House Passes Home Mortgage Disclosure Adjustment Act
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 compare loan offers and make better choices. However, many communities are concerned about the new laws, which could harm their business. This bill would make it easier for consumers to compare the costs and benefits of different loans.
The Act's changes will affect community financial institutions that provide mortgage services. It will raise the thresholds for closed-end loans and open-end lines of credit. In addition, the bill will allow more community financial institutions to be exempt from the new rules. The new thresholds will increase to 500 loans and 500 open-end lines of credit. While these are still far lower than the maximum amounts allowed under the law, the new requirements will make it easier for communities to access affordable mortgages. You may visit this page and find the best hmda audit help online.
The Home Mortgage Disclosure Adjustment Act was passed by the House on January 18, 2018. The bill is intended to help local banks avoid costly lawsuits by preventing banks from hiding information from their customers. It strengthens consumer protection laws by allowing community banks to exempt small-dollar institutions from the Consumer Financial Protection Bureau's revised Regulation C final rule. The Home Mortgage Disclosure Adjustment Act will make it easier for community banks to provide transparency to their customers.
The Act was introduced by U.S. Sens. Mike Rounds and Heidi Heitkamp, members of the Senate Banking Committee. This bipartisan bill would exempt community banks from the Consumer Financial Protection Bureau's new regulation C final rule. This legislation is currently pending in the Senate and would be signed by President Obama. It also has the support of several other senators, including Sens. John Hoeven, Joe Donnelly, and John Kennedy.
The Home Mortgage Disclosure Adjustment Act has bipartisan support. It would exempt community banks from the revised Regulation C final rule. It is currently being considered by the House. The legislation is supported by Rep. Tom Emmer of Minnesota, who represents the Sixth Congressional District. The bill is being reviewed by the Consumer Financial Protection Agency and is currently in the final stages of legislative approval. This bipartisan measure will help consumers make informed decisions about their home loan options. For more details about Home Mortgage Disclosure Adjustment Act, click here: regulatorysol.com.
The Home Mortgage Disclosure Act was first enacted in 1975. The Federal Reserve Board was responsible for implementing the law. The Dodd-Frank Act transferred this authority to the Consumer Financial Protection Bureau. The purpose of the Home Mortgage Disclosure Adjustment Act is to give consumers information about their housing costs and eligibility for government benefits. The information on a mortgage loan may be useful for comparing costs and benefits. By comparing loan rates, consumers can determine which lender is the best. Check out this post for more detailed information on this topic: https://en.wikipedia.org/wiki/Mortgage_loan.