Home Mortgage Reporting Relief Act of 2017

Bill: 115-hr-4648
Sponsor: full_name: Rep. Emmer, Tom [R-MN-6]
Introduced: 2017-12-14
Policy area: Housing and Community Development
Latest action: action_date: 2018-01-09
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

Summaries:
action_date: 2017-12-14
action_desc: Introduced in House
text: <p><strong>Home Mortgage Reporting Relief Act of 2017</strong></p> <p>This bill delays the effective date of&nbsp;specified regulations issued by the Consumer Financial Protection Bureau regarding the compilation and reporting of home-mortgage data by&nbsp;depository institutions. The bill also suspends certain&nbsp;home-mortgage data-publishing requirements for depository institutions. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4648 IN THE HOUSE OF REPRESENTATIVES December 14, 2017 Mr. Emmer (for himself and Mr. Hultgren ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To delay the effective date of certain regulations relating to home mortgage disclosures, to suspend certain data sharing requirements, and for other purposes.

1. Short title This Act may be cited as the Home Mortgage Reporting Relief Act of 2017 . 2. Delayed effective date of amendments to regulation relating to home mortgage disclosure (a) Compilation of reportable data Compliance with the amendments made to section 1003.4 of title 12, Code of Federal Regulations, by the final rule issued by the Bureau of Consumer Financial Protection entitled Home Mortgage Disclosure (Regulation C) (80 Fed. Reg. 66310 (October 28, 2015)) and the final rule issued by the Bureau of Consumer Financial Protection entitled Home Mortgage Disclosure (Regulation C) (82 Fed. Reg. 43132 (September 13, 2017)) prior to January 1, 2019, may not serve as the basis of a supervisory or enforcement action taken against any depository institution, and no suit may be filed against any depository institution for a violation of such requirements occurring before such date. (b) Reporting Compliance with the amendments made to section 1003.5 of title 12, Code of Federal Regulations, by the final rules described in subsection (a) prior to January 1, 2020, may not serve as the basis of a supervisory or enforcement action taken against any depository institution, and no suit may be filed against any depository institution for a violation of such requirements occurring before such date. 3. Suspension of data sharing requirements Notwithstanding any other provision of law, including the final rules described in section 1— (1) depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975 (or regulations issued under such Act) any data, other than data that will be compiled in aggregate form as described under section 310 of such Act, that was not required to be published, disclosed, or otherwise made available pursuant to such Act (or regulations issued under such Act) on the day before the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and (2) the Bureau of Consumer Financial Protection and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any data received from depository institutions pursuant to the Home Mortgage Disclosure Act of 1975 (or regulations issued under such Act), other than data that will be compiled in aggregate form as described under section 310 of such Act, that was not required to be reported by depository institutions on the day before the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 4. Depository institution defined For purposes of this Act, the term depository institution has the meaning given such term under section 303 of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2802 ).