The House has passed the "Home Mortgage Disclosure Adjustment Act," providing regulatory relief for 3,400 small financial institutions. The legislation amends the Home Mortgage Disclosure Act, which requires depository institutions and other lenders to report certain information on home loans. The new rules would make it easier for consumers to...
The Home Mortgage Disclosure Adjustment Act (HMDA) is a bipartisan piece of legislation that seeks to provide relief for small financial institutions. Since the 2008 financial crisis, the Dodd-Frank Wall Street Reform Act has imposed numerous mandates on community banks, including collecting 48 unique data points on loan applications. In addition...
The Senate is likely to approve H.R. 2954 this week, but there are many issues with this legislation. First, it will not apply to smaller financial institutions. However, smaller institutions may qualify for an exemption under the law. The legislation is designed to improve access to credit for people with bad credit. It is also intended to...