March 28, 2014

NAFCU at meeting on HMDA

March 31, 2014 – NAFCU Director of Regulatory Affairs Mike Coleman and Regulatory Affairs Counsel Alicia Nealon attended a meeting on the Home Mortgage Disclosure Act with CFPB staff, on Friday.

The meeting, which included other financial trade groups, focused on potential changes to reporting requirements under HMDA. NAFCU was included as a follow-up to its involvement in discussions on the Small Business Regulatory Enforcement Fairness Act.

In January, CFPB announced it was seeking feedback from small businesses on possible changes to information reported under HMDA, and added features to an online tool for easier access to publicly available HMDA data.

The Dodd-Frank Act transferred HMDA rulemaking authority to CFPB. It requires that the bureau expand HMDA data to include additional loan information that would be helpful in spotting troublesome trends regarding borrowers' access to credit.

NAFCU is working with CFPB staff to mitigate the added regulatory burden on credit unions of from the provisions of the Dodd-Frank Act , as well as communicating its concerns about including more information on the HMDA dataset than required by Dodd-Frank.