The House on Jan. 18 passed legislation that would exempt many credit unions from certain reporting requirements under the Home Mortgage Disclosure Act.
Voting 243-184, the House passed H.R. 2954, which would increase the threshold that triggers HMDA disclosures to 1,000 closed-end and 2,000 open-end mortgages.
The current threshold is 25. Credit union trade groups supported the legislation.
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In pushing the bill, Republicans emphasized the legislation would ease the regulatory burdens that financial institutions face.
"Community banks and credit unions are weighed down with the same compliance burdens as larger institutions, without the advantages of massive compliance departments," Rep. Scott Tipton (R-Colo.) said.
House Financial Services Chairman Jeb Hensarling (R-Texas) blamed the CFPB for increasing the burden and said the agency went beyond what Dodd-Frank mandated.
"But like many things the CFPB is involved in, the rule went far, far beyond what was originally intended by Congress, and effects have far-reaching and negative consequences on community financial institutions and home buyers," he said.
However, Financial Services ranking member Maxine Waters (D-Calif.) said the data being collected is crucial.
Credit union trade groups applauded passage of the legislation.
"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," NAFCU President/CEO B. Dan Berger said.
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