Title: Home Mortgage Disclosure Adjustment Act
Policy area: Finance and Financial Sector

Summary:
Home Mortgage Disclosure Adjustment Act
This bill amends the Home Mortgage Disclosure Act of 1975 to exempt a depository institution from certain records and disclosure requirements: (1) with respect to closed-end mortgage loans, if the depository institution originated fewer than 1,000 such loans in each of the two preceding years; and (2) with respect to open-end lines of credit, if the depository institution originated fewer than 2,000 such lines of credit in each of the two preceding years.
In addition, the bill lessens requirements for depository institutions to itemize and disclose specified mortgage loan data.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2954 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2017

 Mr. Emmer (for himself and Mr. Luetkemeyer) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

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) Loan Volume Threshold.--Section 304 of the Home Mortgage 
Disclosure Act of 1975 (12 U.S.C. 2803) is amended--
            (1) by redesignating subsection (i) as paragraph (2) and 
        adjusting the margin appropriately; and
            (2) by inserting before such paragraph (2) the following:
    ``(i) Exemptions.--
            ``(1) In general.--With respect to a depository 
        institution, the requirements of subsections (a) and (b) shall 
        not apply--
                    ``(A) with respect to closed-end mortgage loans, if 
                such depository institution originated less than 1,000 
                closed-end mortgage loans in each of the two preceding 
                calendar years; and
                    ``(B) with respect to open-end lines of credit, if 
                such depository institution originated less than 2,000 
                open-end lines of credit in each of the two preceding 
                calendar years.''.
    (b) Technical Correction.--Section 304(i)(2) of such Act, as 
redesignated by subsection (a), is amended by striking ``section 
303(2)(A)'' and inserting ``section 303(3)(A)''.
    (c) Data Points.--Section 304(b) of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2803(b)) is amended--
            (1) by striking paragraphs (5) and (6);
            (2) in paragraph (3), by inserting ``and'' at the end; and
            (3) in paragraph (4), by striking ``age.''.
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