H. R. 2954, Home Mortgage Disclosure Adjustment Act

“This bill would exempt financial institutions that originate less than 500 closed-end mortgage loans or less than 500 open-end lines of credit annually from recordkeeping and disclosure requirements under the Home Mortgage Disclosure Act (HMDA). Currently, institutions are required to periodically report to financial regulators about the number and dollar value of closed-end mortgages and open-end lines of credit originated or purchased each year.” (Source: Countable)

Why Jason Lewis’ vote conflicts with our values.

“H.R. 2954, as amended, would harm efforts to identify and stop discriminatory lending and violations of fair housing laws, as well as the ability to understand lending patterns and trends.” (Source: Minority View, Committee on Financial Services, Report 115-485)

“The bill would undermine efforts to ensure that the nation’s mortgage lenders are serving all segments of the market fairly by exempting the vast majority of lenders from the updated reporting required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). Public officials use this information in distributing public-sector investments so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.”  (Source:  The National Community Reinvestment Coalition)

“Despite the harm posed to low- and moderate-income communities around the country, HR 2954 would permanently raise the threshold for new HMDA data for both mortgage loan type data and lines of credit to 500 without a good understanding about the real impact of doing so. At this level, 85 percent, or 5,400 depository institutions, and 48 percent of nonbanks, or 497 institutions, would be exempt. That’s 6,000 financial institutions that would no longer report important lending data. By prohibiting these important new data fields from being reported under HMDA, regulators will not be able to fully determine the extent of redlining, discrimination, and other harmful practices. This will make it harder for fair lending violations to be detected as HMDA data are routinely used by the Department of Justice to identify and remedy discrimination in lending and these new data fields are essential for shedding light on the kinds of discrimination—like age—that now flies under the radar.”  (Source:  Congresswoman Maxine Waters [D-CA] statement)

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