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Rep. Loudermilk: BUILD Act Passes Committee with Unanimous Vote

Rep. Loudermilk issued the following statement after the House Financial Services Committee unanimously passed his bill, the Building Up Independent Lives and Dreams (BUILD) Act, H.R. 5953:

“My BUILD Act cuts government red-tape by eliminating duplicative and overly burdensome regulations placed on charities by the Dodd-Frank Act. While some disagree with my work on reducing regulations, it’s clear that when it comes to helping those in need, my colleagues on both sides of the aisle agree. These nonprofit organizations operate under different business models than traditional financial institutions, and should be afforded a simpler, more streamlined method for providing mortgage disclosures. Nonprofits deserve this relief, and I urge my colleagues in the House and Senate to move quickly on this bipartisan bill so we can get it to the president’s desk.”

The BUILD Act received strong support on both sides of the aisle and passed out of the House Financial Services Committee by a unanimous vote of 53-0.

“We do not want to do anything to dampen the good work of Habitat for Humanity or similar charities. And, again, having them comply with the cost of the TRID Rule, to think that they would do fewer good works, or perhaps some charities not even be able to engage in the good works of this affordable housing program, is just untoward.”

-Chairman Jeb Hensarling (R-TX)

“The BUILD Act gives bona fide non-profits who make zero interest loans, like Habitat for Humanity, additional flexibility in deciding which disclosure forms they use. This common sense piece of legislation will ensure non-profits can focus on working in their communities to build homes, rather than sitting in an office. I’d like to thank Congressman Loudermilk for working with me on the BUILD Act, and ensuring that this has been a collaborative and bipartisan process.”

-Rep. Brad Sherman (D-CA)
-Cosponsor of H.R. 5953

“The BUILD Act is an important step in liberating proven charitable organizations from the burdens of unnecessary compliance costs, something that deters them from actually helping and serving the communities where they are located. I urge my colleagues to support this great bipartisan measure [build] to untangle charities from regulatory burdens and allow them the flexibility they need to focus on their communities.”

-Rep. Claudia Tenney (R-NY)

“Representative Loudermilk's bill is a commonsense solution to right-size the rules for nonprofits that originate zero interest loans. By passing this legislation, we can help groups like Habitat for Humanity provide housing for even more families. I urge all my colleagues to support this bill and I yield back my time.”

-Rep. Keith Rothfus (R-PA)

“Mr. Loudermilk brought us legislation that would reform the regulatory regime to break down that barrier. Charitable organizations operate under different constraints than traditional financial institutions. They have different customers than traditional financial institutions. Certain mortgage rules simply should not be applied to them. H.R. 5953 is a reasonable bill that addresses a very real problem.”

-Rep. Blaine Luetkemeyer (R-MO)

“I strongly support the Building Up Independent Lives and Dreams Act, the BUILD Act for short, which will relieve certain charities, like Habitat for Humanity, from the cost and complexity of the TRID Rule. Mr. Chairman, charities like Habitat should clearly not be subject to these rules which are obviously applicable to traditional mortgage lenders, not charitable organizations. Sections on balloon loans, for example, on the TRID forms are not applicable to groups like Habitat.”

-Rep. Ted Budd (R-NC)

You can view the text of this legislation HERE.