The Dodd-Frank Act has made substantial changes to the Home Mortgage Disclosure Act (HMDA). Now it appears that the regulation writing process is in high gear.
Recently Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), announced his agency is convening a Small Business Review Panel, as required by the Small Business Regulatory Enforcement Fairness Act of 1996 (SBREFA). The convening of a SBREFA panel is a preliminary step in the process of releasing updated HMDA regulations.
The panel is expected to meet in March and complete its work within 60 days. Then proposed revisions to Regulation C, which implements HMDA, are expected later this year.
For more information about the HMDA changes and the SBREFA process:
- Click here for an 80-page outline of the CFPB proposals.
- Click here for a CFPB factsheet about the changes.
- Click here for a list of questions the CFPB is submitting to the SBREFA Panel.
- Click here for a factsheet regarding the SBREFA Panel process.