Should we amend the Home Mortgage Disclosure Act to exempt certain financial institutions from disclosure requirements?
Bill Summary
This bill amends the Home Mortgage Disclosure Act of 1975 to exempt small banks and credit unions from certain records and disclosure requirements under the Consumer Financial Protection Bureau’s revised Regulation C final rule. Regulation C requires lending institutions to report public loan data.
Sponsor: Rep. Emmer, Tom [R-MN-6]
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Opponents say
• This bill “would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly by exempting the vast majority of lenders from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)."
• Public officials use this information in distributing public-sector investments so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.
• Public officials use this information in distributing public-sector investments so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.
Proponents say
• This bill will allow community banks and credit unions to spend less of their limited resources on dealing with Washington’s red tape, and instead focus on providing loans to families and business in Minnesota.
• Imposing unnecessary mandates and reporting requirements (like those under regulation C) make it harder for small banks and credit unions to operate, and increase the cost of consumer credit and other small loans. Removing these hurdles helps foster economic growth by making it easier for entrepreneurs and American families to get mortgages, car loans, and the business financing they need .
• The mortgage data available to the Consumer Financial Protection Bureau or the goals of the Home Mortgage Disclosure Act will not be affected by this legislation.
• Imposing unnecessary mandates and reporting requirements (like those under regulation C) make it harder for small banks and credit unions to operate, and increase the cost of consumer credit and other small loans. Removing these hurdles helps foster economic growth by making it easier for entrepreneurs and American families to get mortgages, car loans, and the business financing they need .
• The mortgage data available to the Consumer Financial Protection Bureau or the goals of the Home Mortgage Disclosure Act will not be affected by this legislation.
