Credit Union National Association (CUNA) applauded the Consumer Financial Protection Bureau (CFPB) revisiting certain aspects of data reporting requirements for the Home Mortgage Disclosure Act (HMDA).
The bureau said last week that it will not assess penalties for errors in data collected in 2018. The CFPB also stated that it intends to open a rulemaking to reconsider various aspects of its 2015 HMDA rule. Specifically, it may re-examine criteria that determine whether institutions are required to report mortgage data.
“This is a significant win for credit unions, as CUNA has urged the bureau for years for relief from HMDA requirements that place a heavy burden on credit unions,” CUNA President and CEO Jim Nussle said. “Credit unions will be unduly burdened by the data reporting requirements finalized in October 2015, and CUNA will fully engage with the bureau during this rulemaking process to ease these reporting requirements on credit unions.”
CUNA recently came out in favor of a bill to delay HMDA reporting requirements until Jan. 1, 2019. This would postpone the first mandatory reporting date until March 2020.
The bureau may also look at changing the rule that requires data points beyond those specified in the Dodd-Frank Act. CUNA said the October 2015 HMDA rule calls for reporting of twice as many data points as Dodd-Frank requires.