releases: http://hultgren.house.gov//newsroom/press-releases/hultgren-leads-illinois-delegation-in-calling-for-eased-mortgage-lending-for
Data license: MIT · Data source: dwillis/congress-press
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| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
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| http://hultgren.house.gov//newsroom/press-releases/hultgren-leads-illinois-delegation-in-calling-for-eased-mortgage-lending-for | Hultgren Leads Illinois Delegation in Calling for Eased Mortgage Lending for Underserved Areas | 2014-09-23 | 2014 | 2014-09 | Republican | House | IL | Randy Hultgren | H001059 | hultgren.house.gov | legacy | Washington, DC – U.S. Representatives Randy Hultgren (IL-14) and Bill Foster (IL-11), along with the entire Illinois delegation, this week sent a letter to ask that the Consumer Financial Protection Bureau (CFPB) ease regulations on mortgage lenders, specifically for Qualified Mortgage and Ability-to-Repay rules. Specifically, the letter calls for a broader definition of the “underserved areas” regulatory exception, which would make it easier for lenders to address areas in need, including rural and high poverty areas. “The CFPB’s Qualified Mortgage rule restricts credit access for those who need it the most, especially in areas with insufficient banking options. The housing crisis made it clear that banks and credit unions should never be encouraged to make unaffordable loans, and that there should be certain regulations to protect consumers,” said Rep. Hultgren. “Unfortunately, these costly regulations often make it unaffordable for banks to lend to potential Illinois homeowners. “The entire Illinois delegation agrees: the CFPB should expand its ‘underserved areas’ exemption to their Qualified Mortgage rules. The CFPB has already committed to a further study of this issue. Our letter merely requests that this study consider a broader, bipartisan definition of ‘underserved’ that reflects how other financial regulators and federal agencies have approached this issue.” The letter: Urges the “CFPB to consider more than the number of competitors in a county for the definition of ‘underserved areas’” and to engage in “further study of the existing definition of ‘underserved area[s].” Explains that “community financial institutions are most familiar with low-and moderate-income census tracts for purposes of the Community Reinvestment Act, and distressed and underserved nonmetropolitan middle-income geographies for Federal Financial Institutions Examination Council purposes.” Requests that the CFPB also consider including in the expanded definition “counties with high poverty rates; qualified, distressed or highly distressed census tracts for New Market Tax Credit programs; high migration rural counties; and designated distressed areas by the Delta Regional Authority.” The full letter is available here: https://hultgren.house.gov/sites/hultgren.house.gov/files/2014-09-19_Letter_CFPB_Mortgage_Lending_Unserved.pdf ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |