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House Passes HMDA Bill to Raise Reporting Threshold
Friday, January 19, 2018 6:35 AM

Yesterday, the House passed the Home Mortgage Disclosure Adjustment Act (H.R. 2954), legislation introduced by Rep. Tom Emmer (R-Minn.). The bill would raise the reporting threshold for certain HMDA requirements.

“We were pleased to see H.R. 2954 pass the House this week,” said Jim Phelps, Cornerstone chief advocacy officer. “Raising the threshold on reporting requirements will help mitigate the regulatory burdens and increased compliance costs that have plagued credit unions and other community financial institutions since Dodd-Frank. Cornerstone’s advocacy team will continue to press for more regulatory relief in this Congress.” 

Specifically, the bill would raise the threshold that triggers reporting requirements to 1,000 closed-end and 2,000 open-end mortgages. The current threshold is 25.