Removing Barriers Blog

CUNA continues to analyze CFPB HMDA final rule
Posted October 23, 2015 by CUNA Advocacy

We are continuing to analyze the 700+ page final rule issued by the CFPB implementing changes to the Home Mortgage Disclosure Act (HDMA).  Attached is an easier to read summary of the required data points.  

We are very concerned about the significant increased regulatory burden placed on credit unions as a result of this rule, and are further concerned that the rule does not specify which data points will be made public by the CFPB.  Instead the CFPB has articulated a “balancing test” for this determination in the rule.  We will continue to press the CFPB to follow up on its promise to use its exemption authority for credit unions that were not engaged in the practices that lead to the imposition of HMDA and CRA for banks.