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 […]
Tag: CFPB
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 […]
HMDA EXAMINER TRANSACTION TESTING GUIDELINES
The Federal Financial Institutions Examination Council (FFIEC) recently issued FFIEC Home Mortgage Disclosure Act Examiner Transaction Testing Guidelines (guidelines). Examiners will use the guidelines to assess the accuracy of data that institutions collect and report under the Home Mortgage Disclosure Act (HMDA). The guidelines, which apply to data collected and reported beginning in 2018: Describe the data sampling process and explain how examination staff go about determining whether errors in each data field reviewed exceed […]
ANNUAL UPDATE TO TILA DOLLAR AMOUNTS
On July 25, 2017 the Consumer Financial Protection Bureau (CFPB) approved a final rule that amends various dollar amounts that impact requirements of the Truth in Lending and Act and Regulation Z. The rule was published on August 30, 2017. This is an annual event. The revised amounts are effective on January 1, 2018. Be sure to update your procedures and systems to reflect the revised amounts as of the effective date. The revised amounts: For […]
FINAL HMDA RULES PUBLISHED
During October 2015 the Consumer Financial Protection Bureau (CFPB) published final rules to amend Regulation C. The rules are effective, for the most part, on January 1, 2018. On April 13, 2017 the CFPB published substantially proposed revisions to the final rules. Again on July 14, 2017 the CFPB published additional changes to the final rules. Today, with the clock racing to the January 1st mandatory compliance date the CFPB published final rules (225 pages) […]