WASHINGTON (3/10/14)--Six credit union executives were among the 21 Small Business Regulatory Enforcement Fairness Act (SBREFA) panel members who convened last week to discuss proposals the Consumer Financial Protection Bureau has made under its Home Mortgage Disclosure Act (HMDA) rulemaking authority.
|From left: Garth Griese, president/CEO, Service One CU, Bowling Green, Ky.; Laura Phillips, director of mortgage services, Alabama Teachers CU, Gadsden, Ala.; Jim Ryan, president/CEO, JM Associates FCU, Jacksonville, Fla.; Bob Aresti, president/CEO, 360 FCU, Windsor Locks, Conn.; Jane Hammil, president/CEO, Wichita (Kan.) FCU; and Dallas Bergl, president/CEO, INOVA FCU, Elkhart, Ind., and CUNA board member. (CUNA photo)|
The 1975 Home Mortgage Disclosure Act (HMDA) requires credit unions and all lending institutions to report public loan data. While implementation authority rested originally with the Federal Reserve Board, that power was transferred to the CFPB in July 2011.
Among the matters discussed at the SBREFA meeting Thursday were additional data points that are currently being considered for HMDA reporting. They include:
While many of these additional data points being considered are required by the Dodd-Frank Act, some are not required by any law, and CUNA continues to urge the CFPB not to include those data points proposed or final rule.
Additional discussion points during the SBREFA panel meeting included changes to the Federal Financial Institutions Examination Council geocoding tools used by financial institutions for HMDA reporting, changes to HMDA data entry software, proposed changes to the transactional and institutional coverage requirements for HMDA reporting, and proposed changes to the modified Loan Application Register.
Costs associated with all of the above proposals and collection of additional data points for small entities such as credit unions were also discussion topics.
CUNA continues to actively monitor the CFPB's rulemakings in this and other areas to keep credit union informed of developments as they occur.