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"We appreciate Congressman Poliquin's continuing to be a strong and reliable vote in support of issues that are important to credit unions and our members," remarked Todd Mason, President of the Maine Credit Union League, after the Congressman voted in support of H.R. 2954 - the Home Mortgage Disclosure Adjustment Act (HMDA). The bill passed the House by a margin of 243-184 late last week.
The bill would raise the reporting threshold for certain HMDA requirements, an issue that your League has discussed with members of our Congressional Delegation previously.
"This bill provides much-needed regulatory relief for credit unions, particularly smaller ones, and we’re pleased to see it pass the House," said CUNA President/CEO Jim Nussle in a statement to your League. "Revised HMDA reporting requirements add to compliance costs for credit unions, and legislation like this would make it easier for credit unions to remain in the mortgage market which will ultimately benefit American consumers."
Specifically, the bill would raise the threshold that triggers reporting requirements to 1,000 closed-end and 2,000 open-end mortgages. The current threshold is 25.
Mason said that the League looks forward to continuing to push for regulatory relief and common-sense regulation when it leads a delegation of more than 100 Maine CU representatives to Washington, D.C., and the Governmental Affairs Conference next month.