CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » Jim Nussle statement on CFPB Proposed Changes to HMDA Rules
Press

Jim Nussle statement on CFPB Proposed Changes to HMDA Rules

May 2, 2019

FOR IMMEDIATE RELEASE 

May 2, 2019 

Today Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a proposed rule on HMDA’s data reporting requirements that would clarify partial exemptions from certain Home Mortgage Disclosure Act (HMDA).  

“We thank the CFPB for responding to continued credit union and small lender engagement on this matter and for issuing a proposal to provide some relief from HMDA requirements,” said CUNA President/CEO Jim Nussle. “The HMDA rule has disproportionately burdened credit unions despite no evidence of past wrongful conduct. We look forward to engaging with the CFPB during the rulemaking process and will continue to advocate for the CFPB to increase these thresholds further.” 

CUNA has repeatedly called on the CFPB to raise the closed-end mortgage loan and open-end line of credit reporting thresholds to exempt as many credit unions as possible from HMDA reporting. Members of the CFPB’s Credit Union Advisory Council (CUAC) also called for the CFPB to consider raising the thresholds during its March meeting. All CUAC members are from CUNA member credit unions.  

“While increasing the closed-end mortgage loan threshold is a positive first step, we continue to have concerns about the CFPB’s treatment of open-end lines of credit. We have called on the CFPB to make the reporting of open-end lines of credit voluntary, as was the case prior to the 2015 HMDA rule, and we will continue to do so.” 

Credit union concerns with the HMDA rule have been discussed in numerous meetings and other communications with Director Kathy Kraninger and her staff. CUNA also suggested raising the reporting thresholds in a letter sent to Kraninger after her confirmation by the Senate.   

Read more on CUNA News.  

###       

About CUNA:        
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.  

CONTACT:       

Lauren Williams      
CUNA Communications      
202-672-3396

Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Todd Harper appointed NCUA Chairman

  • Allowing capitalization of interest is consumer-friendly option

  • Compliance: NCUA, agencies issue FAQs on SAR, other AML requirements

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors