Removing Barriers Blog

CUNA Supports Bill to Raise HMDA Reporting Thresholds
Posted March 22, 2016 by CUNA Advocacy

The CFPB recently finalized amendments that would significantly increase the amount of HMDA data that mortgage lenders, including credit unions, will have to provide.  Under the new requirements, credit unions originating 25 or more closed-end mortgage loans will have to report many different data points in addition to those required under Dodd-Frank. 

Congressman Tom Emmer (R-Minn.) is introducing legislation that would increase the threshold reporting requirements to 100 closed-end and 200 open-end mortgages.  This legislation will provide significant relief for credit unions already burdened with overregulation and increased compliance costs ($7.2 billion in 2014). 

We support increasing the HMDA threshold requirements, and are grateful to Congressman Emmer for his leadership on this issue.  Our letter of support can be found here.