WASHINGTON–CUNA said it is “extremely” disappointed in the final rule issued by the Consumer Financial Protection Bureau (CFPB) around reporting requirements of the Home Mortgage Disclosure Act (HMDA) regulation.
“Today’s HMDA announcement by the CFPB is extremely disappointing,” said Chief Advocacy Officer Ryan Donovan. “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 (Richard) 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.”