Newsroom

Sens. Mike Rounds, R-S.D., and Heidi Heitkamp, D-N.D., both members of the Senate Banking Committee, introduced a NAFCU-backed bill Wednesday that would increase the reporting threshold for open-end lines of credit and closed-end mortgages under the Home Mortgage Disclosure Act.

The bill, the "Home Mortgage Disclosure Adjustment Act," would exempt depository institutions that have originated fewer than 500 open-end lines of credit and closed-end mortgages in the previous two years from HMDA's reporting and recordkeeping requirements.

Original cosponsors of the bill include Sens. John Hoeven, R-N.D., John Kennedy, R-La., Joe Donnelly, D-Ind., and Jon Tester, D-Mont.

"NAFCU thanks Sens. Rounds and Heitkamp for recognizing the compliance burden that will result from the HMDA rule requirements and for introducing this bill," said NAFCU Vice President of Legislative Affairs Brad Thaler. "We look forward to working with them and other members of Congress to secure more credit union regulatory relief."

Most of the new HMDA requirements become effective Jan. 1, 2018. They affect home equity lines of credit, establish transactional thresholds for coverage and expand the number of HMDA data points to be collected from credit unions.

In a letter to CFPB Director Richard Cordray last month, NAFCU President and CEO Dan Berger urged a one-year delay of the effective date of the rule.

NAFCU has a host of HMDA compliance resources available to association members, including charts and guides, articles, webcasts and blog posts.