Political Quotes

“I thank Chairman Hensarling for his leadership on this issue as well. Mr. Speaker, the Home Mortgage Disclosure Act continues to be an important resource for regulators to identify discriminatory lending activity. But the previous administration's interpretation of the act's reporting requirements has become overly burdensome for smaller financial institutions. Community banks and credit unions are weighed down with the same compliance burdens as larger institutions, without the advantages of massive compliance departments. The Consumer Financial Protection Bureau's rulemaking of October 2015 on the Home Mortgage Disclosure Act would require financial institutions to report 33 new data fields for each borrower, more than double the statutory requirement laid out by Congress on top of an already detailed HMDA data collection requirement. Fortunately, Mr. Emmer's bill, the Home Mortgage Disclosure Adjustment Act, would remove some of the compliance burdens placed on our Nation's smallest financial institutions by exempting depository institutions that have originated fewer than 500 closed-end mortgage loans and fewer than 500 open-end lines of credit from disclosure requirements and maintenance of mortgage loan records under the 2015 HMDA rule. The CFPB's October 2015 rulemaking requires financial institutions to report on over 100 total data points for any loan application, regardless of whether the institution agrees to make the loan or not.…”