Home Mortgage Disclosure Adjustment Act

Bill 115 hr 2954, also known as the Home Mortgage Disclosure Adjustment Act, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to amend the Home Mortgage Disclosure Act of 1975 in order to adjust the threshold for reporting certain mortgage transactions.

Specifically, the bill proposes to increase the threshold for reporting data on closed-end mortgage loans from 25 to 50 in order to reduce the regulatory burden on smaller financial institutions. This change is intended to provide relief to community banks and credit unions, allowing them to focus on serving their customers rather than on compliance with reporting requirements.

Additionally, the bill includes provisions to require the Consumer Financial Protection Bureau to conduct a study on the impact of the threshold adjustment on the availability of mortgage credit in rural and underserved areas. This study will help to ensure that the changes made by the bill do not have unintended negative consequences on access to mortgage credit for individuals in these areas. Overall, the Home Mortgage Disclosure Adjustment Act aims to strike a balance between reducing regulatory burden on smaller financial institutions and ensuring that access to mortgage credit is not negatively impacted. It is currently being debated in Congress and may undergo further revisions before being voted on.