Removing Barriers Blog

CUNA Thanks Senators Rounds, Heitkamp, Tester, Hoeven, Donnelly and Kennedy for Support of HMDA Legislation
Posted June 14, 2017 by Chandler Schuette

Today, CUNA sent a letter to Senators Rounds, Heitkamp, Tester, Hoeven, Donnelly and Kennedy thanking them for sponsoring S. 1310, The Home Mortgage Disclosure Adjustment Act.   

Recently, the CFPB finalized amendments to Regulation C that will significantly increase the amount of data mortgage lenders will need to provide.  The Bureau 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, 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.   

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