News from Representative Tom Emmer


Just a minute... just a minute. Now, hold on, Mr. Potter. You're right when you say my father was no businessman. I know that. Why he ever started this cheap, penny-ante Building and Loan, I'll never know.. You... you said... what'd you say a minute ago? They had to wait and save their money before they even ought to think of a decent home. Wait? Wait for what? Until their children grow up and leave them? Until they're so old and broken down that they... Do you know how long it takes a working man to save $5,000? Just remember this, Mr. Potter, that this rabble you're talking about... they do most of the working and paying and living and dying in this community. Well, is it too much to have them work and pay and live and die in a couple of decent rooms and a bath?”

-George Bailey to Mr. Potter
It’s a Wonderful Life (1946)

Dear Friend,

Congress is back in full swing, and we are moving full force ahead to accomplish priorities most important to you, the American people, like helping more families become homeowners. Tomorrow my Home Mortgage Disclosure Adjustment Act will be considered on the House Floor. This bill will provide relief to small financial institutions and allow them to help more families in their community achieve their dreams – whether it’s becoming homeowners or starting their own business or buying a car. 

The original 1975 Home Mortgage Disclosure Act (HMDA) was enacted in an effort to root out discriminatory lending practices. While well-intentioned, over the years this law has become more and more expansive.

Then in 2010, when Dodd-Frank directed the Consumer Financial Protection Bureau to increase HMDA data requirements, community banks and credit unions found it impossible to keep up. For each mortgage loan, beginning this month, each of these institutions is required to collect double the information than before, forcing too many family-owned banks and community credit unions to close up shop. These institutions provide important financial tools to our communities, and we must protect their ability to do so.   

Last week, I spoke to the Wall Street Journal about the legislation and what it means for Minnesotans like you – continue reading below to learn more.

TOMORROW: Watch as the House votes on the Home Mortgage Disclosure Adjustment Act live by clicking here.  


Do you have a question about my legislation or a comment about how Dodd-Frank has impacted you? Write me an email by clicking here

ICYMI: Wall Street Journal reports on Emmer’s Home Mortgage Disclosure Act

Lawmakers Seek to Ease Mortgage-Disclosure Rule for Small Lenders
House is expected to vote next week on legislation that offers relief to many community banks, credit unions

By Yuka Hayashi
Wall Street Journal
January 12, 2018

WASHINGTON—The House is expected to vote next week on a bill aimed at easing mortgage-disclosure requirements for smaller lenders.


The legislation would allow a significant proportion of community banks and credit unions to escape reporting requirements that came into effect this month.


The bill introduced by Rep. Tom Emmer (R., Minn.) has a good chance of becoming law because a broad Senate financial-deregulation bill, introduced in November with bipartisan support, includes a similar provision. Mr. Emmer said he expected a few House Democrats to support his bill.

The bill is expected to cover roughly a quarter  of the U.S. mortgage market, Mr. Emmer said in an interview.

“These thresholds will still require the Wells Fargos, Bank of Americas and JPMorgans of the world to report data but it will provide relief to little guys, community banks and credit unions,” he said. 

Financial institutions, particularly community banks and credit unions, have complained about new disclosure requirements, citing compliance costs and data-security concerns. 

The House legislation is endorsed by the National Association of Federally-Insured Credit Unions and the Independent Community Bankers of America.

Read the full article online here.

Update from Washington: 

Did you catch my interview with Roshini on WCCO Radio yesterday? We talked about my Home Mortgage Disclosure Adjustment Act, the 2018 farm bill and my bipartisan Abby Honold Act. 

Click here to listen and follow me on Twitter to learn when I’ll be talking to WCCO or other local media next.

SKOL Vikings!

How about those Vikings? It was so great to watch our Purple People Eaters #BringItHome on Sunday! What an incredible ending to a hard fought game. Our win brings us one step closer to Super Bowl 52 – on to Philadelphia! 

Have a question or comment for me? Send me an email here.


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