Credit unions and other financial institutions need a reasonable transition period to comply with sudden changes in the 2020 Home Mortgage Disclosure Act (HMDA) final rule, CUNA and other trades wrote to Federal Financial Institution Examination Council member agencies.

Credit unions support the mission of the Home Mortgage Disclosure Act mortgage reporting requirements but believes the rule has disproportionately burdened credit unions despite no evidence of past wrongful conduct, CUNA wrote to the CFPB Friday.

It’s better to spend money on compliance than remediation.