★ 79–006 

115TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 115–485 

HOME MORTGAGE DISCLOSURE ADJUSTMENT ACT 

JANUARY 8, 2018.—Committed to the Committee of the Whole House on the State 

of the Union and ordered to be printed 

Mr. HENSARLING, from the Committee on Financial Services, 

submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 2954] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Financial Services, to whom was referred the 

bill (H.R. 2954) to amend the Home Mortgage Disclosure Act of 

1975 to specify which depository institutions are subject to the 

maintenance of records and disclosure requirements of such Act, 

and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as 

amended do pass. 

The amendment is as follows: 

Strike all after the enacting clause and insert the following: 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Home Mortgage Disclosure Adjustment Act’’. 

SEC. 2. DEPOSITORY INSTITUTIONS SUBJECT TO MAINTENANCE OF RECORDS AND DISCLOSURE REQUIREMENTS. 

(a) IN GENERAL.—Section 304 of the Home Mortgage Disclosure Act of 1975 (12 

U.S.C. 2803) is amended— 

(1) by redesignating subsection (i) as paragraph (3) and adjusting the margins 

accordingly; and 

(2) by inserting before paragraph (3), as so redesignated, the following: 

‘‘(i) EXEMPTIONS.— 

‘‘(1) CLOSED-END MORTGAGE LOANS.—With respect to a depository institution, 

the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with 

respect to closed-end mortgage loans if the depository institution originated less 

than 500 closed-end mortgage loans in each of the 2 preceding calendar years. 

‘‘(2) OPEN-END LINES OF CREDIT.—With respect to a depository institution, the 

requirements of paragraphs (5) and (6) of subsection (b) shall not apply with 

2 

1See 80 FR 66127 

respect to open-end lines of credit if the depository institution originated less 

than 500 open-end lines of credit in each of the 2 preceding calendar years.’’. 

(b) TECHNICAL CORRECTION.—Section 304(i)(3) of the Home Mortgage Disclosure 

Act of 1975, as so redesignated by subsection (a)(1), is amended by striking ‘‘section 

303(2)(A)’’ and inserting ‘‘section 303(3)(A)’’. 

PURPOSE AND SUMMARY

Introduced on June 20, 2017, by Representative Emmer, the 

‘‘Home Mortgage Disclosure Adjustment Act’’ amends the Home 

Mortgage Disclosure Act of 1975 to create an exemption from certain records and disclosure requirements for depository institutions 

that have originated in each of the two preceding calendar years 

fewer than 500 closed-end mortgage loans, or fewer than 500 openend lines of credit. 

BACKGROUND AND NEED FOR LEGISLATION

In 1975, Congress enacted and President Ford signed into law 

the Home Mortgage Disclosure Act (HMDA). The Federal Reserve 

Board’s Regulation C implemented HMDA. On July 21, 2011, pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act the Consumer Financial Protection Bureau 

(CFPB) received the rule-writing authority of Regulation C. Over 

time HMDA has expanded originally aimed at basic monitoring and 

redlining prevention, to one widely used by regulators and advocates as a fair lending tool. It requires many depository institutions, including banks, savings associations, credit unions, and 

other mortgage lending institutions to report information about the 

home loans that they decision, originate, or purchase. 

Section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Consumer Financial Protection Bureau (CFPB) to expand HMDA data reporting 

requirements to include additional information about the applicants, lenders, and loans. In October 2015, the CFPB released a 

final rule amending Regulation C, which implements the HMDA 

and requires most lenders to report certain information about 

mortgage applications and loans in efforts to create transparency 

in the mortgage lending process. The final rule reflects the CFPB’s 

belief ‘‘that the HMDA data must be updated to address the informational shortcomings exposed by the financial crisis and to meet 

the needs of homeowners, potential homeowners, and neighborhoods throughout the nation.’’ 1

The final rule, among other things, requires covered banks and 

credit unions to collect 48 unique data fields on each mortgage loan 

they make beginning January 1, 2018—more than double the number of data fields covered lenders are currently required to collect 

and beyond the number of fields statutorily required by the DoddFrank Act. 

The cost of compliance for HMDA is so great that many small 

banks are considering whether to abandon the mortgage business 

all-together. This legislation provides much needed regulatory relief for smaller institutions if they have originated in each of the 

two preceding calendar years fewer than 500 closed-end mortgage 

loans, and fewer than 500 open-end lines of credit. 

3 

HEARINGS

The Committee on Financial Services held a hearing examining 

matters relating to H.R. 2954 on April 26, 2017, and April 28, 

2017. 

COMMITTEE CONSIDERATION

The Committee on Financial Services met in open session on October 11, 2017, October 12, 2017, and ordered H.R. 2954 to be reported favorably to the House as amended by a recorded vote of 36 

yeas to 24 nays (Record vote no. FC–79), a quorum being present. 

Before the motion to report was offered, the Committee adopted an 

amendment in the nature of a substitute offered by Mr. Emmer by 

voice vote. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. The sole recorded 

vote was on a motion by Chairman Hensarling to report the bill favorably to the as amended. The motion was agreed to by a recorded 

vote of 36 yeas to 24 nays (Record vote no. FC–79), a quorum being 

present. 

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Insert offset folio 5 HR485.001

Representative Yea 

Mr. Hensarling--------------- X 

Mr. McHenry__________________ -~ 

Mr. KinL.................... )( 

Mr. Royce (CA) .....•......... X 

Mr. Lucas····--·--··-··-····- )( 

Mr. Pearce ------------------- X 

Mr. Posey ·--········-··------ )( 

Mr. Luetkemeyer··--·--------· X 

Mr. Huizenga ---·----------·· X 

Mr. Duffy···------------------ X 

Mr. Stivers----------------··- )( 

Mr. Hultgren .•...•.•.•..••••• X 

Mr. Ross--------------------· X 

Mr. Pittenger----------------- )i 

Mrs. Wagner---··------·----· X 

Mr. Barr--------------------- )( 

Mr. Rothfus ---··-··---------- )( 

Mr. Messer·--····------·····- X 

Mr. Tipton··------------------ )( 

Mr. Williams_________________ )( 

Mr. Poliquin·-·----------·--·· )( 

Mrs. Love·---·-···-···----··· )( Mr.Hill______________________ )( 

Mr. Emmer·------------------ )( Mr. Zeldm ____________ ,.______ )( 

Mr. Trott----------------··-·· )( 

Mr. Loudermilk--------------- )( 

Mr. Mooney (WV)______________ )( 

Mr. MacArthur ............... . 

Mr. Davidson ________________ _ 

Mr. Budd···----·····-·····-·· 

Mr. Kustoff (TNL •........... 

Ms. Tenney __________________ _ 

Mr. Hollingsworth ____________ _ 

Ms. Maxine Waters (CA) ...... . 

Mrs. Carolyn B. Maloney (NYL 

Ms. Velazquez----------------

Mr. Sherman··--·------------

Mr. Meeks·--------·--·-···-·· 

Mr. Capuano-----------··--·· 

Mr. Clay ········-------------

Mr. Lynch •.••.••••••••••••••• 

Mr. David Scott {GA) --------·· 

Mr. AI Green (TX) ..••••••••••• 

Mr. Cleaver •••••••••.•......• 

Ms. Moore ................... . 

Mr. Ellison ••••••.••....•••••• 

Mr. Perlmutter ............... . 

Mr. Himes···-------------·-·· 

Mr. Foster---------------·-··· 

Mr. Kildee ••••.••••••••••••••• 

Mr. Delaney------------------

Ms. Sinema ----········-··-·· 

Mrs. Beatty ·····--··--······-

Mr. Heck--------------------· 

Mr. Vargas--·-···-·----------

Mr. Gottheimer -------------·· 

Mr. Gonzalez (TX) -------------

Mr. Crist·········-··----····· 

Mr. Kihuen ••••••.•.•••••••••• 

Yea Nay Present 

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X 

X 

X 

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X 

X 

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X 

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X 

X 

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COMMITTEE OVERSIGHT FINDINGS

Pursuant to clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the findings and recommendations of the Committee based on oversight activities under clause 2(b)(1) of rule X 

of the Rules of the House of Representatives, are incorporated in 

the descriptive portions of this report. 

PERFORMANCE GOALS AND OBJECTIVES

Pursuant to clause 3(c)(4) of rule XIII of the Rules of the House 

of Representatives, the Committee states that H.R. 2954 will 

amend the Home Mortgage Disclosure Act of 1975 by providing for 

a limited exemption from disclosure requirements for small depository institutions. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

In compliance with clause 3(c)(2) of rule XIII of the Rules of the 

House of Representatives, the Committee adopts as its own the estimate of new budget authority, entitlement authority, or tax expenditures or revenues contained in the cost estimate prepared by 

the Director of the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974. 

CONGRESSIONAL BUDGET OFFICE ESTIMATES

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate provided by 

the Congressional Budget Office pursuant to section 402 of the 

Congressional Budget Act of 1974: 

U.S. CONGRESS, 

CONGRESSIONAL BUDGET OFFICE, 

Washington, DC, December 5, 2017. 

Hon. JEB HENSARLING, 

Chairman, Committee on Financial Services, House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 2954, the Home Mortgage 

Disclosure Adjustment Act. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Stephen Rabent. 

Sincerely, 

KEITH HALL, Director. 

Enclosure. 

H.R. 2954—Home Mortgage Disclosure Adjustment Act 

Under current law, depository institutions are required to collect 

and periodically report to federal financial regulatory agencies information related to the number and dollar value of closed-end 

loans and open-end lines of credit that those institutions originate 

6 

1 Closed-end loans, such as mortgages and car loans, are acquired for a particular purpose and 

for a set period. Open-end lines of credit, such as credit card accounts, are not restricted to a 

specific use or duration. 

or purchase each year.1 Depository institutions now must itemize 

and disclose that information in numerous categories. The Consumer Financial Protection Bureau (CFPB) currently exempts some 

institutions from reporting information about closed-end loans or 

open-end lines of credit if the number of loans or accounts is below 

a threshold for each type of credit instrument. H.R. 2954 would 

modify the thresholds to qualify for an exemption from some of the 

reporting requirements. 

Using information from CFPB, CBO estimates that enacting H.R. 

2954 would cost the agency $1 million over the 2018–2027 period 

to complete a rulemaking and update its data collection systems. 

Those costs are recorded in the budget as direct spending. Because 

enacting H.R. 2954 would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues. 

CBO estimates that enacting H.R. 2954 would not increase net 

direct spending or on-budget deficits in any of the four consecutive 

10-year periods beginning in 2028. 

H.R. 2954 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. 

The CBO staff contact for this estimate is Stephen Rabent. The 

estimate was approved by H. Samuel Papenfuss, Deputy Assistant 

Director for Budget Analysis. 

FEDERAL MANDATES STATEMENT

This information is provided in accordance with section 423 of 

the Unfunded Mandates Reform Act of 1995. 

The Committee has determined that the bill does not contain 

Federal mandates on the private sector. The Committee has determined that the bill does not impose a Federal intergovernmental 

mandate on State, local, or tribal governments. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by this legislation. 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of the section 102(b)(3) of the 

Congressional Accountability Act. 

EARMARK IDENTIFICATION

With respect to clause 9 of rule XXI of the Rules of the House 

of Representatives, the Committee has carefully reviewed the provisions of the bill and states that the provisions of the bill do not 

contain any congressional earmarks, limited tax benefits, or limited 

tariff benefits within the meaning of the rule. 

7 

DUPLICATION OF FEDERAL PROGRAMS

In compliance with clause 3(c)(5) of rule XIII of the Rules of the 

House of Representatives, the Committee states that no provision 

of the bill establishes or reauthorizes: (1) a program of the Federal 

Government known to be duplicative of another Federal program; 

(2) a program included in any report from the Government Accountability Office to Congress pursuant to section 21 of Public 

Law 111–139; or (3) a program related to a program identified in 

the most recent Catalog of Federal Domestic Assistance, published 

pursuant to the Federal Program Information Act (Pub. L. No. 95– 

220, as amended by Pub. L. No. 98–169). 

DISCLOSURE OF DIRECTED RULEMAKING

Pursuant to section 3(i) of H. Res. 5, (115th Congress), the following statement is made concerning directed rulemakings: The 

Committee estimates that the bill requires no directed rulemakings 

within the meaning of such section. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Short title 

This section cites H.R. 2954 as the ‘‘Home Mortgage Disclosure 

Adjustment Act.’’ 

Section 2. Depository institutions subject to maintenance of records 

and disclosure requirements 

This section amends the Home Mortgage Disclosure Act of 1975 

to exempt a depository institution from maintenance of mortgage 

loan records and disclosure requirements: (1) with respect to 

closed-end mortgage loans, if the depository institution originated 

fewer than 500 such loans in each of the two preceding years; or 

(2) with respect to open-end lines of credit, if the depository institution originated fewer than 500 such lines of credit in each of the 

two preceding years. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

and existing law in which no change is proposed is shown in 

roman): 

HOME MORTGAGE DISCLOSURE ACT OF 1975 

* * * * * * * 

8 

TITLE III—HOME MORTGAGE DISCLOSURE 

* * * * * * * 

MAINTENANCE OF RECORDS AND PUBLIC DISCLOSURE

SEC. 304. (a)(1) Each depository institution which has a home office or branch office located within a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary 

metropolitan statistical areas, as defined by the Department of 

Commerce shall compile and make available, in accordance with 

regulations of the Board, to the public for inspection and copying 

at the home office, and at least one branch office within each primary metropolitan statistical area, metropolitan statistical area, or 

consolidated metropolitan statistical area that is not comprised of 

designated primary metropolitan statistical areas in which the depository institution has an office the number and total dollar 

amount of mortgage loans which were (A) originated (or for which 

the institution received completed applications), or (B) purchased 

by that institution during each fiscal year (beginning with the last 

full fiscal year of that institution which immediately preceded the 

effective date of this title). 

(2) The information required to be maintained and made available under paragraph (1) shall also be itemized in order to clearly 

and conspicuously disclose the following: 

(A) The number and dollar amount for each item referred to 

in paragraph (1), by census tracts for mortgage loans secured 

by property located within any county with a population of 

more than 30,000, within that primary metropolitan statistical 

area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary 

metropolitan statistical areas, otherwise, by county, for mortgage loans secured by property located within any other county 

within that standard metropolitan statistical area. 

(B) The number and dollar amount for each item referred to 

in paragraph (1) for all such mortgage loans which are secured 

by property located outside that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. 

For the purpose of this paragraph, a depository institution which 

maintains offices in more than one primary metropolitan statistical 

area, metropolitan statistical area, or consolidated metropolitan 

statistical area that is not comprised of designated primary metropolitan statistical areas shall be required to make the information 

required by this paragraph available at any such office only to the 

extent that such information relates to mortgage loans which were 

originated or purchased (or for which completed applications were 

received) by an office of that depository institution located in the 

primary metropolitan statistical area, metropolitan statistical area, 

or consolidated metropolitan statistical area that is not comprised 

of designated primary metropolitan statistical areas in which the 

office making such information available is located. For purposes of 

this paragraph, other lending institutions shall be deemed to have 

a home office or branch office within a primary metropolitan statisVerDate Sep 11 2014 01:45 Feb 03, 2018 Jkt 079006 PO 00000 Frm 00008 Fmt 6659 Sfmt 6601 E:\HR\OC\HR485S1P.XXX HR485S1P
9 

tical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary 

metropolitan statistical areas if such institutions have originated or 

purchased or received completed applications for at least 5 mortgage loans in such area in the preceding calendar year. 

(b) Any item of information relating to mortgage loans required 

to be maintained under subsection (a) shall be further itemized in 

order to disclose for each such item— 

(1) the number and dollar amount of mortgage loans which 

are insured under title II of the National Housing Act or under 

title V of the Housing Act of 1949 or which are guaranteed 

under chapter 37 of title 38, United States Code; 

(2) the number and dollar amount of mortgage loans made 

to mortgagors who did not, at the time of execution of the 

mortgage, intend to reside in the property securing the mortgage loan; 

(3) the number and dollar amount of home improvement 

loans; 

(4) the number and dollar amount of mortgage loans and 

completed applications involving mortgagors or mortgage applicants grouped according to census tract, income level, racial 

characteristics, age, and gender; 

(5) the number and dollar amount of mortgage loans grouped 

according to measurements of— 

(A) the total points and fees payable at origination in 

connection with the mortgage as determined by the Bureau, taking into account 15 U.S.C. 1602(aa)(4); 

(B) the difference between the annual percentage rate 

associated with the loan and a benchmark rate or rates for 

all loans; 

(C) the term in months of any prepayment penalty or 

other fee or charge payable on repayment of some portion 

of principal or the entire principal in advance of scheduled 

payments; and 

(D) such other information as the Bureau may require; 

and 

(6) the number and dollar amount of mortgage loans and 

completed applications grouped according to measurements 

of— 

(A) the value of the real property pledged or proposed to 

be pledged as collateral; 

(B) the actual or proposed term in months of any introductory period after which the rate of interest may change; 

(C) the presence of contractual terms or proposed contractual terms that would allow the mortgagor or applicant 

to make payments other than fully amortizing payments 

during any portion of the loan term; 

(D) the actual or proposed term in months of the mortgage loan; 

(E) the channel through which application was made, including retail, broker, and other relevant categories; 

(F) as the Bureau may determine to be appropriate, a 

unique identifier that identifies the loan originator as set 

forth in section 1503 of the S.A.F.E. Mortgage Licensing 

Act of 2008; 

10 

(G) as the Bureau may determine to be appropriate, a 

universal loan identifier; 

(H) as the Bureau may determine to be appropriate, the 

parcel number that corresponds to the real property 

pledged or proposed to be pledged as collateral; 

(I) the credit score of mortgage applicants and mortgagors, in such form as the Bureau may prescribe; and 

(J) such other information as the Bureau may require. 

(c) Any information required to be compiled and made available 

under this section, other than loan application register information 

under subsection (j), shall be maintained and made available for a 

period of five years after the close of the first year during which 

such information is required to be maintained and made available. 

(d) Notwithstanding the provisions of subsection (a)(1), data required to be disclosed under this section for 1980 and thereafter 

shall be disclosed for each calendar year. Any depository institution 

which is required to make disclosures under this section but which 

has been making disclosures on some basis other than a calendar 

year basis shall make available a separate disclosure statement 

containing data for any period prior to calendar year 1980 which 

is not covered by the last full year report prior to the 1980 calendar 

year report. 

(e) Subject to subsection (h), the Bureau shall prescribe a standard format for the disclosures required under this section. 

(f) The Federal Financial Institutions Examination Council, in 

consultation with the Secretary, shall implement a system to facilitate access to data required to be disclosed under this section. Such 

system shall include arrangements for a central depository of data 

in each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not 

comprised of designated primary metropolitan statistical areas. 

Disclosure statements shall be made available to the public for inspection and copying at such central depository of data for all depository institutions which are required to disclose information 

under this section (or which are exempted pursuant to section 

306(b)) and which have a home office or branch office within such 

primary metropolitan statistical area, metropolitan statistical area, 

or consolidated metropolitan statistical area that is not comprised 

of designated primary metropolitan statistical areas. 

(g) The requirements of subsections (a) and (b) shall not apply 

with respect to mortgage loans that are— 

(1) made (or for which completed applications are received) 

by any mortgage banking subsidiary of a bank holding company or savings and loan holding company or by any savings 

and loan service corporation that originates or purchases mortgage loans; and 

(2) approved (or for which completed applications are received) by the Secretary for insurance under title I or II of the 

National Housing Act. 

(h) SUBMISSION TO AGENCIES.— (1) IN GENERAL.—The data required to be disclosed under 

subsection (b) shall be submitted to the Bureau or to the appropriate agency for the institution reporting under this title, 

in accordance with rules prescribed by the Bureau. Notwithstanding the requirement of subsection (a)(2)(A) for disclosure 

11 

by census tract, the Bureau, in consultation with other appropriate agencies described in paragraph (2) and, after notice and 

comment, shall develop regulations that— 

(A) prescribe the format for such disclosures, the method 

for submission of the data to the appropriate agency, and 

the procedures for disclosing the information to the public; 

(B) require the collection of data required to be disclosed 

under subsection (b) with respect to loans sold by each institution reporting under this title; 

(C) require disclosure of the class of the purchaser of 

such loans; 

(D) permit any reporting institution to submit in writing 

to the Bureau or to the appropriate agency such additional 

data or explanations as it deems relevant to the decision 

to originate or purchase mortgage loans; and 

(E) modify or require modification of itemized information, for the purpose of protecting the privacy interests of 

the mortgage applicants or mortgagors, that is or will be 

available to the public. 

(2) OTHER APPROPRIATE AGENCIES.—The appropriate agencies described in this paragraph are— 

(A) the appropriate Federal banking agencies, as defined 

in section 3(q) of the Federal Deposit Insurance Act (12 

U.S.C. 1813(q)), with respect to the entities that are subject to the jurisdiction of each such agency, respectively; 

(B) the Federal Deposit Insurance Corporation for banks 

insured by the Federal Deposit Insurance Corporation 

(other than members of the Federal Reserve System), mutual savings banks, insured State branches of foreign 

banks, and any other depository institution described in 

section 303(2)(A) which is not otherwise referred to in this 

paragraph; 

(C) the National Credit Union Administration Board 

with respect to credit unions; and 

(D) the Secretary of Housing and Urban Development 

with respect to other lending institutions not regulated by 

the agencies referred to in subparagraph (A) or (B). 

(3) RULES FOR MODIFICATIONS UNDER PARAGRAPH (1).— (A) APPLICATION.—A modification under paragraph 

(1)(E) shall apply to information concerning— 

(i) credit score data described in subsection (b)(6)(I), 

in a manner that is consistent with the purpose described in paragraph (1)(E); and 

(ii) age or any other category of data described in 

paragraph (5) or (6) of subsection (b), as the Bureau 

determines to be necessary to satisfy the purpose described in paragraph (1)(E), and in a manner consistent with that purpose. 

(B) STANDARDS.—The Bureau shall prescribe standards 

for any modification under paragraph (1)(E) to effectuate 

the purposes of this title, in light of the privacy interests 

of mortgage applicants or mortgagors. Where necessary to 

protect the privacy interests of mortgage applicants or 

mortgagors, the Bureau shall provide for the disclosure of 

information described in subparagraph (A) in aggregate or 

12 

other reasonably modified form, in order to effectuate the 

purposes of this title. 

(i) EXEMPTIONS.— (1) CLOSED-END MORTGAGE LOANS.—With respect to a depository institution, the requirements of paragraphs (5) and (6) of 

subsection (b) shall not apply with respect to closed-end mortgage loans if the depository institution originated less than 500 

closed-end mortgage loans in each of the 2 preceding calendar 

years. 

(2) OPEN-END LINES OF CREDIT.—With respect to a depository 

institution, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the depository institution originated less than 500 open-end 

lines of credit in each of the 2 preceding calendar years. 

ø(i)¿ (3) EXEMPTION FROM CERTAIN DISCLOSURE REQUIREMENTS.—The requirements of subsections (b)(4), (b)(5), and 

(b)(6) shall not apply with respect to any depository institution 

described in øsection 303(2)(A)¿ section 303(3)(A) which has 

total assets, as of the most recent full fiscal year of such institution, of $30,000,000 or less. 

(j) LOAN APPLICATION REGISTER INFORMATION.— (1) IN GENERAL.—In addition to the information required to 

be disclosed under subsections (a) and (b), any depository institution which is required to make disclosures under this section 

shall make available to the public, upon request, loan application register information (as defined by the Bureau by regulation) in the form required under regulations prescribed by the 

Board. 

(2) FORMAT OF DISCLOSURE.— 

(A) UNEDITED FORMAT.—Subject to subparagraph (B), 

the loan application register information described in paragraph (1) may be disclosed by a depository institution 

without editing or compilation and in such formats as the 

Bureau may require. 

(B) PROTECTION OF APPLICANT’S PRIVACY INTEREST.—The 

Bureau shall require, by regulation, such deletions as the 

Bureau may determine to be appropriate to protect— 

(i) any privacy interest of any applicant, including 

the deletion of the applicant’s name and identification 

number, the date of the application, and the date of 

any determination by the institution with respect to 

such application; and 

(ii) a depository institution from liability under any 

Federal or State privacy law. 

(C) CENSUS TRACT FORMAT ENCOURAGED.—It is the sense 

of the Congress that a depository institution should provide loan register information under this section in a format based on the census tract in which the property is located. 

(3) CHANGE OF FORM NOT REQUIRED.—A depository institution meets the disclosure requirement of paragraph (1) if the 

institution provides the information required under such paragraph in such formats as the Bureau may require 

(4) REASONABLE CHARGE FOR INFORMATION.—Any depository 

institution which provides information under this subsection 

13 

may impose a reasonable fee for any cost incurred in reproducing such information. 

(5) TIME OF DISCLOSURE.—The disclosure of the loan application register information described in paragraph (1) for any 

year pursuant to a request under paragraph (1) shall be 

made— 

(A) in the case of a request made on or before March 1 

of the succeeding year, before April 1 of the succeeding 

year; and 

(B) in the case of a request made after March 1 of the 

succeeding year, before the end of the 30-day period beginning on the date the request is made. 

(6) RETENTION OF INFORMATION.—Notwithstanding subsection (c), the loan application register information described 

in paragraph (1) for any year shall be maintained and made 

available, upon request, for 3 years after the close of the 1st 

year during which such information is required to be maintained and made available. 

(7) MINIMIZING COMPLIANCE COSTS.—In prescribing regulations under this subsection, the Bureau shall make every effort 

to minimize the costs incurred by a depository institution in 

complying with this subsection and such regulations. 

(k) DISCLOSURE OF STATEMENTS BY DEPOSITORY INSTITUTIONS.— (1) IN GENERAL.—In accordance with procedures established 

by the Bureau pursuant to this section, any depository institution required to make disclosures under this section— 

(A) shall make a disclosure statement available, upon request, to the public no later than 3 business days after the 

institution receives the statement from the Federal Financial Institutions Examination Council; and 

(B) may make such statement available on a floppy disc 

which may be used with a personal computer or in any 

other media which is not prohibited under regulations prescribed by the Board. 

(2) NOTICE THAT DATA IS SUBJECT TO CORRECTION AFTER

FINAL REVIEW.—Any disclosure statement provided pursuant to 

paragraph (1) shall be accompanied by a clear and conspicuous 

notice that the statement is subject to final review and revision, if necessary. 

(3) REASONABLE CHARGE FOR INFORMATION.—Any depository 

institution which provides a disclosure statement pursuant to 

paragraph (1) may impose a reasonable fee for any cost incurred in providing or reproducing such statement. 

(l) PROMPT DISCLOSURES.— 

(1) IN GENERAL.—Any disclosure of information pursuant to 

this section or section 310 shall be made as promptly as possible. 

(2) MAXIMUM DISCLOSURE PERIOD.— 

(A) 6- AND 9-MONTH MAXIMUM PERIODS.—Except as provided in subsections (j)(5) and (k)(1) and regulations prescribed by the Bureau and subject to subparagraph (B), 

any information required to be disclosed for any year beginning after December 31, 1992, under— 

(i) this section shall be made available to the public 

before September 1 of the succeeding year; and 

14 

(ii) section 310 shall be made available to the public 

before December 1 of the succeeding year. 

(B) SHORTER PERIODS ENCOURAGED AFTER 1994.—With 

respect to disclosures of information under this section or 

section 310 for any year beginning after December 31, 

1993, every effort shall be made— 

(i) to make information disclosed under this section 

available to the public before July 1 of the succeeding 

year; and 

(ii) to make information required to be disclosed 

under section 310 available to the public before September 1 of the succeeding year. 

(3) IMPROVED PROCEDURE.—The Federal Financial Institutions Examination Council shall make such changes in the system established pursuant to subsection (f) as may be necessary 

to carry out the requirements of this subsection. 

(m) OPPORTUNITY TO REDUCE COMPLIANCE BURDEN.— 

(1) IN GENERAL.— (A) SATISFACTION OF PUBLIC AVAILABILITY REQUIREMENTS.—A depository institution shall be deemed to have 

satisfied the public availability requirements of subsection 

(a) if the institution compiles the information required 

under that subsection at the home office of the institution 

and provides notice at the branch locations specified in 

subsection (a) that such information is available from the 

home office of the institution upon written request. 

(B) PROVISION OF INFORMATION UPON REQUEST.—Not 

later than 15 days after the receipt of a written request for 

any information required to be compiled under subsection 

(a), the home office of the depository institution receiving 

the request shall provide the information pertinent to the 

location of the branch in question to the person requesting 

the information. 

(2) FORM OF INFORMATION.—In complying with paragraph 

(1), a depository institution shall provide the person requesting 

the information with a copy of the information requested in 

such formats as the Bureau may require. 

(n) TIMING OF CERTAIN DISCLOSURES.—The data required to be 

disclosed under subsection (b) shall be submitted to the Bureau or 

to the appropriate agency for any institution reporting under this 

title, in accordance with regulations prescribed by the Bureau. Institutions shall not be required to report new data under paragraph 

(5) or (6) of subsection (b) before the first January 1 that occurs 

after the end of the 9-month period beginning on the date on which 

regulations are issued by the Bureau in final form with respect to 

such disclosures. 

* * * * * * * 

(15) 

MINORITY VIEWS 

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. The bill 

exempts covered institutions from certain records and disclosure requirements related to mortgage lending under the Home Mortgage 

Disclosure Act (HMDA). Specifically, the bill would exempt from 

certain HMDA requirements, institutions that originate 500 or 

fewer closed-end loans, in each of the two preceding calendar years 

as well as institutions that originate 500 or fewer open-ended 

loans, in each of the two preceding calendar years. In addition, the 

bill would lessen requirements for depository institutions to itemize 

and disclose specified mortgage loan data. 

Congress originally enacted HMDA in 1975, after finding that 

some depository institutions contributed to the decline of certain 

geographic areas by their failure to meet the housing and credit 

needs of the neighborhoods and communities that they were responsible for serving. HMDA provides important information to enable public officials to monitor mortgage lending patterns and 

trends, to identify underserved communities and populations, and 

to combat discriminatory lending by mortgage creditors. We believe 

that H.R. 2954 undermines this statutory purpose. 

The Consumer Financial Protection Bureau (Consumer Bureau), 

which is the entity responsible for implementing HMDA since the 

enactment of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act), has been mindful to achieve the 

right balance between the need for more robust mortgage data and 

the burdens imposed on industry in collecting and reporting the information. The Consumer Bureau issued a final rule in October 

2015 but, in response to concerns raised by community banks and 

credit unions, adjusted the reporting thresholds for open-end mortgage loans in an updated rule, which was issued in August 2017. 

H.R. 2954 would prevent the Consumer Bureau from having the 

discretion to adjust the reporting thresholds and data fields going 

forward. Furthermore, while H.R. 2954 would codify the same reporting threshold for open-ended lines of credit currently contained 

in the Consumer Bureau’s final rule—500 open-end loan originations—the Consumer Bureau’s change is only a temporary adjustment for reporting thresholds in 2018 and 2019 designed to give 

the Bureau additional time to determine whether a permanent adjustment is warranted. The Consumer Bureau is still in the best 

position to conduct the research necessary to determine what the 

appropriate thresholds should be for open-end loans, and that it 

would be premature to codify that level at this time. 

The bill could also eliminate important mortgage data about 

lending patterns and trends in this country, particularly in certain 

low- and moderate-income communities. H.R. 2954 raises the reVerDate Sep 11 2014 01:45 Feb 03, 2018 Jkt 079006 PO 00000 Frm 00015 Fmt 6604 Sfmt 6604 E:\HR\OC\HR485S1P.XXX HR485S1P
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porting requirement threshold for closed-ended lines of credit from 

the 25 originations currently required by the Consumer Bureau’s 

final rule to 500 loans. This would exempt a vast majority of the 

nation’s mortgage lenders from HMDA reporting requirements on 

closed-end mortgages. The benefits of HMDA data, and other tools 

to help the enforcement of federal fair lending laws, are too great 

to permanently exempt classes of institutions or volumes of loans 

reporting mortgage lending data. 

For these reasons, we oppose H.R. 2954. 

MAXINE WATERS. 

NYDIA M. VELA ́ ZQUEZ. 

WM. LACY CLAY. 

AL GREEN (TX). 

GWEN MOORE. 

JUAN VARGAS. 

KEITH ELLISON. 

CHARLIE CRIST. 

GREGORY MEEKS. 

CAROLYN B. MALONEY. 

EMANUEL CLEAVER. 

Æ