CFPB continues to increase regulatory burden with HMDA rule
WASHINGTON, DC (October 15, 2015) — The Consumer Financial Protection Bureau (CFPB) finalized a rule today that changes the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulation. Following the announcement, Credit Union National Association (CUNA) chief advocacy officer Ryan Donovan released a statement:
“Today’s HMDA announcement by the CFPB is extremely disappointing. At a time when the bureau should be working to increase the availability of credit to middle class Americans, they instead continue to impose staggering amounts of regulatory burden for credit unions and other small financial institutions. If the bureau’s intent is to stifle available credit to consumers, they’re succeeding. While Director Cordray continues to publicly state that credit unions in no way contributed to the financial crisis, it’s clear the bureau continues to ignore that very important point in their rulemaking.”
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 135 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.
