[House Report 115-485]
[From the U.S. Government Publishing Office]


115th Congress     }                                {         Report
                        HOUSE OF REPRESENTATIVES
 2d Session        }                                {         115-485
======================================================================



 
                HOME MORTGAGE DISCLOSURE ADJUSTMENT ACT

                                _______
                                

January 8, 2018.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

                                _______
                                

Mr. Hensarling, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                             together with

                             MINORITY VIEWS

                        [To accompany H.R. 2954]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (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, having considered the same, report 
favorably thereon with an amendment and recommend that the bill 
as amended do pass.
    The amendment is as follows:
  Strike all after the enacting clause and insert the 
following:

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) 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)''.

                          Purpose and Summary

    Introduced on June 20, 2017, by Representative Emmer, the 
``Home Mortgage Disclosure Adjustment Act'' amends the Home 
Mortgage Disclosure Act of 1975 to create an exemption from 
certain records and disclosure requirements for depository 
institutions that have originated in each of the two preceding 
calendar years fewer than 500 closed-end mortgage loans, or 
fewer than 500 open-end lines of credit.

                  Background and Need for Legislation

    In 1975, Congress enacted and President Ford signed into 
law the Home Mortgage Disclosure Act (HMDA). The Federal 
Reserve Board's Regulation C implemented HMDA. On July 21, 
2011, pursuant to Title X of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act the Consumer Financial Protection 
Bureau (CFPB) received the rule-writing authority of Regulation 
C. Over time HMDA has expanded originally aimed at basic 
monitoring and redlining prevention, to one widely used by 
regulators and advocates as a fair lending tool. It requires 
many depository institutions, including banks, savings 
associations, credit unions, and other mortgage lending 
institutions to report information about the home loans that 
they decision, originate, or purchase.
    Section 1094 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (Dodd-Frank Act) directed the Consumer 
Financial Protection Bureau (CFPB) to expand HMDA data 
reporting requirements to include additional information about 
the applicants, lenders, and loans. In October 2015, the CFPB 
released a final rule amending Regulation C, which implements 
the HMDA and requires most lenders to report certain 
information about mortgage applications and loans in efforts to 
create transparency in the mortgage lending process. The final 
rule reflects the CFPB's belief ``that the HMDA data must be 
updated to address the informational shortcomings exposed by 
the financial crisis and to meet the needs of homeowners, 
potential homeowners, and neighborhoods throughout the 
nation.''\1\
---------------------------------------------------------------------------
    \1\See 80 FR 66127
---------------------------------------------------------------------------
    The final rule, among other things, requires covered banks 
and credit unions to collect 48 unique data fields on each 
mortgage loan they make beginning January 1, 2018--more than 
double the number of data fields covered lenders are currently 
required to collect and beyond the number of fields statutorily 
required by the Dodd-Frank Act.
    The cost of compliance for HMDA is so great that many small 
banks are considering whether to abandon the mortgage business 
all-together. This legislation provides much needed regulatory 
relief for smaller institutions if they have originated in each 
of the two preceding calendar years fewer than 500 closed-end 
mortgage loans, and fewer than 500 open-end lines of credit.

                                Hearings

    The Committee on Financial Services held a hearing 
examining matters relating to H.R. 2954 on April 26, 2017, and 
April 28, 2017.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
October 11, 2017, October 12, 2017, and ordered H.R. 2954 to be 
reported favorably to the House as amended by a recorded vote 
of 36 yeas to 24 nays (Record vote no. FC-79), a quorum being 
present. Before the motion to report was offered, the Committee 
adopted an amendment in the nature of a substitute offered by 
Mr. Emmer by voice vote.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. The 
sole recorded vote was on a motion by Chairman Hensarling to 
report the bill favorably to the as amended. The motion was 
agreed to by a recorded vote of 36 yeas to 24 nays (Record vote 
no. FC-79), a quorum being present.


[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]





                      Committee Oversight Findings

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the findings and recommendations of 
the Committee based on oversight activities under clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
are incorporated in the descriptive portions of this report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee states that H.R. 2954 
will amend the Home Mortgage Disclosure Act of 1975 by 
providing for a limited exemption from disclosure requirements 
for small depository institutions.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee adopts as its 
own the estimate of new budget authority, entitlement 
authority, or tax expenditures or revenues contained in the 
cost estimate prepared by the Director of the Congressional 
Budget Office pursuant to section 402 of the Congressional 
Budget Act of 1974.

                 Congressional Budget Office Estimates

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:

                                     U.S. Congress,
                               Congressional Budget Office,
                                  Washington, DC, December 5, 2017.
Hon. Jeb Hensarling,
Chairman, Committee on Financial Services, House of Representatives, 
        Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 2954, the Home 
Mortgage Disclosure Adjustment Act.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Stephen 
Rabent.
            Sincerely,
                                                Keith Hall,
                                                          Director.
    Enclosure.

H.R. 2954--Home Mortgage Disclosure Adjustment Act

    Under current law, depository institutions are required to 
collect and periodically report to federal financial regulatory 
agencies information related to the number and dollar value of 
closed-end loans and open-end lines of credit that those 
institutions originate or purchase each year.\1\ Depository 
institutions now must itemize and disclose that information in 
numerous categories. The Consumer Financial Protection Bureau 
(CFPB) currently exempts some institutions from reporting 
information about closed-end loans or open-end lines of credit 
if the number of loans or accounts is below a threshold for 
each type of credit instrument. H.R. 2954 would modify the 
thresholds to qualify for an exemption from some of the 
reporting requirements.
---------------------------------------------------------------------------
    \1\Closed-end loans, such as mortgages and car loans, are acquired 
for a particular purpose and for a set period. Open-end lines of 
credit, such as credit card accounts, are not restricted to a specific 
use or duration.
---------------------------------------------------------------------------
    Using information from CFPB, CBO estimates that enacting 
H.R. 2954 would cost the agency $1 million over the 2018-2027 
period to complete a rulemaking and update its data collection 
systems. Those costs are recorded in the budget as direct 
spending. Because enacting H.R. 2954 would affect direct 
spending, pay-as-you-go procedures apply. Enacting the bill 
would not affect revenues.
    CBO estimates that enacting H.R. 2954 would not increase 
net direct spending or on-budget deficits in any of the four 
consecutive 10-year periods beginning in 2028.
    H.R. 2954 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act.
    The CBO staff contact for this estimate is Stephen Rabent. 
The estimate was approved by H. Samuel Papenfuss, Deputy 
Assistant Director for Budget Analysis.

                       Federal Mandates Statement

    This information is provided in accordance with section 423 
of the Unfunded Mandates Reform Act of 1995.
    The Committee has determined that the bill does not contain 
Federal mandates on the private sector. The Committee has 
determined that the bill does not impose a Federal 
intergovernmental mandate on State, local, or tribal 
governments.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of the section 
102(b)(3) of the Congressional Accountability Act.

                         Earmark Identification

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill and states that the provisions of 
the bill do not contain any congressional earmarks, limited tax 
benefits, or limited tariff benefits within the meaning of the 
rule.

                    Duplication of Federal Programs

    In compliance with clause 3(c)(5) of rule XIII of the Rules 
of the House of Representatives, the Committee states that no 
provision of the bill establishes or reauthorizes: (1) a 
program of the Federal Government known to be duplicative of 
another Federal program; (2) a program included in any report 
from the Government Accountability Office to Congress pursuant 
to section 21 of Public Law 111-139; or (3) a program related 
to a program identified in the most recent Catalog of Federal 
Domestic Assistance, published pursuant to the Federal Program 
Information Act (Pub. L. No. 95-220, as amended by Pub. L. No. 
98-169).

                   Disclosure of Directed Rulemaking

    Pursuant to section 3(i) of H. Res. 5, (115th Congress), 
the following statement is made concerning directed 
rulemakings: The Committee estimates that the bill requires no 
directed rulemakings within the meaning of such section.

             Section-by-Section Analysis of the Legislation


Section 1. Short title

    This section cites H.R. 2954 as the ``Home Mortgage 
Disclosure Adjustment Act.''

Section 2. Depository institutions subject to maintenance of records 
        and disclosure requirements

    This section amends the Home Mortgage Disclosure Act of 
1975 to exempt a depository institution from maintenance of 
mortgage loan records and disclosure requirements: (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; or (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.

         Changes in Existing Law Made by the Bill, as Reported

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic, and existing law in which no 
change is proposed is shown in roman):

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italic, and existing law in which no 
change is proposed is shown in roman):

                  HOME MORTGAGE DISCLOSURE ACT OF 1975



           *       *       *       *       *       *       *
TITLE III--HOME MORTGAGE DISCLOSURE

           *       *       *       *       *       *       *


              maintenance of records and public disclosure

  Sec. 304. (a)(1) Each depository institution which has a home 
office or branch office located within a primary metropolitan 
statistical area, metropolitan statistical area, or 
consolidated metropolitan statistical area that is not 
comprised of designated primary metropolitan statistical areas, 
as defined by the Department of Commerce shall compile and make 
available, in accordance with regulations of the Board, to the 
public for inspection and copying at the home office, and at 
least one branch office within each primary metropolitan 
statistical area, metropolitan statistical area, or 
consolidated metropolitan statistical area that is not 
comprised of designated primary metropolitan statistical areas 
in which the depository institution has an office the number 
and total dollar amount of mortgage loans which were (A) 
originated (or for which the institution received completed 
applications), or (B) purchased by that institution during each 
fiscal year (beginning with the last full fiscal year of that 
institution which immediately preceded the effective date of 
this title).
  (2) The information required to be maintained and made 
available under paragraph (1) shall also be itemized in order 
to clearly and conspicuously disclose the following:
          (A) The number and dollar amount for each item 
        referred to in paragraph (1), by census tracts for 
        mortgage loans secured by property located within any 
        county with a population of more than 30,000, within 
        that primary metropolitan statistical area, 
        metropolitan statistical area, or consolidated 
        metropolitan statistical area that is not comprised of 
        designated primary metropolitan statistical areas, 
        otherwise, by county, for mortgage loans secured by 
        property located within any other county within that 
        standard metropolitan statistical area.
          (B) The number and dollar amount for each item 
        referred to in paragraph (1) for all such mortgage 
        loans which are secured by property located outside 
        that primary metropolitan statistical area, 
        metropolitan statistical area, or consolidated 
        metropolitan statistical area that is not comprised of 
        designated primary metropolitan statistical areas.
For the purpose of this paragraph, a depository institution 
which maintains offices in more than one primary metropolitan 
statistical area, metropolitan statistical area, or 
consolidated metropolitan statistical area that is not 
comprised of designated primary metropolitan statistical areas 
shall be required to make the information required by this 
paragraph available at any such office only to the extent that 
such information relates to mortgage loans which were 
originated or purchased (or for which completed applications 
were received) by an office of that depository institution 
located in the primary metropolitan statistical area, 
metropolitan statistical area, or consolidated metropolitan 
statistical area that is not comprised of designated primary 
metropolitan statistical areas in which the office making such 
information available is located. For purposes of this 
paragraph, other lending institutions shall be deemed to have a 
home office or branch office within a primary metropolitan 
statistical area, metropolitan statistical area, or 
consolidated metropolitan statistical area that is not 
comprised of designated primary metropolitan statistical areas 
if such institutions have originated or purchased or received 
completed applications for at least 5 mortgage loans in such 
area in the preceding calendar year.
  (b) Any item of information relating to mortgage loans 
required to be maintained under subsection (a) shall be further 
itemized in order to disclose for each such item--
          (1) the number and dollar amount of mortgage loans 
        which are insured under title II of the National 
        Housing Act or under title V of the Housing Act of 1949 
        or which are guaranteed under chapter 37 of title 38, 
        United States Code;
          (2) the number and dollar amount of mortgage loans 
        made to mortgagors who did not, at the time of 
        execution of the mortgage, intend to reside in the 
        property securing the mortgage loan;
          (3) the number and dollar amount of home improvement 
        loans;
          (4) the number and dollar amount of mortgage loans 
        and completed applications involving mortgagors or 
        mortgage applicants grouped according to census tract, 
        income level, racial characteristics, age, and gender;
          (5) the number and dollar amount of mortgage loans 
        grouped according to measurements of--
                  (A) the total points and fees payable at 
                origination in connection with the mortgage as 
                determined by the Bureau, taking into account 
                15 U.S.C. 1602(aa)(4);
                  (B) the difference between the annual 
                percentage rate associated with the loan and a 
                benchmark rate or rates for all loans;
                  (C) the term in months of any prepayment 
                penalty or other fee or charge payable on 
                repayment of some portion of principal or the 
                entire principal in advance of scheduled 
                payments; and
                  (D) such other information as the Bureau may 
                require; and
          (6) the number and dollar amount of mortgage loans 
        and completed applications grouped according to 
        measurements of--
                  (A) the value of the real property pledged or 
                proposed to be pledged as collateral;
                  (B) the actual or proposed term in months of 
                any introductory period after which the rate of 
                interest may change;
                  (C) the presence of contractual terms or 
                proposed contractual terms that would allow the 
                mortgagor or applicant to make payments other 
                than fully amortizing payments during any 
                portion of the loan term;
                  (D) the actual or proposed term in months of 
                the mortgage loan;
                  (E) the channel through which application was 
                made, including retail, broker, and other 
                relevant categories;
                  (F) as the Bureau may determine to be 
                appropriate, a unique identifier that 
                identifies the loan originator as set forth in 
                section 1503 of the S.A.F.E. Mortgage Licensing 
                Act of 2008;
                  (G) as the Bureau may determine to be 
                appropriate, a universal loan identifier;
                  (H) as the Bureau may determine to be 
                appropriate, the parcel number that corresponds 
                to the real property pledged or proposed to be 
                pledged as collateral;
                  (I) the credit score of mortgage applicants 
                and mortgagors, in such form as the Bureau may 
                prescribe; and
                  (J) such other information as the Bureau may 
                require.
  (c) Any information required to be compiled and made 
available under this section, other than loan application 
register information under subsection (j), shall be maintained 
and made available for a period of five years after the close 
of the first year during which such information is required to 
be maintained and made available.
  (d) Notwithstanding the provisions of subsection (a)(1), data 
required to be disclosed under this section for 1980 and 
thereafter shall be disclosed for each calendar year. Any 
depository institution which is required to make disclosures 
under this section but which has been making disclosures on 
some basis other than a calendar year basis shall make 
available a separate disclosure statement containing data for 
any period prior to calendar year 1980 which is not covered by 
the last full year report prior to the 1980 calendar year 
report.
  (e) Subject to subsection (h), the Bureau shall prescribe a 
standard format for the disclosures required under this 
section.
  (f) The Federal Financial Institutions Examination Council, 
in consultation with the Secretary, shall implement a system to 
facilitate access to data required to be disclosed under this 
section. Such system shall include arrangements for a central 
depository of data in each primary metropolitan statistical 
area, metropolitan statistical area, or consolidated 
metropolitan statistical area that is not comprised of 
designated primary metropolitan statistical areas. Disclosure 
statements shall be made available to the public for inspection 
and copying at such central depository of data for all 
depository institutions which are required to disclose 
information under this section (or which are exempted pursuant 
to section 306(b)) and which have a home office or branch 
office within such primary metropolitan statistical area, 
metropolitan statistical area, or consolidated metropolitan 
statistical area that is not comprised of designated primary 
metropolitan statistical areas.
  (g) The requirements of subsections (a) and (b) shall not 
apply with respect to mortgage loans that are--
          (1) made (or for which completed applications are 
        received) by any mortgage banking subsidiary of a bank 
        holding company or savings and loan holding company or 
        by any savings and loan service corporation that 
        originates or purchases mortgage loans; and
          (2) approved (or for which completed applications are 
        received) by the Secretary for insurance under title I 
        or II of the National Housing Act.
  (h) Submission to Agencies.--
          (1) In general.--The data required to be disclosed 
        under subsection (b) shall be submitted to the Bureau 
        or to the appropriate agency for the institution 
        reporting under this title, in accordance with rules 
        prescribed by the Bureau. Notwithstanding the 
        requirement of subsection (a)(2)(A) for disclosure by 
        census tract, the Bureau, in consultation with other 
        appropriate agencies described in paragraph (2) and, 
        after notice and comment, shall develop regulations 
        that--
                  (A) prescribe the format for such 
                disclosures, the method for submission of the 
                data to the appropriate agency, and the 
                procedures for disclosing the information to 
                the public;
                  (B) require the collection of data required 
                to be disclosed under subsection (b) with 
                respect to loans sold by each institution 
                reporting under this title;
                  (C) require disclosure of the class of the 
                purchaser of such loans;
                  (D) permit any reporting institution to 
                submit in writing to the Bureau or to the 
                appropriate agency such additional data or 
                explanations as it deems relevant to the 
                decision to originate or purchase mortgage 
                loans; and
                  (E) modify or require modification of 
                itemized information, for the purpose of 
                protecting the privacy interests of the 
                mortgage applicants or mortgagors, that is or 
                will be available to the public.
          (2) Other appropriate agencies.--The appropriate 
        agencies described in this paragraph are--
                  (A) the appropriate Federal banking agencies, 
                as defined in section 3(q) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813(q)), with 
                respect to the entities that are subject to the 
                jurisdiction of each such agency, respectively;
                  (B) the Federal Deposit Insurance Corporation 
                for banks insured by the Federal Deposit 
                Insurance Corporation (other than members of 
                the Federal Reserve System), mutual savings 
                banks, insured State branches of foreign banks, 
                and any other depository institution described 
                in section 303(2)(A) which is not otherwise 
                referred to in this paragraph;
                  (C) the National Credit Union Administration 
                Board with respect to credit unions; and
                  (D) the Secretary of Housing and Urban 
                Development with respect to other lending 
                institutions not regulated by the agencies 
                referred to in subparagraph (A) or (B).
          (3) Rules for modifications under paragraph (1).--
                  (A) Application.--A modification under 
                paragraph (1)(E) shall apply to information 
                concerning--
                          (i) credit score data described in 
                        subsection (b)(6)(I), in a manner that 
                        is consistent with the purpose 
                        described in paragraph (1)(E); and
                          (ii) age or any other category of 
                        data described in paragraph (5) or (6) 
                        of subsection (b), as the Bureau 
                        determines to be necessary to satisfy 
                        the purpose described in paragraph 
                        (1)(E), and in a manner consistent with 
                        that purpose.
                  (B) Standards.--The Bureau shall prescribe 
                standards for any modification under paragraph 
                (1)(E) to effectuate the purposes of this 
                title, in light of the privacy interests of 
                mortgage applicants or mortgagors. Where 
                necessary to protect the privacy interests of 
                mortgage applicants or mortgagors, the Bureau 
                shall provide for the disclosure of information 
                described in subparagraph (A) in aggregate or 
                other reasonably modified form, in order to 
                effectuate the purposes of this title.
  (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.
          [(i)] (3) Exemption from certain disclosure 
        requirements.--The requirements of subsections (b)(4), 
        (b)(5), and (b)(6) shall not apply with respect to any 
        depository institution described in [section 303(2)(A)] 
        section 303(3)(A) which has total assets, as of the 
        most recent full fiscal year of such institution, of 
        $30,000,000 or less.
  (j) Loan Application Register Information.--
          (1) In general.--In addition to the information 
        required to be disclosed under subsections (a) and (b), 
        any depository institution which is required to make 
        disclosures under this section shall make available to 
        the public, upon request, loan application register 
        information (as defined by the Bureau by regulation) in 
        the form required under regulations prescribed by the 
        Board.
          (2) Format of disclosure.--
                  (A) Unedited format.--Subject to subparagraph 
                (B), the loan application register information 
                described in paragraph (1) may be disclosed by 
                a depository institution without editing or 
                compilation and in such formats as the Bureau 
                may require.
                  (B) Protection of applicant's privacy 
                interest.--The Bureau shall require, by 
                regulation, such deletions as the Bureau may 
                determine to be appropriate to protect--
                          (i) any privacy interest of any 
                        applicant, including the deletion of 
                        the applicant's name and identification 
                        number, the date of the application, 
                        and the date of any determination by 
                        the institution with respect to such 
                        application; and
                          (ii) a depository institution from 
                        liability under any Federal or State 
                        privacy law.
                  (C) Census tract format encouraged.--It is 
                the sense of the Congress that a depository 
                institution should provide loan register 
                information under this section in a format 
                based on the census tract in which the property 
                is located.
          (3) Change of form not required.--A depository 
        institution meets the disclosure requirement of 
        paragraph (1) if the institution provides the 
        information required under such paragraph in such 
        formats as the Bureau may require
          (4) Reasonable charge for information.--Any 
        depository institution which provides information under 
        this subsection may impose a reasonable fee for any 
        cost incurred in reproducing such information.
          (5) Time of disclosure.--The disclosure of the loan 
        application register information described in paragraph 
        (1) for any year pursuant to a request under paragraph 
        (1) shall be made--
                  (A) in the case of a request made on or 
                before March 1 of the succeeding year, before 
                April 1 of the succeeding year; and
                  (B) in the case of a request made after March 
                1 of the succeeding year, before the end of the 
                30-day period beginning on the date the request 
                is made.
          (6) Retention of information.--Notwithstanding 
        subsection (c), the loan application register 
        information described in paragraph (1) for any year 
        shall be maintained and made available, upon request, 
        for 3 years after the close of the 1st year during 
        which such information is required to be maintained and 
        made available.
          (7) Minimizing compliance costs.--In prescribing 
        regulations under this subsection, the Bureau shall 
        make every effort to minimize the costs incurred by a 
        depository institution in complying with this 
        subsection and such regulations.
  (k) Disclosure of Statements by Depository Institutions.--
          (1) In general.--In accordance with procedures 
        established by the Bureau pursuant to this section, any 
        depository institution required to make disclosures 
        under this section--
                  (A) shall make a disclosure statement 
                available, upon request, to the public no later 
                than 3 business days after the institution 
                receives the statement from the Federal 
                Financial Institutions Examination Council; and
                  (B) may make such statement available on a 
                floppy disc which may be used with a personal 
                computer or in any other media which is not 
                prohibited under regulations prescribed by the 
                Board.
          (2) Notice that data is subject to correction after 
        final review.--Any disclosure statement provided 
        pursuant to paragraph (1) shall be accompanied by a 
        clear and conspicuous notice that the statement is 
        subject to final review and revision, if necessary.
          (3) Reasonable charge for information.--Any 
        depository institution which provides a disclosure 
        statement pursuant to paragraph (1) may impose a 
        reasonable fee for any cost incurred in providing or 
        reproducing such statement.
  (l) Prompt Disclosures.--
          (1) In general.--Any disclosure of information 
        pursuant to this section or section 310 shall be made 
        as promptly as possible.
          (2) Maximum disclosure period.--
                  (A)  6- and 9-month maximum periods.--Except 
                as provided in subsections (j)(5) and (k)(1) 
                and regulations prescribed by the Bureau and 
                subject to subparagraph (B), any information 
                required to be disclosed for any year beginning 
                after December 31, 1992, under--
                          (i) this section shall be made 
                        available to the public before 
                        September 1 of the succeeding year; and
                          (ii) section 310 shall be made 
                        available to the public before December 
                        1 of the succeeding year.
                  (B) Shorter periods encouraged after 1994.--
                With respect to disclosures of information 
                under this section or section 310 for any year 
                beginning after December 31, 1993, every effort 
                shall be made--
                          (i) to make information disclosed 
                        under this section available to the 
                        public before July 1 of the succeeding 
                        year; and
                          (ii) to make information required to 
                        be disclosed under section 310 
                        available to the public before 
                        September 1 of the succeeding year.
          (3) Improved procedure.--The Federal Financial 
        Institutions Examination Council shall make such 
        changes in the system established pursuant to 
        subsection (f) as may be necessary to carry out the 
        requirements of this subsection.
  (m) Opportunity To Reduce Compliance Burden.--
          (1) In general.--
                  (A) Satisfaction of public availability 
                requirements.--A depository institution shall 
                be deemed to have satisfied the public 
                availability requirements of subsection (a) if 
                the institution compiles the information 
                required under that subsection at the home 
                office of the institution and provides notice 
                at the branch locations specified in subsection 
                (a) that such information is available from the 
                home office of the institution upon written 
                request.
                  (B) Provision of information upon request.--
                Not later than 15 days after the receipt of a 
                written request for any information required to 
                be compiled under subsection (a), the home 
                office of the depository institution receiving 
                the request shall provide the information 
                pertinent to the location of the branch in 
                question to the person requesting the 
                information.
          (2) Form of information.--In complying with paragraph 
        (1), a depository institution shall provide the person 
        requesting the information with a copy of the 
        information requested in such formats as the Bureau may 
        require.
  (n) Timing of Certain Disclosures.--The data required to be 
disclosed under subsection (b) shall be submitted to the Bureau 
or to the appropriate agency for any institution reporting 
under this title, in accordance with regulations prescribed by 
the Bureau. Institutions shall not be required to report new 
data under paragraph (5) or (6) of subsection (b) before the 
first January 1 that occurs after the end of the 9-month period 
beginning on the date on which regulations are issued by the 
Bureau in final form with respect to such disclosures.

           *       *       *       *       *       *       *


                             MINORITY VIEWS

    H.R. 2954, as amended, would harm efforts to identify and 
stop discriminatory lending and violations of fair housing 
laws, as well as the ability to understand lending patterns and 
trends. The bill exempts covered institutions from certain 
records and disclosure requirements related to mortgage lending 
under the Home Mortgage Disclosure Act (HMDA). Specifically, 
the bill would exempt from certain HMDA requirements, 
institutions that originate 500 or fewer closed-end loans, in 
each of the two preceding calendar years as well as 
institutions that originate 500 or fewer open-ended loans, in 
each of the two preceding calendar years. In addition, the bill 
would lessen requirements for depository institutions to 
itemize and disclose specified mortgage loan data.
    Congress originally enacted HMDA in 1975, after finding 
that some depository institutions contributed to the decline of 
certain geographic areas by their failure to meet the housing 
and credit needs of the neighborhoods and communities that they 
were responsible for serving. HMDA provides important 
information to enable public officials to monitor mortgage 
lending patterns and trends, to identify underserved 
communities and populations, and to combat discriminatory 
lending by mortgage creditors. We believe that H.R. 2954 
undermines this statutory purpose.
    The Consumer Financial Protection Bureau (Consumer Bureau), 
which is the entity responsible for implementing HMDA since the 
enactment of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (Dodd-Frank Act), has been mindful to achieve 
the right balance between the need for more robust mortgage 
data and the burdens imposed on industry in collecting and 
reporting the information. The Consumer Bureau issued a final 
rule in October 2015 but, in response to concerns raised by 
community banks and credit unions, adjusted the reporting 
thresholds for open-end mortgage loans in an updated rule, 
which was issued in August 2017. H.R. 2954 would prevent the 
Consumer Bureau from having the discretion to adjust the 
reporting thresholds and data fields going forward. 
Furthermore, while H.R. 2954 would codify the same reporting 
threshold for open-ended lines of credit currently contained in 
the Consumer Bureau's final rule--500 open-end loan 
originations--the Consumer Bureau's change is only a temporary 
adjustment for reporting thresholds in 2018 and 2019 designed 
to give the Bureau additional time to determine whether a 
permanent adjustment is warranted. The Consumer Bureau is still 
in the best position to conduct the research necessary to 
determine what the appropriate thresholds should be for open-
end loans, and that it would be premature to codify that level 
at this time.
    The bill could also eliminate important mortgage data about 
lending patterns and trends in this country, particularly in 
certain low- and moderate-income communities. H.R. 2954 raises 
the reporting requirement threshold for closed-ended lines of 
credit from the 25 originations currently required by the 
Consumer Bureau's final rule to 500 loans. This would exempt a 
vast majority of the nation's mortgage lenders from HMDA 
reporting requirements on closed-end mortgages. The benefits of 
HMDA data, and other tools to help the enforcement of federal 
fair lending laws, are too great to permanently exempt classes 
of institutions or volumes of loans reporting mortgage lending 
data.
    For these reasons, we oppose H.R. 2954.

                                   Maxine Waters.
                                   Nydia M. Velazquez.
                                   Wm. Lacy Clay.
                                   Al Green (TX).
                                   Gwen Moore.
                                   Juan Vargas.
                                   Keith Ellison.
                                   Charlie Crist.
                                   Gregory Meeks.
                                   Carolyn B. Maloney.
                                   Emanuel Cleaver.

                                  [all]