Home Loan Quality Transparency Act of 2019

Bill: 116-hr-963
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2019-02-05
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

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Housing finance and home ownership
Latest action: action_date: 2019-02-05
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2019-02-05
action_desc: Introduced in House
text: <p><b>Home Loan Quality Transparency Act of 2019 </b></p> <p>This&nbsp;bill expands requirements for public disclosures by depository institutions&nbsp;and credit unions regarding mortgages and home equity lines of credit. Specifically, institutions originating fewer than 500 mortgage loans or open-end lines of credit annually are no longer exempt from certain financial reporting. </p>

tv_txt: I 116th CONGRESS 1st Session H. R. 963 IN THE HOUSE OF REPRESENTATIVES February 5, 2019 Ms. Velázquez (for herself, Mrs. Carolyn B. Maloney of New York , and Mr. Green of Texas ) 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 modify the exemptions from certain disclosure requirements.

1. Short title This Act may be cited as the Home Loan Quality Transparency Act of 2019 . 2. Exemption from certain disclosure requirements (a) In general Section 304 of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2803 ) is amended— (1) by striking subsection (i) and inserting the following: (i) Exemption from certain disclosure requirements The requirements of paragraphs (4), (5), and (6) of subsection (b) shall not apply with respect to any depository institution described in section 303(3)(A) that has total assets, as of the most recent full fiscal year of the institution, of $30,000,000 or less. ; and (2) by striking subsection (o). (b) Technical and conforming amendment Section 104 of the Economic Growth, Regulatory Relief, and Consumer Protection Act ( Public Law 115–174 ; 132 Stat. 1301) is amended by striking subsection (b).