Rep. Blaine Luetkemeyer (R-Mo.) has introduced legislation would limit the CFPB’s authority over and provide regulatory relief to community banks, credit unions, small servicers. Luetkemeyer’s legislation, H.R. 1750The Community Lending Enhancement and Regulatory Relief Act, would exempt institutions with less than $10 billion in assets from federal requirements on mortgage escrows and “qualified mortgage” standards (the latter only applies to loans keep on an institution's books for least three years),which which should benefit community banks and credit unions. The legislation would also increase the “small servicer” exemption in mortgage servicing rules from 5,000 mortgages to 20,000 mortgages annually. The Missouri Credit Union Association President/CEO Don Cohenour remarked that there “are several provisions in this bill that are valuable to credit unions and their members.”