Rep. Tom Emmer (R-Minn.) released a bill Thursday that would delay the expanded data collection and reporting requirements under HMDA. CUNA supports the bill, which would provide regulatory relief for credit unions.
The Consumer Financial Protection Bureau finalized its temporary increase of the reporting threshold for home equity line of credit data required under the Home Mortgage Disclosure Act Thursday. CUNA strongly advocated for the increased threshold.
The CFPB released several new resources relating to HMDA implementation, including updating the preview of its “HMDA Platform” system, an online-only system designed to guide filers through the reporting process and through which they can file.
CUNA wrote in support of a Senate bill that would provide regulatory relief from HMDA reporting requirements Wednesday, a bill that would raise the threshold for reporting requirements to 500 closed-end and 500-open end mortgages.
CUNA supports proposed changes to the CFPB's HMDA rule), but expressed concerns about the impact of the rule itself. CUNA is particularly concerned with the lack of information about what collected data will be made public.
WASHINGTON (3/22/16)--Legislation to raise the threshold for Home Mortgage Disclosure Act reporting requirements for small institutions, including many credit unions, has the full support of CUNA. Jim Nussle, CUNA president/CEO, wrote to Rep. Tom Emmer (R-Minn.) Monday in support of his Home Mortgage Disclosure Adjustment Act.