Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I am very pleased to rise today in support of H.R. 2954, the Home Mortgage Disclosure Adjustment Act. H.R. 2954, which was introduced by the gentleman from Minnesota (Mr. Emmer), a very hardworking member of the Financial Services Committee, is a very important piece of legislation that will provide much-needed regulatory relief for our community banks and credit unions from onerous CFPB regulations that are impeding their ability to make home loans to our constituents. On January 1 of this year, draconian changes went into effect related to the Home Mortgage Disclosure Act known as HMDA. These changes, which were mandated by Dodd-Frank and blindly implemented by the CFPB, radically expanded the information that lenders are required to collect, record, and report about mortgage applications and loans. But like many things the CFPB is involved in, the rule went far, far beyond what was originally intended by Congress, and effects have far-reaching and negative consequences on community financial institutions and home buyers. To be more specific, the CFPB's updated HMDA rule now requires financial institutions to collect 48--48--unique, different data fields on each mortgage loan they make. This is more than double--double--the number, Mr. Speaker, of data fields lenders were required to collect before the rule went into effect.…”