This story appeared in Bank Digest.
The House of Representatives has passed the Mortgage Servicing Asset Capital Requirements Act of 2015 (H.R. 1408), which would require federal banking regulators to jointly study the appropriate capital treatment of mortgage servicing rights under Basel III and the National Credit Union Administration risk-based capital requirements, according to a release by Rep. Ed Perlmutter (D-Colo), who introduced the bill. The release noted the shift in the mortgage servicing industry since the financial crisis of 2008, involving a significant sale of mortgage servicing rights from banks to non-banks, which the Financial Stability Oversight Council listed as a "potential emerging threat." Perlmutter said he believes the primary driver for the growth in non-bank servicing activity has been the capital treatment of mortgage servicing assets under the Basel III accords.