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The House yesterday passed, by a vote of 243-184, the NAFCU-backed Home Mortgage Disclosure Adjustment Act (H.R. 2954), which would ease credit unions' compliance burden related to the Home Mortgage Disclosure Act's (HMDA) reporting and recording keeping requirements.

"NAFCU thanks Representative [Tom] Emmer for introducing this bill, House leadership for bringing it to the floor, and all members who voted in support of reducing credit unions' regulatory burden," said NAFCU President and CEO Dan Berger. "HMDA's expanded reporting requirements have caused credit unions to incur substantial costs to comply, and we appreciate Congress' work to decrease these compliance costs.

"With this much-needed regulatory relief, credit unions will be able to focus on what they do best – providing financial services to Americans who need them most," Berger continued.

H.R. 2954 would exempt depository institutions that have originated fewer than 500 open-end lines of credit and 500 closed-end mortgages in the previous two years from HMDA's reporting and record keeping requirements. It was amended in committee to align with legislation pending in the Senate; it now moves to the Senate for consideration.

The CFPB's current regulation, which went into effect Jan. 1, requires credit unions to report HMDA data if they meet the law's asset-size, location, federally related, and loan activity tests; and they originate 25 or more covered closed-end mortgage loans or 500 or more covered open-end lines of credit in each of the two preceding calendar years. In 2020, the covered open-end lines of credit threshold is set to revert to 100.