Federal Update

Though the Arizona Legislature is currently not in session, the National Association of REALTORS® continues to monitor activity at the federal level. From risky mortgages and flood insurance, to short term rentals and water quality, your legislative and government affairs team has several updates to share.

During this week’s National Convention, we will be meeting with representatives from NAR to get updates on issues we’re currently focused on at the federal, state and local levels. We’ll bring back reports from NAR policy committees, as well as receive updates on RPAC and Community Outreach programs.

What You Should Know About the Class-Action Lawsuit Against NAR

Committee Passes Terrorism Insurance Reauthorization Bill

The “Terrorism Risk Insurance Program Re-authorization Act of 2019,” approved by the House Financial Services Committee, would reauthorize the Terrorism Risk Insurance Program (TRIP) for seven years.

House Passes the Corporate Transparency Act

The anti-money laundering (AML) legislation is designed to stop the formation of anonymous shell companies created under state law that are often used by bad actors to launder money or to commit other illicit financial crimes.

NAR Joint Op-Ed Published

NAR published a joint op-ed to counter a growing narrative that the Federal government has expanded its exposure to risky mortgages.

CFPB Director Testifies Before Congress

CFPB Director Kraninger provided her semi-annual report to Congress to discuss current updates and developments at the Bureau. She also provided some insight on the qualified mortgage (QM) patch, stating that the Bureau is working on a plan as the transition to end the QM patch is forthcoming.

TRIA Reauthorization Hearing in House

The Terrorism Risk Insurance Program (TRIP) expires at the end of 2020 unless Congress reauthorizes it.

DC Circuit Court Decision on Net Neutrality

The DC Circuit Court of Appeals upheld the FCC’s decision but found that the FCC had overstepped its authority when it banned states from enacting their own net neutrality rules.

New Bill Reforms EB-5 Program

Senators Grassley (R-IA) and Leahy (D-VT) introduced the EB-5 Reform and Integrity Act of 2019, which includes reform and long-term reauthorization of the the EB-5 Regional Center Program.

EB-5 Program Reauthorized

Congress extends EB-5 Regional Center Programs authorization through November 21, 2019.

Agencies Increase Residential Appraisal Threshold

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) adopted a final rule increasing the threshold for requiring an appraisal in residential real estate transactions from $250,000 to $400,000.

IRS Improves Deduction Safe Harbor for Mixed-Use CRE

The Internal Revenue Service this week released final guidance regarding a safe harbor to help owners of real estate enterprises determine whether they qualify for the new 20% deduction for “qualified business income.”

House Passes SAFE Banking Act

H.R. 1595 creates a safe harbor for federally-insured financial institutions to provide services to cannabis-related businesses in states that have legalized the substance.

Expanding Access to Credit

The House Financial Services Committee passed a number of NAR-supported bills to expand access to credit.

Roundtable Introduces ESA Reforms

The Congressional Western Caucus, chaired by Rep. Paul Gosar (R-AZ), held a roundtable on 9/24 with several House members and officials from the Department of Interior to discuss a 19-bill draft legislative package they will be introducing to reform the Endangered Species Act.

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