The U.S. House passed a bipartisan bill on Tuesday that will roll back some of the strict rules placed on thousands of small- and medium-sized banks enacted as part of the 2010 Dodd-Frank law.

“We commend members of Congress for passing this bipartisan legislation to level the lending playing field for community banks and credit unions,” says NAR President Elizabeth Mendenhall. “This bill provides appropriate consumer protections while going a long way toward removing undue regulatory burdens on small lenders, which will help keep them strong, so they can help keep communities strong.

The Economic Growth, Regulatory Relief, and Consumer Protection Act contains several provisions that could ease mortgage credit through reduced regulatory burdens on smaller community banks and credit unions. Prior to Congress' vote, the National Association of REALTORS® sent a letter to the House Representatives to express its support for the bill. The association says having safe, affordable mortgage credit available from small, local lenders is key to a thriving housing market.

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