HMDAA to exempt low-volume community bank mortgage lenders from new HMDA data-collection requirements, which passed on a 36-24 vote - ICBA published this today!

This is GREAT news! What is the threshold for being considered low-volume?

(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.

If by "passed" you mean got out of committee in the house, then yes. It still hasn't been brought to the floor of the House, and the Senate hasn't taken any action on it. I would definitely not rely on this becoming a law prior to the new effective date.

"I'm just a bill.
Yes, I'm only a bill.
And I'm sitting here on Capitol Hill.
Well, it's a long, long journey
To the capital city.
It's a long, long wait
While I'm sitting in committee,
But I know I'll be a law someday
At least I hope and pray that I will,
But today I am still just a bill."

Hey, all I'm saying is that it's a step in the right direction. That can give us hope!

IR I remember that song