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News Now

Washington
CU execs New HMDA regs must be justified by govt
ATLANTA, Ga. (7/19/10)—Credit union executives at a recent Federal Reserve hearing on the Home Mortgage Disclosure Act (HMDA) said that while they were not opposed to new HMDA reporting requirements, those requirements, if issued, must be justified. American Airlines FCU's Vice President and General Counsel Faith Anderson and State Employees CU Senior Vice President Phil Greer, both of whom were recommended by CUNA, testified at the Atlanta hearing. Anderson in a prepared statement added that her credit union supported changes to the HMDA requirements “provided that they further the goal of ensuring fair lending and anti-discriminatory practices.” However, Anderson said she was concerned that some proposed changes “would only serve to impose significant, additional compliance and reporting burdens.” Greer in his testimony added that HMDA reporting may at times indicate discriminatory practices that do not exist, and additional reporting may actually help to refute such concerns. The Credit Union National Association’s senior assistant general counsel Jeffrey Bloch said that most members of the panel, which included credit union and bank representatives as well as academics, regulators, and consumer groups, agreed that certain HMDA reporting requirements are generally not useful, such as information on loan preapprovals. Additional HMDA hearings will take place on Aug. 5 in San Francisco, Sept. 16 in Chicago, and Sept. 24 in Washington, D.C., and the input gathered in these hearings will be considered as new HMDA rules are developed. The new reporting requirements will be issued by the Consumer Financial Protection Bureau, which will be established under financial regulatory reform legislation that passed the Senate last week.


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