Home Mortgage Disclosure Adjustment Act

Bill: 115-hr-2954
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2017-06-20
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Consumer credit

Executive agency funding and structure

Housing finance and home ownership

Securities and Exchange Commission (SEC)

User charges and fees
Latest action: action_date: 2018-01-19
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-06-20
action_desc: Introduced in House
text: <p><strong>Home Mortgage Disclosure Adjustment Act</strong></p> <p>This&nbsp;bill&nbsp;amends the Home Mortgage Disclosure Act&nbsp;of 1975 to&nbsp;exempt a depository institution&nbsp;from certain records and disclosure&nbsp;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.</p> <p>In addition, the bill lessens requirements for depository institutions to itemize and disclose specified mortgage loan data. </p>

action_date: 2018-01-08
action_desc: Reported to House with amendment(s)
text: <p><strong>Home Mortgage Disclosure Adjustment Act</strong></p> <p>This&nbsp;bill&nbsp;amends the Home Mortgage Disclosure Act&nbsp;of 1975 to&nbsp;exempt a depository institution&nbsp;from certain records and disclosure&nbsp;requirements related to the itemization of loan data: (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; and (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.</p>

action_date: 2018-01-18
action_desc: Passed House amended
text: <p><strong>Home Mortgage Disclosure Adjustment Act</strong></p> <p>(Sec. 2) This&nbsp;bill&nbsp;amends the Home Mortgage Disclosure Act&nbsp;of 1975 to&nbsp;exempt a depository institution&nbsp;from certain records and disclosure&nbsp;requirements related to the itemization of loan data: (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; and (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.</p> <p>(Sec. 3) The amount deposited in the Securities and Exchange Commission Reserve Fund for FY2018 may not exceed $48 million.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2954 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.

1. Short title This Act may be cited as the Home Mortgage Disclosure Adjustment Act . 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. .

tv_txt: IB 115th CONGRESS 2d Session H. R. 2954 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

1. Short title This Act may be cited as the Home Mortgage Disclosure Adjustment Act . 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 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) . 3. Securities and Exchange Commission Reserve Fund Notwithstanding section 4(i)(2)(B)(i) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(i)(2)(B)(i) ), the amount deposited in the Securities and Exchange Commission Reserve Fund for fiscal year 2018 may not exceed $48,000,000.

Passed the House of Representatives January 18, 2018. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 2d Session H. R. 2954 IN THE SENATE OF THE UNITED STATES January 19, 2018 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

1. Short title This Act may be cited as the Home Mortgage Disclosure Adjustment Act . 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 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) . 3. Securities and Exchange Commission Reserve Fund Notwithstanding section 4(i)(2)(B)(i) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(i)(2)(B)(i) ), the amount deposited in the Securities and Exchange Commission Reserve Fund for fiscal year 2018 may not exceed $48,000,000.

Passed the House of Representatives January 18, 2018. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 359 115th CONGRESS 2d Session H. R. 2954 [Report No. 115–485] 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 January 8, 2018 Additional sponsors: Mr. Duffy , Mr. Hill , Mr. Latta , Mr. Arrington , Mr. Smith of Nebraska , and Mr. Ross January 8, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on June 20, 2017 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.

1. Short title This Act may be cited as the Home Mortgage Disclosure Adjustment Act . 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 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) .

January 8, 2018 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed