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CUNA pushes for CFPB HMDA changes in advance of final rule

first_imgCUNA has taken another proactive measure on behalf of credit unions by urging the exemption of credit unions from certain new Home Mortgage Disclosure Act (HMDA) Regulation C data reporting requirements in a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray.In Thursday’s letter to Cordray, CUNA President/CEO Jim Nussle reiterated concerns about “particularly burdensome and prohibitive consequences on credit unions and their members” and urged that the CFPB require collection and reporting of only those data points required by the Dodd-Frank Wall Street Reform and Consumer Protection Act amendments to the HMDA.The CFPB, as required by the Dodd-Frank Act, unveiled proposed HMDA changes in July. The proposed changes include revising the tests for determining which institutions are covered under HMDA and requiring more data points to be reported.Although CUNA “understands the purpose behind HMDA reporting and recognizes the significance HMDA data has in showing how financial institutions are serving the housing needs of their communities,” wrote Nussle, “my concern is that the bureau has gone far beyond the purpose of the statute resulting in a proposed rule that would be detrimental to credit unions and their members.” continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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