A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Sep 19, 2012

Amends the Mortgage Reform and Anti-Predatory Lending Act, title XIV of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to declare that nothing in such Act, including its effective dates, shall apply with respect to regulations required to be issued pursuant to certain safe harbor and rebuttable presumption requirements that authorize: (1) any creditor or assignee subject to liability with respect to any residential mortgage loan to presume that it has met the minimum standards for such a loan if it is a qualified mortgage meeting specified criteria that does not result in a balloon payment; and (2) the Board of Governors of the Federal Reserve by regulation to include as a qualified mortgage any balloon loan meeting the same specified criteria if it meets certain other criteria as well, including that it is extended by a creditor operating predominantly in rural or underserved areas.

Treats any such regulations as having a significant economic impact on a substantial number of small entities (small businesses). Prohibits any such regulation from taking effect unless and until the Consumer Financial Protection Bureau (CFPB) has convened a small business review panel to participate in the rulemaking through the reasonable use of specified comment-gathering techniques.

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People & committees

Who introduced it

Sen. Crapo, Mike [R-ID] · R–ID

Committees

Banking, Housing, and Urban Affairs Committee

3 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Sep 19, 2012
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sep 19, 2012
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Sep 19, 2012 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.

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Neutral evidence review

Objective

Analyze S.3571 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

View full prompt & sources

Discuss S.3571, 112th Congress: A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/3571

Text version to examine: Introduced in Senate · 2012-09-19.

Official full text: https://www.congress.gov/112/bills/s3571/BILLS-112s3571is.htm

Imported record last updated by the source: 2025-01-14T18:20:41Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.3571 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.3571 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss S.3571, 112th Congress: A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/3571

Text version to examine: Introduced in Senate · 2012-09-19.

Official full text: https://www.congress.gov/112/bills/s3571/BILLS-112s3571is.htm

Imported record last updated by the source: 2025-01-14T18:20:41Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3571 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.3571 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.3571, 112th Congress: A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/3571

Text version to examine: Introduced in Senate · 2012-09-19.

Official full text: https://www.congress.gov/112/bills/s3571/BILLS-112s3571is.htm

Imported record last updated by the source: 2025-01-14T18:20:41Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3571 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.3571 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.3571, 112th Congress: A bill to require the Bureau of Consumer Financial Protection to conduct a small business review panel on the qualified mortgage rule before the Bureau can go forward with a final rule.

Official record: https://www.congress.gov/bill/112th-congress/senate-bill/3571

Text version to examine: Introduced in Senate · 2012-09-19.

Official full text: https://www.congress.gov/112/bills/s3571/BILLS-112s3571is.htm

Imported record last updated by the source: 2025-01-14T18:20:41Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.3571 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.