Rep. Tom Emmer (R-Minn.) released a bill Thursday that would delay the expanded data collection and reporting requirements under the Home Mortgage Disclosure Act (HMDA). CUNA supports the bill, which would provide regulatory relief for credit unions.
“Credit unions face numerous compliance burdens when it comes to HMDA, and delaying several of these requirements would allow additional time for credit unions to come into compliance,” said CUNA Chief Advocacy Officer Ryan Donovan. “This bill is the type of common-sense regulatory reform legislation that can help credit union focus on more efficiently serving their members.”
In October 2015, the Consumer Financial Protection Bureau issued a final rule that significantly expanded the amount of data that credit unions must collect and report under HMDA. That rule is currently scheduled to take effect on Jan. 1.
Emmer’s bill would delay collection of this additional data until Jan. 1, 2019, thus postponing the first reporting date until March 2020.