The House voted 243-184 Thursday night in favor of the CUNA-backed Home Mortgage Disclosure Adjustment Act (H.R. 2954). The bill, introduced by Rep. Tom Emmer (R-Minn.), would raise the reporting threshold for certain HMDA requirements.
“This bill would provide much-needed regulatory relief for credit unions, particularly smaller ones, and we’re pleased to see it pass the House,” said CUNA President/CEO Jim Nussle. “Revised HMDA reporting requirements add to compliance costs of credit unions, making it more expensive for them, and legislation like this would make it easier for credit unions to remain the mortgage market, ultimately benefitting the consumer.”
Specifically, the bill would raise the threshold that triggers these reporting requirements to 500 closed-end mortgage loans and fewer than 500 open-end lines of credit. The current threshold is 25.