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CU reps to testify at Fed July HMDA hearing
WASHINGTON (7/2/10)--A pair of credit union representatives will be among those testifying at a July 15 Federal Reserve Board public hearing on the Home Mortgage Disclosure Act (HMDA). The credit union representatives, who were recommended to the Fed by the Credit Union National Association, are American Airlines FCU’s Vice President and General Counsel Faith Anderson and State Employees CU Senior Vice President Phil Greer. The HMDA requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. The hearing will be held at the Federal Reserve Bank of Atlanta. The Fed has planned additional hearings San Francisco on Aug. 5, in Chicago on Sept. 16, and in Washington, D.C. on Sept. 24. The hearings, which were announced by the Fed earlier this year, are meant to evaluate whether the 2002 revisions to Regulation C, which required lenders to report mortgage pricing data, helped provide useful and accurate information about the mortgage market. The hearings are also aimed at helping the agency assess the need for additional data and other improvements and identify emerging mortgage market issues. Although additional information may improve the usefulness of the HMDA data, the Fed also has recognized that this would increase compliance burdens and costs and may pose risks to consumer privacy. In conjunction with these hearings, the Fed has requested public comment on the various issues that will be the subject of these hearings, and the Credit Union National Association will submit a comment letter. After the HMDA hearings, the Fed may issue a plan that incorporates changes addressed in these hearings and comments received.


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