July 26, 2017

Berger, Cordray meet today on HMDA, CU issues

NAFCU President and CEO Dan Berger and CFPB Director Richard Cordray will hold a private meeting today on issues of importance to credit unions, including NAFCU's request for a delay in implementation of the bureau's Home Mortgage Disclosure Act rule.

In May, Berger urged Cordray to approve a one-year delay of the effective date of its HMDA rule. 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 order to facilitate a smooth transition to the new HMDA requirements, it is critical that credit unions and their vendors are provided enough time to ensure they are adequately prepared before the ultimate effective date," Berger wrote in his request.

Berger and Cordray are also expected to discuss the bureau's authority under the Dodd-Frank Act to provide credit unions more exemptions from its rules – something NAFCU has long urged. NCUA Chairman J. Mark McWatters echoed a similar call for relief, urging Cordray to use this exemption authority more by specifically highlighting the burdens presented under the 2015 revision to the HMDA rule.