Rep. Tom Emmer (R-Minn.) yesterday introduced an American Bankers Association-supported bill that would delay certain aspects of the new Home Mortgage Disclosure Act rules set to take effect next month. The new rules are causing concerns in the industry due to their complexity and overly broad scope.
The Emmer bill would prevent any regulatory enforcement or judicial action from being taken for data collection errors or other difficulties until 2019, and it would prohibit the reporting of any data collected until 2020. ABA is also working with the Consumer Financial Protection Bureau to address concerns raised by the new rules and to reconsider elements. For more information, contact ABA’s Joe Pigg.