Skip to main content

HMDA Exemption Bill Passes the House

Phil Hall
Jan 22, 2018
A coalition of more than 20 financial and real estate trade organizations called on the U.S. Senate to confirm Kathy Kraninger as the next Director of the Consumer Financial Protection Bureau (CFPB)

The House of Representatives voted 243 to 184 to pass the Home Mortgage Disclosure Adjustment Act (HR 2954), which is designed to eliminate compliance regulations imposed on small financial institutions by the Consumer Financial Protection Bureau (CFPB).
 
HR 2954 will exempt from the CFPB's reporting and disclosure requirements institutions that have originated fewer than 500 closed-end mortgage loans and fewer than 500 open-end lines of credit in each of the two preceding calendar years. A companion bill was introduced in the Senate by Idaho Republican Mike Rounds, but it has yet to pass the Senate Banking Committee.
 
“Since the inception of Dodd-Frank, our local small banks and credit unions have been forced to, quite literally, pay the price for a crisis they didn’t create,” said Rep. Tom Emmer (R-MN), who first introduced the Home Mortgage Disclosure Adjustment Act in 2015. “I consistently hear from Minnesota’s small community banks and credit unions who are struggling to keep up with burdensome compliance costs. Some have significantly reduced the amount of mortgages or loans they originate, or even stopped offering mortgages altogether. Americans want the opportunity to achieve the American dream: to own a home, buy a car, or start a business. I am proud the House passed the Home Mortgage Disclosure Adjustment Act to provide relief for these institutions to help make that happen.”

 
Published
Jan 22, 2018
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021
CFPB Finds Evidence Of Redlining And Deceptive Acts In 2020

Enforcement actions resulted in more than $124 million in consumer remediation and civil money penalties in 2020

Regulation and Compliance
Jun 29, 2021