A coalition of House Republicans called on Consumer Financial Protection Bureau Acting Director Mick Mulvaney to delay the effective date of new Home Mortgage Disclosure Act data-collection and -reporting requirements.
Citing a recent ICBA sample that found many community banks are unprepared for the Jan. 1 implementation date, the 28 lawmakers asked for a one-year delay for data collection and reporting while Congress considers ICBA-advocated legislation to exempt low-volume community bank lenders from the HMDA rule. They also cited privacy concerns with releasing HMDA data.
The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) slated to be marked up next week by the Senate Banking Committee would increase HMDA exemption thresholds, as would the ICBA-advocated Home Mortgage Disclosure Adjustment Act (H.R. 2954), which passed the House Financial Services Committee in October. Meanwhile, legislation to provide a one-year compliance grace period is in the works.
ICBA continues working with lawmakers to address the HMDA rule, a key provision in ICBA’s Plan for Prosperity.
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