Learn about the impact of the Regulatory Relief Bill

The bill recently passed by the US Senate, S.2155, has been touted as much needed regulatory relief by community banks and credit unions. This bill would exempt smaller depository institutions from capturing and reporting additional data elements required under the Consumer Financial Protection Bureau’s HMDA rule based on a 500 loan threshold.

The bill now resides at the US House of Representatives for approval or amendment.   The House is expected to take up the bill for discussion in the coming days and may require further votes by both the House and Senate before being sent to President Trump for signing.

In this white paper, QuestSoft examined the latest HMDA data to determine whether the threshold adjustment would produce the benefits or dangers suggested by parties involved. 

Contributing Authors


Loretta Kirkwood
Vice President, Compliance, QuestSoft   

Loretta Kirkwood is a fair and responsible lending expert with over 30 years of experience in the financial services industry. She has extensive experience in developing fair lending, HMDA and CRA risk management programs. Her knowledge of regulations, operations, and technology provide an integrated approach to assisting clients in developing effective data management and analytical programs. She has assisted lenders with enforcement and examination remediation related to fair lending, HMDA and CRA. Loretta is Vice President of Compliance at QuestSoft.


Leonard Ryan
President, QuestSoft Corporation

Leonard Ryan has been associated with the mortgage industry for over 30 years and, for the past 23 years, being a major compliance software leader. He is a frequent speaker at mortgage software and regulatory compliance conferences. Mr. Ryan has been named twice to Mortgage Professional America’s Hot 100 list of Mortgage superstars (2018 & 2016). In January, 2017, he received a Vanguard Award from Housing Wire Magazine. He also is recognized as a MBA Tech All‐Star for his visionary work in the area of mortgage and lending compliance. Leonard is the President of QuestSoft.

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