Last month Congress overcame partisan stalemates to pass a Continuing Resolution to fund the federal government through early December and raise the statutory debt limit by $480 billion - an amount the Treasury Department estimates would be enough to allow the government to continue borrowing through December 3. Both measures set up another consequential fiscal deadline, and congressional leaders are using the intervening time to hammer out a potential tax/reconciliation ("Build Back Better") agreement, which has been stalled by intraparty disagreements over infrastructure, climate and social spending (including housing programs), and tax increases to pay for the package.

Looking ahead, the utilization of MAA remains essential to our robust efforts aimed at impacting policy. Stay tuned for more details as events unfold.

1. Congress Passes and President Biden Signs Stopgap Funding Bill to Avert Government Shutdown, Avoids Default By Raising Debt Limit

In late September, House and Senate lawmakers passed, and President Joe Biden signed, a CR ahead of the September 30 government funding deadline to avert a shutdown. Two weeks later, the House and Senate passed a short-term $480 billion debt ceiling extension that the President signed into law. The temporary increase allows the U.S. Treasury Department to continue funding the government's financial obligations through December 3, 2021. 

• Why it matters: The CR also includes a short-term extension of the National Flood Insurance Program (NFIP) authorization and provides $28.6 billion in funding for emergency disaster relief.
   
• What's next: Congressional Republicans remain steadfast in their position that the debt ceiling be addressed through the reconciliation process - a move that has been adamantly opposed by Democrats. Parties in both chambers remain divided on a more well-defined and longer-term solution for the debt ceiling as December's list of pressing fiscal priorities continues to grow. 
   

2. Senate Votes to Confirm Rohit Chopra as CFPB Director; Key Senate Committee Votes On Nominee To Head FHA 

After a series of required procedural votes, the full Senate voted 50-48 in early October to confirm Federal Trade Commission (FTC) official Rohit Chopra as the next Consumer Financial Protection Bureau (CFPB) Director. An additional procedural floor vote was required because of the Senate Banking Committee's prior tie vote on his nomination along partisan lines. During his confirmation hearing weeks ago, Chopra indicated that he would focus on the housing market, "unlawful and avoidable foreclosures," and "systemic inequities faced by families of color" in the mortgage market. A week later, on October 5th, a Senate Banking Committee vote resulted in a 12-12 tie on Julia Gordon's nomination to run the Federal Housing Administration at HUD. MBA's prior support letter for Ms. Gordon can be found here.

• Why it matters: The CFPB has taken an increasingly substantial role in the oversight of ongoing mortgage servicing and CARES Act forbearance and is expected to significantly ramp up fair lending examinations and enforcement. MBA believes that the market is best served when the CFPB uses its supervisory tools to provide clear and effective published guidance.
   
• What's next: With a tie vote coming out of the Senate Banking Committee for Julia Gordon, the Senate must now add an extra four hours of floor debate and an additional vote to discharge her nomination from committee in order for her confirmation to advance. The Senate has not determined when her nomination will receive floor time.
   

3. House Passes National Defense Authorization Act; Includes MBA-Supported RON Provisions 

In late September, the full House passed the National Defense Authorization Act (NDAA), legislation that funds the Department of Defense and other military operations of the government. MBA worked with members of the House Armed Services Committee, as well as House leadership from both parties, to help ensure that language to create minimum federal standards for the use of RON (the bipartisan, bicameral SECURE Notarization Act of 2021) was adopted by voice vote to become part of the House's version of this "must-pass" legislation.  

• Why it matters: The SECURE Notarization Act of 2021 creates a federal standard for the use of remote online notarization, while complementing a growing list of parallel existing state laws. Industry advocates previously connected with hundreds of House and Senate offices about this issue at MBA's virtual National Advocacy Conference earlier this year - and through the use of the MAA platform as the bill worked its way through the legislative process.
   
• What's next: The Senate is likely to consider its own version of the NDAA in the coming months. After Senate passage, the two chambers will conference on a final bill that ultimately will head to President Joe Biden's desk for enactment. MBA will continue advocating for retention of the House-passed RON provision as Senate NDAA discussions continue. For the latest developments on MBA's efforts to pursue RON laws in the states, please visit www.mba.org/RON.
   

Advocacy at Annual 21

MBA's Advocacy programs enjoyed a celebratory and productive week with the over 3,500 attendees at MBA's 2021 Annual Convention and Expo in San Diego. Hundreds of attendees visited with Political Affairs staff and our MAA and MORPAC Chairmen at the Advocacy Activation area where we enjoyed "MAA Moments," fun giveaways, and time together. The Activation area gave us the time to talk and connect with attendees about the importance of our industry's advocacy programs. Let us know if your company is interested in running a MAA or MORPAC company campaign - it's never too late!

We capped the conference off with an outside reception to commemorate MORPAC's 50 years of leadership in Washington, DC! We are proud to announce that fundraising efforts throughout the conference, including this in-person reception, raised record-level contributions totaling more than $140,000! Thank you to all of our MORPAC contributors. Check out our 50th anniversary video to celebrate the occasion.

Here's to 50 more years of MORPAC and advocating for the real estate finance industry.

MAA Action Week

Starting next week, MAA will be hosting another MAA Action Week campaign across November 1 - 5, 2021! This national, industry-wide campaign unites real estate finance professionals to become more engaged in political advocacy. Help us maintain a strong, unified voice in Washington, DC, and state capitals across the country by committing to run a MAA campaign with your company, state association or professional network!

MBA staff make these campaigns as easy as possible by providing a host of materials to encourage industry professionals to join MAA and engage in advocacy. It's not too late! If you are interested in learning more about running a MAA campaign, please contact Rosie Sheehan at (202) 557-2933.

MAA Quarterly Webinar

As part of Action Week, be sure to join us on Tuesday, November 2 from 3:00 - 4:00pm ET for our next Quarterly MAA webinar! This webinar is free to all MAA members using the code "MAA2021" and the link to register can be found here.

This townhall-styled webinar will feature the MBA Legislative and Political Affairs team to provide a briefing on the current state of play in Washington, DC, implications for our industry, and how you can get involved today! Come ready with your questions.