Removing Barriers Blog

CFPB Agrees to Increasing HMDA HELOC Reporting
Posted July 11,2017 by CUNA Advocacy

In June, Senators Rounds, Heitkamp, Tester, Hoeven, Donnelly, and Kennedy introduced S. 1310, the Home Mortgage Disclosure Adjustment Act.  If enacted, S. 1310 would raise the threshold that mandates the reporting requirements to 500 closed-end and 500 open-end mortgages.  This legislation would provide much needed relief to credit unions, especially to the smaller institutions. 

When they introduced their legislation they also sent a letter to the CFPB urging them to delay the effective date of the HMDA rules while Congress considered their legislation.   

Yesterday, Director Cordray sent a letter to Senators Rounds and Heitkamp – and in a surprising revelation – announced the CFPB would issue a Notice of Proposed Rulemaking that would change the reporting requirements from 100 to 500 open-end mortgages for 2018 and 2019.  They also said that these two years will give them more time and opportunity to reconsider the HELOC threshold currently in the Final Rule. 

CUNA has been actively engaged urging the CFPB to adjust the reporting requirements and other concerns with the final HMDA rule.  CUNA and America’s credit unions greatly appreciate the CFPB’s recognition that the current HELOC reporting requirements are an unnecessary burden on credit unions and the members they serve.  As the CFPB continues to evaluate this and other rules, CUNA will continue to advocate for meaningful regulatory relief.