Jim Nussle statement on CFPB proposed changes to HMDA rules
WASHINGTON, DC (May 2, 2019) — Today Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after the Consumer Financial Protection Bureau (CFPB) issued a proposed rule on HMDA’s data reporting requirements that would clarify partial exemptions from certain Home Mortgage Disclosure Act (HMDA).
“We thank the CFPB for responding to continued credit union and small lender engagement on this matter and for issuing a proposal to provide some relief from HMDA requirements,” said CUNA President/CEO Jim Nussle. “The HMDA rule has disproportionately burdened credit unions despite no evidence of past wrongful conduct. We look forward to engaging with the CFPB during the rulemaking process and will continue to advocate for the CFPB to increase these thresholds further.”
CUNA has repeatedly called on the CFPB to raise the closed-end mortgage loan and open-end line of credit reporting thresholds to exempt as many credit unions as possible from HMDA reporting. Members of the CFPB’s Credit Union Advisory Council (CUAC) also called for the CFPB to consider raising the thresholds during its March meeting. All CUAC members are from CUNA member credit unions.
“White increasing the closed-end mortgage loan threshold is a positive first step, we continue to have concerns about the CFPB’s treatment of open-end lines of credit. We have called on the CFPB to make the reporting of open-end lines of credit voluntary, as was the case prior to the 2015 HMDA rule, and we will continue to do so.”
Credit union concerns with the HMDA rule have been discussed in numerous meetings and other communications with Director Kathy Kraninger and her staff.CUNA also suggested raising the reporting thresholds in a letter sent to Kraninger after her confirmation by the Senate.
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 115 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