CUNA-backed reg relief bill passes House
WASHINGTON, DC (January 19, 2018) — Today 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 500 closed-end and open-end mortgages. The current threshold is 25.
The legislation aligns with CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation.
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 120 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.