WASHINGTON--The House of Representatives Thursday passed the Home Mortgage Disclosure Adjustment Act (HR 2954), legislation introduced by Rep. Tom Emmer (R-MN).
The bill would raise the reporting threshold for certain HMDA requirements.
“This bill provides much-needed regulatory relief for credit unions, particularly smaller ones, and we’re pleased to see it pass the House,” said Jim Nussle, president/CEO of CUNA, which backed the legislation. “Revised HMDA reporting requirements add to compliance costs for credit unions, and legislation like this would make it easier for credit unions to remain in the mortgage market which will ultimately benefit American consumers.”
NAFCU thanked Emmer for introducing the bill, House leadership for bringing it to the floor, "and all members who voted in support of reducing credit unions' regulatory burden," said NAFCU President and CEO Dan Berger. "HMDA's expanded reporting requirements have caused credit unions to incur substantial costs to comply, and we appreciate Congress' work to decrease these compliance costs. With this much-needed regulatory relief, credit unions will be able to focus on what they do best – providing financial services to Americans who need them most."
Specifically, the bill would raise the threshold that triggers reporting requirements to 1,000 closed-end and 2,000 open-end mortgages. The current threshold is 25.