CUNA supports proposed changes to the Consumer Financial Protection Bureau’s (CFPB) Home Mortgage Disclosure Act (HMDA) rule, but expressed concerns about the impact of the rule itself, and offered several suggestions to ease the regulatory burden on credit unions. CUNA is particularly concerned with the lack of information about what collected data will be made public, and in what format it will be made available.
“We support the CFPB’s efforts to fix known issues with the 2015 HMDA Final Rule,” CUNA’s letter reads. “However, the CFPB can and should go much further in addressing known issues with this rule.”
To fix the HMDA rule, CUNA suggested the CFPB:
CUNA also offered several additions to the proposed changes, including harmonizing several definitions, and noting that despite bureau claims that the proposal will not add additional costs to financial institutions, “any change to the regulations will create a cost to the institution.”