Finally, HMDA covered financial institutions can view another piece to the never-ending puzzle of HMDA tools from the CFPB. The HMDA Platform was released today for beta testing. Starting with 2017 data collected, financial institutions are required to report HMDA data to the CFPB. The platform must be utilized by all HMDA reportable financial institutions to submit their data required by March 1, 2018. The Bureau did clarify the reason for the release was to […]
Tag: CFPB
FINAL PAYDAY RULES
On October 5, 2017 the Consumer Financial Protection Bureau (CFPB) made available a final new rule, 12 CFR Part 1041 (Regulation OO), for Payday, Vehicle Title and Certain High-Cost Installment Loans. The 1,690 page rule is, for the most part, effective 21months after publication in the Federal Register. The rule is complex and controversial. The development of the rule involved over five years of research, outreach, and a review of more than one million comments […]
CFPB UPDATES HMDA TOOLS
Earlier today the Consumer Financial Protection Bureau (CFPB) updated several Home Mortgage Disclosure Act (HMDA) tools available on their website. The updates are the result of recent amendments to Regulation C. The updated tools (click link to access) include the: 2018 HMDA institutional coverage chart , 2018 HMDA transactional coverage chart , and Key dates timeline . For additional information about recent HMDA revisions click on the following links: Proposed HMDA Disclosure Policy; HMDA Examiner Transaction Testing Guidelines; […]
PROPOSED HMDA DISCLOSURE POLICY
On September 20 the Consumer Financial Protection Bureau (CFPB) published proposed policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the CFPB proposes to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. The Home Mortgage Disclosure Act requires many lenders to report and disclose to the public certain information about their mortgage lending activities. HMDA data is used for a variety of purposes, including: to monitor whether financial […]
REGULATION B FINAL RULE – MONITORING INFORMATION
On September 20, 2017 the Consumer Financial Protection Bureau (CFPB) published final revisions to Regulation B, which implements the Equal Credit Opportunity Act (ECOA), to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. Regulation B includes restrictions regarding lenders’ ability to ask consumers about their race, color, religion, national origin or sex, except in certain circumstances. These circumstances include required collection of the information for some mortgage applications […]