On January 19 the House passed the Home Mortgage Disclosure Adjustment Act (H.R. 2954), legislation introduced by Rep. Tom Emmer (R-Minn.) and backed by the Credit Union National Association. 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 CUNA President/CEO Jim Nussle. “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.”
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.
The legislation aligns with CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.