CUNA wrote in support of legislation that would delay data reporting requirements under the Home Mortgage Disclosure Act (HMDA) Wednesday. Rep. Tom Emmer (R-Minn.) introduced the Home Mortgage Reporting Relief Act of 2017 (H.R. 4648) last week.
“This bill would provide much needed regulatory relief for credit unions. A delay of the new HMDA requirements will afford credit unions the additional time needed to bring their systems, policies and procedures into compliance with the new rule,” wrote CUNA President/CEO Jim Nussle.
The Consumer Financial Protection Bureau (CFPB) published its final HMDA rule in October 2015, greatly expanding data collection and reporting requirements under HMDA.
It expands types of loan transactions subject to HMDA and significantly increased the number of data points credit unions are required to collect and report.
H.R. 4648 would delay these requirements until Jan. 1, 2019, in turn postponing the first mandatory reporting date until March 2020.