Legislation is afoot in both the U.S. House of Representatives and the Senate that would significantly expand the scope of lenders exempt from the record keeping and reporting requirements under the Home Mortgage Disclosure Act. In late June, Rep. Tom Emmer, R-MN, introduced H.R. 2954, which would amend HMDA to expand the exemption thresholds that determine which depository institutions are subject to the act’s record maintenance and disclosure requirements. However, the triggers are based on the number of loans originated, not the asset size of the institution. Specifically, the bill would exempt depository institutions that originated fewer than 1,000 closed-end mortgages in each of the two preceding calendar years, and depositories that originated fewer than 2,000 open-end lines of credit ...