Public Law No 114-113
Dec 18, 2015
The Consolidated Appropriations Act, 2016 provides FY2016 appropriations; extends expiring tax provisions; and affects policies in areas including oil exports, intelligence, cybersecurity, health care, financial services, visa waivers, and conservation.
The bill provides appropriations for the federal government through the end of FY2016. The twelve regular appropriations bills included in the divisions of the bill increase discretionary spending above FY2015 levels, which reflects the increased discretionary spending limits included in the Bipartisan Budget Act of 2015.
The bill also includes Overseas Contingency Operations and emergency funding which is not subject to discretionary spending limits.
The key parts of this act that impacts mortgages are:
DIVISION E--FINANCIAL SERVICES AND GENERAL GOVERNMENT APPROPRIATIONS ACT, 2016
Department of the Treasury Appropriations Act, 2016
TITLE VI--GENERAL PROVISIONS--THIS ACT
- (Sec. 634) Requires the federal banking agencies to jointly study the appropriate capital requirements for mortgage servicing assets for banking institutions.
DIVISION L--TRANSPORTATION, HOUSING AND URBAN DEVELOPMENT, AND RELATED AGENCIES APPROPRIATIONS ACT, 2016
Department of Housing and Urban Development Appropriations Act, 2016
TITLE II--DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
- (Sec. 202) Prohibits funds provided by this division from being used to investigate or prosecute under the Fair Housing Act any lawful activities, including the filing or maintaining of a nonfrivolous legal action to achieve or prevent action by a government entity or a court.
- (Sec. 205) Permits specified funds to be used, without regard to limitations on administrative expenses, for: (1) legal services; and (2) payment for services and facilities of the Federal National Mortgage Association (Fannie Mae), Ginnie Mae, the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Financing Bank, Federal Reserve banks, Federal Home Loan banks, and any bank insured under the Federal Deposit Insurance Corporation Act.
- (Sec. 215) Permits HUD to insure home equity conversion mortgages (HECMs or reverse mortgages) for elderly homeowners through FY2016, notwithstanding limitations on insurance authority included in the National Housing Act.
- (Sec. 232) Prohibits the FHA, Ginnie Mae, or HUD from using funds provided by this division to finance mortgages for properties that have been subject to eminent domain.
DIVISION O--OTHER MATTERS
TITLE VII--FINANCIAL SERVICES
- (Sec. 703) The bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to allow information from the Nationwide Mortgage Licensing System and Registry to be shared with financial services regulators without the loss of privilege or confidentiality protections.
DIVISION Q--PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015
Protecting Americans from Tax Hikes Act of 2015
Subtitle C--Extensions Through 2016
- (Sec. 151) Extends through 2016: (1) the exclusion from gross income of income imputed to the discharge of indebtedness for the acquisition of a principal residence, (2) the tax deduction for mortgage insurance premiums, and (3) the deduction from gross income of qualified tuition and related expenses.