Home Loan Quality Transparency Act of 2021

Bill: 117-s-767
Sponsor: full_name: Sen. Cortez Masto, Catherine [D-NV]
Introduced: 2021-03-16
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Government information and archives

Housing finance and home ownership
Latest action: action_date: 2021-03-16
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-03-16
action_desc: Introduced in Senate
text: <p><b>Home Loan Quality Transparency Act of 2021 </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: II 117th CONGRESS 1st Session S. 767 IN THE SENATE OF THE UNITED STATES March 16, 2021 Ms. Cortez Masto (for herself, Ms. Smith , Mr. Durbin , Mr. Brown , Ms. Cantwell , Mr. Menendez , Ms. Warren , Ms. Klobuchar , Mr. Blumenthal , and Mrs. Feinstein ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 2021 . 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 ) is amended by striking subsection (b).