Removing Barriers Blog

CUNA Sends Letter of Support for H.R. 4648 – the Home Mortgage Reporting Relief Act of 2017
Posted December 21, 2017 by CUNA Advocacy

CUNA sent a letter to Representative Tom Emmer in support of his recently introduced legislation, H.R. 4648 – the Home Mortgage Reporting Relief Act of 2017. 

The Consumer Financial Protection Bureau published its final HMDA rule in October 2015, greatly expanding data collection and reporting requirements under HMDA.  The final rule expands types of loan transactions subject to HMDA and significantly increased the number of data points credit unions are required to collect and report.

If enacted, this legislation would delay expanded data collection requirements under HMDA until January 1, 2019, which would in turn postpone the first mandatory reporting date under the new regulatory scheme until March 2020. Specifically, this bill would provide much needed regulatory relief for credit unions. A delay of the new HMDA requirements will afford credit unions the additional time needed to bring their systems, policies and procedures into compliance with the new rule.

CUNA looks forward to working with Congress to pass this and other common sense regulations in 2018.