The Consumer Financial Protection Bureau (CFPB) finalized a rule today that changes the reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulation. Following the announcement, Credit Union National Association (CUNA) chief advocacy officer Ryan Donovan released a statement:
“Today’s HMDA announcement by the CFPB is extremely disappointing. At a time when the bureau should be working to increase the availability of credit to middle class Americans, they instead continue to impose staggering amounts of regulatory burden for credit unions and other small financial institutions. If the bureau’s intent is to stifle available credit to consumers, they’re succeeding. While Director Cordray continues to publicly state that credit unions in no way contributed to the financial crisis, it’s clear the bureau continues to ignore that very important point in their rulemaking.”