CFPB proposes higher HMDA thresholds after strong CUNA push

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The Consumer Financial Protection Bureau (CFPB) issued a proposed rule on Home Mortgage Disclosure Act (HMDA) reporting requirements Thursday, as well as an Advance Notice of Proposed Rulemaking (ANPR) about the costs and benefits of collecting HMDA data.CUNA has repeatedly called on the CFPB to raise the closed-end mortgage loan and open-end line of credit reporting thresholds to exempt as many credit unions as possible from HMDA reporting. Credit union concerns with the HMDA rule have been discussed in numerous meetings and other communications with Director Kathy Kraninger and her staff.“We thank the CFPB for responding to continued credit union and small lender engagement on this matter and for issuing a proposal to provide some relief from HMDA requirements,” said CUNA President/CEO Jim Nussle. “The HMDA rule has disproportionately burdened credit unions despite no evidence of past wrongful conduct. We look forward to engaging with the CFPB during the rulemaking process and will continue to advocate for the CFPB to increase these thresholds further.last_img read more