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News Now

Washington
UW CUs Mike Long among HMDA panelists
WASHINGTON (8/23/10)--UW CU Chief Credit Officer Mike Long will be among those speaking at a Sept. 16 Federal Reserve Board hearing on the Home Mortgage Disclosure Act (HMDA) and Regulation C. The hearing, which will take place in Chicago and will feature testimony from credit union and bank representatives as well as academics, regulators and consumer groups, is the third in a series. The Credit Union National Association (CUNA) suggested that Long be included as a panelist at this hearing. Recent public hearings on the HMDA rules were held in Atlanta and San Francisco, and a fourth hearing will be held on Sept. 24 in Washington, D.C. 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. The hearings are meant to evaluate whether the 2002 revisions to Regulation C, which required lenders to report mortgage pricing data, helped provide useful and accurate information about the mortgage market. The hearings are also aimed at helping the agency assess the need for additional data and other improvements and identify emerging mortgage market issues. The HMDA requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. The Fed has asked for input on what types of data should be excluded or eliminated, and if any existing data elements should be modified. The Fed has also requested comment on whether some types of institutions or mortgage loans should be excluded from HMDA reporting. While the new Consumer Financial Protection Bureau (CFPB) will be responsible for making future changes in HMDA, information provided by panelists at these hearings will be considered by the CFPB as part of this process, Jeff Bloch, CUNA senior assistant general counsel, said.


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