare costs increased more than GDP, doctors payments were cut across the board. According to the American College of Physicians, this formula for payment has meant that the Medicare payment rate to doctors is essentially the same as it was in 2001 and cuts have been postponed so many times that doctors' payments would have been cut by 21% if this bill was not signed into law by April 1. This new law: Repeals the Sustainable Growth Rate formula for Medicare payments to doctors. Increases payments to doctors by 0.5% through 2019 while the payment rate transitions away from a pay-per-service model. The new system will be based on scores assessed by a "Merit-based Incentive Payment System" which will be created by the Secretary of Health and Human Services which will go into effect on January 1, 2019. A list of "quality measures" will be posted every November and doctors can choose which one's will be used in their performance assessments. Doctors will be rated and paid based on a performance score from 0 to 100, which will take improvement into account starting in the second year of the program. The GAO will report on the effectiveness of the system by October 1, 2021. An advisory committee will be created to propose alternative payment models, which will be lump sum payments to group practices and medical homes. Sets a goal for Medicare records to be electronic nation-wide by December 31, 2018. Extends a bunch of existing Medicare programs, including the Children's Health Insurance Program (which covers low income kids whose parents make too much for Medicaid) for two years. Doubles the length of Medicare administrator contracts from five to ten years. Expands nationally a prior authorization requirement for "repetitive scheduled non-emergent ambulance transport" Prohibits the printing of social security numbers on Medicare cards Pays for the new system by... Denying access to policies with no out of pocket costs to people who enter Medicare after January 1, 2020. For all future beneficiaries, they will have to pay at least $147 per year (the cost of the Medicare Part B deductible). Increasing the premiums for relatively high income individuals. People who have a gross income between $133,501 and $160,000 ($267,000 and $320,000 for a couple) will pay a 65% premium instead of 50%, and people above that will pay an 80% premium rate. This would increase with inflation beginning in 2020. Has a huge increase in the levy that the Treasury Department can impose on tax delinquent service providers, increasing it from 30% to 100%, effective on October 16, 2015. Will have auditors distribute information about improper payments to help reduce the number of them. Creates a paper-free option for Medicare notices, saving mail fees. The effect this bill will have on the budget will not be counted. The Congressional Budget Office (CBO) estimates this bill will increase the budget deficit by $141 billion. Passed 392-37 in the House and 92-8 in the Senate Sponsored by Rep. Michael Burgess of Texas 95 pages Bills H.R. 1731: National Cybersecurity Protection Advancement Act of 2015 For reference, here's the text as of March 2015 of the Homeland Security Act, which is amended by this bill. This bill: Adds "private entities" to the list of groups that will be part of the National Cybersecurity and Communications Integration Center, which coordinates information sharing between the Federal government and other entities. Adds new groups to the list of who will be included in the National Cybersecurity and Communications Integration Center who will coordinate with all sizes of businesses. Expands the type of information that the National Cybersecurity and Communications Integration Center will share between the Federal government, local governments, and private sector. Authorizes the National Cybersecurity and Communications Integration Center to share information internationally. Requires the government and businesses to use existing technology to "rapidly advance" implementation of "automated mechanisms" for sharing between the National Cybersecurity and Communications Integration Center and Federal agencies. Participation by non-Federal entities will be voluntary. Agreements that exist before this bill is signed into law will be deemed compliant with this law. All participating entities need to take "reasonable efforts to remove information that can be used to identity specific persons". There's no listed punishments if they don't. The Under Secretary for Cybersecurity and Infrastructure Protection will create policies for governing the use of information shared with the National Cybersecurity and Communications Integration Center 180 days AFTER the bill becomes law. He/she will also be responsible for creating "sanctions" for government employees who disregard his/her privacy policies. Private entities that share information will have immunity from lawsuits, if they share information according to this law. If the Federal government breaks this law, it will have to pay the person actual damages or $1,000, whichever is higher, plus attorneys fees. There is a two year statute of limitations. This law will trump state laws that limit information sharing. The law would sunset 7 years after enactment. Passed 355-63 in the House Sponsored by Rep. Michael McCaul of Texas 60 pages H.R. 1560: Protecting Cyber Networks Act Contains the text of H.R. 1731: National Cybersecurity Protection Advancement Act Within 90 days of enactment, the Director of National Intelligence must develop procedures for sharing classified "cyber threat indicators" with "non-Federal entities" Allows cybersecurity monitoring of government systems to be privatized Allows "non-Federal entities" to share information to with anyone other than the Defense Department. The entity sharing information must "take reasonable efforts" to remove personally identifiable information on people "not directly related" to the cybersecurity threat. The President will develop polices governing what happens to information received by the Federal Government, within 90 days of the bill becoming law. The Attorney General will create policies relating to privacy and civil liberties, within 90 days of the bill becoming law. A new branch, with 50 or less employees, will be created within the Office of the Director of National Intelligence called the Cyber Threat Intelligence Integration Center, which will "serve as the primary organization within the Federal Government for analyzing and integrating all intelligence possessed or acquired by the United States pertaining to cyber threats." Information shared with the government is exempt from public disclosure. Information given to the government "shall not be subject to a rule of any Federal department or agency or any judicial doctrine regarding ex parte communications with a decision-making official." The government can keep and use information given to it to investigate, prosecute, prevent or mitigate a threat of "death or serious bodily harm or an offense arising out of such a threat" and to investigate, prosecute, prevent or mitigate a threat to a minor. The information can also be used to prevent, investigation, disrupt, or prosecute fraud, unauthorized access to computers and transmission of information taken from it, "serious violent felonies" including murder, manslaughter, assault, sexual abuse, kidnapping, robbery, carjacking, extortion, firearms use, firearms possession, or attempt to commit any of these crimes, espionage including photographing or sketching defense installations, and theft of trade secrets. Passed 307-116 in the House Sponsored by Rep. Devin Nunes of California 121 pages H.R. 650: Preserving Access to Manufactured Housing Act of 2015 Changes the definition of "Mortgage originator" to exclude mobile home retailers who take mortgage loan applications, negotiate loans, or advise consumers on loan terms (including rates, fees, and other costs) This exempts mobile home dealers from licensing, registry, a law prohibiting payment based on the terms of the loan, regulations prohibiting steering customers towards loans they can't repay or with excessive fees, regulations prohibiting mischaracterizing a customer's credit history, regulations prohibiting the mischaracterization of the appraised value of the home, or steering a customer towards a loan that's more expensive than others that they qualify for. Increases the interest banks can charge people buying a home for under $75,000 without the loan being labeled as "high-cost", which subjects the loans to Consumer Financial Protection Bureau regulations. The regulations this would exempt the loans from: Ban balloon payments, which is an oversized payment due at the end of a mortgage Prohibit banks from charging prepayment penalties and fees Restrict late fees to four percent of the payment that is past due Bans fees for loan modification Require banks make sure the loan can be repaid before offering it Prohibit banks from recommending that a customer default on a loan Require that banks receive a confirmation that the customer has received homeownership counseling before they accept a high-cost mortgage. Would allow banks to charge $3,000 or 5% in fees for loans under $75,000, whichever is greater. Current law says banks can charge 5% for loans over $20,000, so the $3,000 fee option would hit the smaller loans the hardest. Passed the House 263-162. Rep. Walter Jones of North Carolina was the only Republican no vote. The bill would be vetoed by President Obama. Sponsored by Rep. Stephen Fincher of Tennessee He took $15,150 from Clayton Homes for the 2014 election, his #4 donor and Clayton Home's #1 recipient of funds. Jeb Hensarling, the Chairman of the House Financial Services Committee was Clayton Homes #2 recipient in 2014, giving him $8,750. 4 pages H.R. 685: Mortgage Choice Act of 2015 By changing the definition of what charges count as "points and fees", this bill... Reverses a Dodd-Frank requirement that charges for title insurance be counted as points and fees if they're paid to an affiliate of the bank/creditor that issued the loan. Currently, points and fees can not be greater than 3% of the loan amount, which include fees charged by affiliated settlement providers. Every thing that gets exempted from counting as "points and fees" therefore becomes additional charges the lender is allowed to tack on to a mortgage. Exempts money held in escrow for insurance from being considered points and fees, which exempt insurance charges from the fee caps. The change in definition allows more fees to be charged to mortgages, while keeping those mortgages from being classified as "high-cost" and being subject to greater restrictions. This is a zombie bill from the 113th Congress; it passed by voice vote on June 9, 2014. Passed the House 286-140. Rep. Walter Jones of North Carolina was the only Republican no vote. Sponsored by Rep. Bill Huizenga of Michigan His top three contributing industries are - in this order - Insurance ($273,265), Real Estate ($218,175), and Commercial Banks ($193,000). 4 pages H.R. 299: Capital Access for Small Community Financial Institutions Act of 2015 Federal Home Loan Banks are privately owned cooperatives, funded by the global credit market, which provide money to local banks. There are twelve of them around the country and they are owned by the member banks. Most local banks are members of least one Federal Home Loan Bank. Allows privately insured credit unions to become members of Federal Home Loan Banks if they are FDIC eligible or are certified by the State. If the State doesn't get to it in under 6 months, the application is deemed approved. Zombie bill from the 113th Congress Passed the House by voice vote Sponsored by Rep. Steve Stivers of Ohio His top three contributing industries over the course of his four year Congressional career have been Insurance ($898,858), Commercial Banks ($534,622), and Securities and Investment ($502,098). 6 pages H.R. 1259: Helping Expand Lending Practices in Rural Communities Act Orders the Consumer Financial Protection Bureau to create an application process for people or companies to have their location designated as "rural" This would allow residents to become eligible for certain mortgages and exempt lenders from regulations intended for urban areas, according to Phil Hall of National Mortgage Professional Magazine Sunsets after 2 years. Zombie bill from the 113th Congress Passed the House 401-1. Nydia Valazquez of New York was the only no vote. Sponsored by Rep. Andy Barr of Kentucky He has taken $333,800 from the Securities & Investment industry during his 3 years in Congress. 4 pages H.R. 1195: Bureau of Consumer Financial Protection Advisory Boards Act Creates paid advisory boards for the Consumer Financial Protection Bureau made up of bankers Places limits on funding for the Consumer Financial Protection Bureau Passed the House 235-183, with 4 Democrat Ayes and 5 Republican Nays President Obama would veto the bill Sponsored by Rep. Robert Pittenger of North Carolina His #4 and #5 contributing industries are Securities & Investment and Commercial Banks; he's taken a combined $189,450 during his 3 years in Congress 7 pages H.R. 1314: Ensuring Tax Exempt Organizations the Right to Appeal Act Became the vehicle for Trade Promotion Authority in the Senate Creates an appeal process for organizations that are denied tax-exempt status Would apply to decisions made on or after May 19, 2014. Passed the House by voice vote Sponsored by Rep. Patrick Meehan of Pennsylvania 4 pages H.R. 1026: Taxpayer Knowledge of IRS Investigations Act Gives the Treasury Secretary the option of telling organizations if they are investigating a claim of unauthorized information disclosure by a government, if the investigation substantiated their claim, and if any action, including prosecution, is planned. Passed the House by a voice vote Sponsored by Rep. Mike Kelly of Pennsylvania 3 pages H.R. 709: Prevent Targeting at the IRS Act Allows the IRS to fire employees who steer and audit for a political purpose or for personal gain. Passed the House by a voice vote Sponsored by Rep. James Renacci of Ohio 2 pages H.R. 1104: Fair Treatment for All Gifts Act Makes gifts made to 501(c)4 "social welfare" groups, 501(c)5 labor and agricultural groups, and 501(c)6 business groups (including chambers of commerce, real-estate boards, and professional football leagues) tax exempt. Passed the House by voice vote Sponsored by Rep. Peter Roskam of Illinois 3 pages H.R. 1058: Taxpayer Bill of Rights Act Tells the IRS Commissioner to "ensure" that IRS employees are "familiar with and act in accord" with a list of "taxpayer rights" including The right to be informed The right to quality service The right to pay no more than the correct amount of tax The right to challenge the position of the Internal Revenue Service and be heard The right to appeal a decision of the Internal Revenue Service in an independent forum The right to finality The right to privacy The right to confidentiality The right to retain representation The right to a fair and just tax system Passed the House by a voice vote Sponsored by Rep. Peter Roskam of Illinois 3 pages H.R. 1152: IRS Email Transparency Act Prohibits IRS employees from using personal email accounts for official business Passed the House by a voice vote Sponsored by Rep. Kenny Marchant of Texas 2 pages H.R. 1105: Death Tax Repeal Act Repeals the estate tax for anyone who dies after the bill is signed Repeals the generation-skipping transfer tax, which is a tax on gifts and transfers of wealth to unrelated people who are more than 37.5 years younger than the donor, or to related people who are one generation younger. Would lower the top gift tax rate from 40 to 35 percent. The effects of this on the budget would not be counted. The CBO says this would increase the deficit by $269 billion over the next 10 years President Obama would veto the bill. Passed by 240-179 Sponsored by Rep. Kevin Brady of Texas 7 pages H.R. 622: State and Local Sales Tax Deduction Fairness Act Permanently extends the law that allows taxpayers who itemize their claims to deduct their state's sales taxes instead of getting a deduction for their state's income taxes. The effect of this bill on the budget would not be counted. CBO says this would increase the Federal deficit by $42 billion over the next ten years. President Obama would veto the bill. Passed the House 272-152. Rep. Walter Jones of North Carolina was the only Republican no vote Sponsored by Rep. Kevin Brady of Texas 2 pages H.R. 1562: Contracting and Tax Accountability Act of 2015 Stops Federal agencies from contracting with companies that are tax delinquent A waiver can be issued and the contract granted if a report is submitted to Congress saying that the contract "significantly affects the interests of the United States" Passed the House 424-0 Sponsored by Rep. Jason Chaffetz of Utah 9 pages H.R. 471: Ensuring Patient Access and Effective Drug Enforcement Act Makes the Attorney General list specific laws and regulations that a drug company is accused of violating in their notices to the companies regarding the possible suspension of their drug's registration. Allows drug companies to submit a "corrective action plan" when their drug registration may be suspended Passed the House by a voice vote Sponsored by Rep. Tom Marino of Pennsylvania His top contributing industry for the last election was the pharmaceutical industry; they gave him $55,250. 6 pages S. 971: Medicare Independence at Home Medical Practice Demonstration Improvement Act Increases the length of Medicare contracts for at-home care from 3 years to 5 years Passed the Senate by a voice vote Sponsored by Senator Ron Wyden of Oregon 2 pages H.R. 373: Good Samaritan Search and Recovery Act Clarifies that search and rescue volunteers are not Federal volunteers and are not entitled to Federal compensation. Releases the government from liability for allowing search and rescue teams onto Federal land so that they won't have to get insurance. The government as to approve or deny a request for a search and rescue mission within 48 hours. Passed the House 413-0 Sponsored by Rep. Joe Heck of Nevada Rep. Heck introduced the bill in response to the murder of Keith Goldberg; the search for his body in the Lake Mead National Recreation Area was delayed because the search team needed a special use permit and a $1 million insurance policy. It took 10 months to get the insurance; his body was found 3 hours after their search began. The National Association for Search and Rescue and the National Park Service, however, don't think access is a problem. 6 pages S. 304: Motor Vehicle Safety Whistleblower Act Protects the identity of whistleblowers who provide information relating to motor vehicle defects or other dangerous safety problems. Allows the government to give up to 30% of the fine collected from a car company that breaks the law to the whistleblower whose information lead to the conviction. The whistleblower is not allowed to be represented by a lawyer. Passed the Senate by a voice vote Sponsored by Senator John Thune of South Dakota Senator Thune has taken over $380,000 from the automotive industry 11 pages S. 984: Steve Gleason Act of 2015 Starting in 2016, Medicare would cover speech generating devices. Allows people to own their speech generating devices (as opposed to renting them) if purchased between October 1, 2015 and October 1, 2018. Named after former NFL football player Steve Gleason, who played for the New Orleans Saints before being diagnosed with ALS Passed the Senate of a voice vote Sponsored by Senator David Vitter of Louisiana 3 pages Hearings Rules Committee: April 13 on HR 650 and HR 685, about housing bills. Rules Committee: April 21 on HR 1731 and HR 1560 on Cybersecurity House Committee on Financial Services: March 18 hearing on deregulation for banks titled "Preserving Consumer Choice and Financial Independence" Information Presented in This Episode Article: 'Doc fix' headed to president's desk after easily clearing Senate by Paul Demko, Modern Healthcare, April 14, 2015. Article: The mobile-home trap: How a Warren Buffett empire preys on the poor by Mike Baker and Daniel Wagner, The Seattle Times, April 2, 2015. Article: MBA's Mortgage Action Alliance: A Message from MAA Chairman Fowler Williams by Fowler Williams, National Mortgage Professional Magazine, June 11, 2015. Article: U.S. Bank Profits Near Record Levels by Robin Sidel and Saabira Chaudhuri, Wall Street Journal, August 11, 2014 Article: Bureaucracy hindered search for slain brother by Anjeanette Damon, USA Today, March 8, 2014. Webpage: About the National Cybersecurity and Communications Integration Center, Department of Homeland Security. Webpage: Team Gleason Press Release: Rep. Kelly Introduces Taxpayer Knowledge of IRS Investigations Act Additional Information Kickstarter: Explore Campaign Finance App by Soloman Kahn. Jen's Podcast Appearances Episode 66: Talk Nerdy with Cara Santa Maria Episode 42: Podcast Junkies with Harry Duran Music Presented in This Episode Intro & Exit: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Ask Your Doctor by Neal Fox (found on Music Alley by mevio) Thank you by Ben Willmott (found on Music Alley by mevio)

In this episode, we look at a bill that furthers the "new normal" in Africa, a bill that sanctions Venezuela, a banking bill, a charter school bill, some silly bills that won't become law, and a few Presidential declarations. Presidential Declarations H. Doc. 113-107: Withdrew Russia as a beneficiary country under the Generalized System of Preferences program Russia loses duty-free treatment. On what? State Dept website says: Products that are eligible for duty-free treatment under GSP include: most manufactured items; many types of chemicals, minerals and building stone; jewelry; many types of carpets; and certain agricultural and fishery products. USTR numbers sheet: Top 6 Products: Car parts, metals, tires, oil, precious metal jewelry, corn H. Doc. 113-108: Continued National Emergency in Syria H. Doc 113-109: Proposed agreement for nuclear energy with Vietnam Bills That Passed the House HR 4386: State Supervision of Banks Allows state examinations of banks if the state examines the banks for compliance with federal rules. Became Law on August 8th without any recorded votes. H.R. 3080: Water Project Funding This was the bill that privatized water projects that was the subject of episode CD050: Privatize Water Projects. The version that became law didn't rush environmental reviews. There's no deemed approval of projects and lawsuits against a permit will be barred after 3 years, not five months. The bill keeps the provision that allows natural gas companies and utilities to pay the Army to speed up their permitting process, but added that the authority will expire in seven years and the permits have to be available to the public on the Internet. The House version would have allowed privatization of facility management and emergency water projects but the law allows privatization of the construction of publicly paid-for water projects in the United States. The pilot program to privatize fifteen flood mitigation projects also survived. [caption id="attachment_1556" align="aligncenter" width="300"] Escape from privatized flood control projects in style![/caption] HR 2548: Economic Hitmen to Africa Act of 2014 Passed 297-117 on May 8, 2014 "The Millennium Challenge Corporation's work in the energy sector shows high projected economic rates of return that translate to sustainable economic growth and that the highest returns are projected when infrastructure improvements are coupled with significant legislative, regulatory, institutional, and policy reforms." Orders a report on "Administration policy to support partner country efforts to attract private sector investment and public sector resources." Would be US policy to promote installation of 20,000 megawatts of electricity in sub-Saharan Africa by 2020 and support "the necessary in-country legislative, regulatory and policy reforms to make such expansion of electricity access possible." Electricity would come from new hydroelectric dams "supported" by the private sector. The President needs to establish the policy and funding strategy which includes efforts "to attract private sector investment and public sector resources". It's the sense of Congress that USAID should give loan guarantees to banks in Africa and grants to undefined groups to support this plan. USAID is requesting $1.5 billion from Congress in 2015. Part of the strategy includes providing technical assistance to African governments "to remove unnecessary barriers to investment" in commercial projects. "Trade and development policy: In general, the director of the Trade and Development Agency should promote United States private sector participation in energy sector development projects..." Introduced by Rep. Ed Royce, who represents the hot and dusty parts of Orange County, California. S. 2508, an almost identical bill, was introduced in the Senate in June by a Democrat. The White House has not issued a veto threat. H.R. 4578: Sanction Venezuela Act No Recorded Vote - Passed Unanimously After the former President of Venezuela, Hugo Chavez, died in 2013, his hand-picked Vice President, Nicholas Maduro, became President. President Maduro continued the policies of Hugo Chavez which are not liked by the multi-national corporations. For example, he recently cracked down on electronics and car dealers for price gauging, making good on an announcement from late last year during which he said he wants limits on business' profit margins. President Nicholas Maduro is not a free-market kind of leader. Since February, there have been protests in the wealthier areas of Venezuela. This is where things get murky. The protests were started by students who were apparently protesting the high crime rate, inflation, and inability to get certain products. People against President Maduro quickly joined. President Maduro has accused the United States of stirring up the protests to attempt what he called a "slow-motion" coup, like the recent successful coup in Ukraine. It's worth remembering that the U.S. was proven to have attempted a coup in Venezuela as recently as 2002. Either way, President Maduro's government has responded with arrests of protestors and expelled three U.S. diplomats from Venezuela whom President Maduro said were responsible recruiting students to lead the protests. H.R. 4578 says that in response to the government's response to the protests - including the intimidation of journalists by the government - the U.S. government will take the following actions: Sanctions against current or former Venezuelan government officials, or anyone acting on behalf of the government, who ordered violence, the arrest of protestors, media censorship, or provided money or support to someone who did. The sanctions include asset blocking of money or property if it comes into the possession of the United States or a United States "person" (corporation). Exception: The importation of goods. The same people eligible for sanctions will be ineligible for visas into the United States. Exception: To let them in for a United Nations event. Sanctions will be applied to people or companies who give Venezuela firearms, ammunition, technology, including telecommunications equipment. The bill also orders a classified report from the Secretary of State on how to improve communications for activists in Venezuela, including activities to "train human rights, civil society, and democracy activists in Venezuela to operate effectively and securely." Gives $5,000,000 to USAID to "provide assistance to civil society in Venezuela" There is currently a hold on the Venezuelan sanctions in the Senate because Senator Mary Landrieu - who has taken at least $1.4 million from the oil & gas industry - put a hold on the bill after Citgo - the wholly owned U.S. subsidiary of Venezuela's national oil company - raised concerns that the sanctions would make it harder for the company to import their Venezuelan oil. H.R. 10: Another Charter School Bill Charter School Defined A public school that is exempt from State and local rules about the management of public schools. The schools can not be religious or charge tuition. The purpose of the bill is to use $300 million to expand the number of charter schools in the United States and to divide our education money more equally between public and charter schools. The most significant change to the rules on charter schools is that public money would go towards charter school facilities, which is not currently allowed. The bill would force States to spend 12.5% of their Federal education money on charter school facilities. Creates the "per-pupil facilities aid program" which gives five year grants to States to give to charter schools for facilities. Charter school grants will be valid for five years; currently, the grants are valid for three. States may privatize the application process. Priority for grants will be given to States that don't limit the number of charter schools or the percentage of students that attend charter schools. The application process will include the applicant's ability to get money from the private sector. The vast majority of both Democrats and Republicans voted for it. This bill was authored by Rep. John Kline of Minnesota. He's Chairman of the Education Committee and his #1 campaign contributor for this upcoming election is Apollo Education Group, a multi-billion dollar corporation that makes its money in for-profit education. H.R. 3584: Privately Insured Credit Unions Can Become Members of Federal Home Loan Banks Federal Home Loan Banks Are privately owned cooperatives; they're owned by the member banks They provide money to local banks There are twelve of them around the country Most locals banks are members of at least one Federal Home Loan Bank They get their money from the global credit market. What Would H.R. 3584 Do? Allows privately insured credit unions to become members of Federal Home Loan Banks if they are FDIC eligible or are certified by the State. If the State doesn't get to it in under 6 months, the application is deemed approved. This bill was sponsored by Rep. Steve Stivers of Ohio. His top two contributing industries are Insurance and Commercial Banks. H.R. 4225: Jail for Advertisers Bill Makes advertising the services of prostitutes who are under 18 or are forced into prostitution punishable by ten years in prison. Only nineteen representatives voted against this bill and it now moves into the Senate. Authored by Rep. Ann Wagner of Missouri. [caption id="" align="aligncenter" width="300"] Will I get ten years in prison for posting this image?[/caption] H.R. 2527: Therapy for Veteran Sexual Assaults Allows veterans who were sexually assaulted during training to get therapy to deal with the assault included as part of their veterans' health benefit package. Passed without a recorded vote. H.R. 4438: Permanent Business Tax Credits Expands and permanently extends the tax credits businesses receive for research and development expenses. Exempts these tax cuts from being counted by the PAYGO budget scorecard. The bill was written by Rep. Kevin Brady of Texas. The President said he would veto the bill because the tax credits are not paid for. Music Presented in This Episode Intro and Exit Music: Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Let Their Heads Roll by Jack Erdie (found on Music Alley by mevio)

Michael J. Novogradac, CPA, shares news about Ways and Means Committee Chairman Dave Camp's plans for comprehensive tax reform. Then he reviews rules published by the Federal Housing Finance Agency regarding Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He also reviews multifamily housing market analysis released by the National Association of Home Builders. Next he discusses two renewable energy topics: a summary of legislation introduced to provide an investment tax credit for waste-to-energy facilities, and news in California regarding the taxability of Section 1603 grant funds. Then he checks in with New Jersey, where lawmakers last week moved one step closer to enacting a state historic tax credit. And finally, he previews some of the planned activities of the Novogradac NMTC Working Group.

Michael J. Novogradac, CPA, shares news about Ways and Means Committee Chairman Dave Camp's plans for comprehensive tax reform. Then he reviews rules published by the Federal Housing Finance Agency regarding Fannie Mae, Freddie Mac and the Federal Home Loan Banks. He also reviews multifamily housing market analysis released by the National Association of Home Builders. Next he discusses two renewable energy topics: a summary of legislation introduced to provide an investment tax credit for waste-to-energy facilities, and news in California regarding the taxability of Section 1603 grant funds. Then he checks in with New Jersey, where lawmakers last week moved one step closer to enacting a state historic tax credit. And finally, he previews some of the planned activities of the Novogradac NMTC Working Group.

Michael J. Novogradac, CPA, updates listeners on the tax extenders bill, reviews the Federal Housing Finance Agency's report on Fannie Mae, Freddie Mac and the Federal Home Loan Banks, shares highlights from the Government Accountability Office's report on the Recovery Act, discusses the IRS Audit Guide for the New Markets Tax Credit program, talks about historic preservation in Pennsylvania, and closes with a look at the Tax Credit Calendar.