Removing Barriers Blog

CUNA Thanks Rep. Tom Emmer for Introduction of H.R. 2954, the Home Mortgage Disclosure Adjustment Act
Posted September 29,2017 by CUNA Advocacy

Earlier this week, CUNA sent a letter to Representative Tom Emmer thanking him for his introduction of H.R. 2954 – the Home Mortgage Disclosure Adjustment Act. 

The CFPB finalized amendments to Regulation C that will significantly increase the amount of data mortgage lenders will need to provide.  The rule will become effective in January of 2018 and will now require credit unions that have originated 25 or more closed-end mortgage loans or 100 open-end mortgage loans in the prior year to report dozens of data points in addition to what is already required under the Dodd-Frank Act.  

If enacted, H.R. 2954 would raise the threshold that mandates the reporting requirements to 1000 closed-end and 2000 open-end mortgages.  This legislation would provide much needed relief to credit unions, especially to the smaller institutions.  

CUNA looks forward to working with both the House and Senate on this and future meaningful regulatory relief legislation for America’s credit unions and their 110 million members.