Credit Union trade organizations praised the CFPB for its proposal to ease up on Home Mortgage Disclosure Act reporting for home equity lines of credit — then they urged the agency to go further.
In letters sent to the Consumer Finance Protection Bureau in the last week, CUNA and NAFCU said they would prefer the reporting requirement be dropped in its entirety, but if that is not possible, the CFPB should exempt more credit unions.
On July 10, Consumer Financial Protection Bureau Director Richard Cordray proposed raising the home equity line of credit (HELOC) reporting threshold under HMDA, which is designed to prevent discrimination in lending.
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