House Passes ABA-Backed HMDA Reporting Bill

The House tonight passed an American Bankers Association-backed bill that would ease reporting burdens associated with the expanded Home Mortgage Disclosure Act data collection for smaller institutions. H.R. 2954 — introduced by Rep. Tom Emmer (R-Minn.) — passed on a bipartisan 243-184 vote.

Emmer’s bill would specifically exempt small banks and credit unions from HMDA reporting obligations if they have originated 1,000 or fewer closed-end mortgages in each of the two preceding calendar years or 2,000 or fewer open-ended lines of credit in each of the two preceding calendar years.

This article has been updated.