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Sen. Mike Rounds Intros HMDA Relief Bill
Thursday, June 8, 2017 6:40 AM

U.S. Sen. Mike Rounds (R-S.D.) introduced a bill that would provide credit unions regulatory relief related to the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Adjustment Act (S. 1310) is also co-sponsored by Sens. Jon Tester (D-Mont.), John Hoeven (R-N.D.), Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.) and John Kennedy (R-La.).

Specifically, the CUNA- and Cornerstone-supported bill would raise the threshold required for HMDA reporting to 500 closed-end mortgages or open-end lines of credit in the each of the past two calendar years. Credit unions below the threshold would be exempt from the reporting requirements.

The Consumer Financial Protection Bureau currently requires credit unions that have originated 25 or more closed-end mortgage loans or 100 open-end mortgages in the prior year to report.