Sen. Mike Rounds (R-S.D.) introduced a CUNA-supported bill that would provide credit unions regulatory relief related to the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Adjustment Act (S. 1310) is also co-sponsored by Sens. Jon Tester (D-Mont.), John Hoeven (R-N.D.), Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.) and John Kennedy (R-La.).
Specifically, the bill would raise the threshold required for HMDA reporting to 500 closed-end mortgages or open-end lines of credit in the each of the past 2 calendar years. Credit unions below the threshold would be exempt from the reporting requirements.
The Consumer Financial Protection Bureau currently requires credit unions that have originated 25 or more closed-end mortgage loans or 100 open-end mortgages in the prior year to report.