Action is expected this week on several CUNA-backed regulatory relief bills, one that is expected to see House floor consideration and others that will be marked up by the House Financial Services Committee. The House is scheduled to consider the Home Mortgage Disclosure Adjustment Act (H.R. 2954), which would provide credit unions and other small lenders relief from Home Mortgage Disclosure Act (HMDA) reporting requirements.
“The fact of the matter is the CFPB has made some improvements on HMDA regulations, but this type of legislation wouldn’t be necessary if the bureau would go even further and ensure their rules don’t impact small community financial institutions,” said Ryan Donovan, CUNA chief advocacy officer.
H.R. 2954 would raise the threshold that triggers HMDA reporting requirements to 1,000 closed-end and 2,000 open-end mortgages over the preceding two calendar years.
On Wednesday, the House Financial Services Committee is scheduled to mark up 17 bills, four of which CUNA supports:
CUNA wrote to the committee Tuesday with outlining its support for the above bills.
The markup is scheduled to begin at 10 a.m. (ET) Wednesday, and will be streamed live on the committee’s website.
CUNA is also engaged with two hearing this week: