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ICBA Sets Record Straight on S. 2155’s HMDA Impact

Washington, DC — The Independent Community Bankers of America® (ICBA) today is clearing up misconceptions about how the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would affect Home Mortgage Disclosure Act reporting. While opponents of S. 2155 falsely claim that the bill would disrupt data collection and reporting on the ethnicity, race and sex of borrowers, it would actually maintain these and other longstanding HMDA data fields.

“It’s time to clear up some of the misinformation that is spreading about S. 2155—it does not at all affect longstanding and already-detailed Home Mortgage Disclosure Act data-collection requirements,” ICBA President and CEO Camden R. Fine said. “Those community banks that have been required to collect and report HMDA data on covered mortgage loans will continue to do so and report on an annual basis as they did for decades until the Consumer Financial Protection Bureau dramatically expanded reporting mandates in 2015. S. 2155 takes a common-sense approach to ensure necessary data will continue to be reported without overburdening low-volume lenders.”

Under S. 2155, lenders would still be required to collect and report the 23 HMDA data fields in place prior to the Consumer Financial Protection Bureau’s 2015 HMDA rule. The S. 2155 provision affecting HMDA reporting exempts certain low-volume community banks with satisfactory or better Community Reinvestment Act ratings only from the 25 additional data fields mandated by the 2015 rule. Under the bipartisan bill, community banks that originate fewer than 500 closed-end mortgage loans or 500 open-ended lines of credit would be exempt from the expanded reporting required by the 2015 rule.

The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.

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