CFPB turns its reg relief focus to HMDA

 · March 1, 2018 by Jaspreet Kaur. The resolution increases the threshold of mortgage originations that must be reached to trigger HMDA reporting. Current law requires that lenders that originate more than 25 loans over the previous two years collect data and report it to the CFPB. The Home Mortgage Disclosure Adjustment Act would increase.

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The consumer financial protection Bureau (CFPB) proposed Friday to temporarily relax the scope of upcoming changes to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), by raising one threshold for HMDA reporting. Under Regulation C amendments previously finalized and scheduled to take effect in 2018, HMDA reporting requirements would apply to any financial institution.

Congress enacted HMDA in 1975 to root out discrimination in mortgage lending. The CFPB and other prudential regulators use the data to examine and identify fair-lending violations. In a notice on its web site announcing the removal of HMDA Explorer, the CFPB said the FFIEC plans to make a new tool available in the coming months.

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Warren W. Traiger was quoted on May 2, 2019 in a National Mortgage News article, "CFPB turns its reg relief focus to HMDA," which discussed the Consumer financial protection bureau’s steps to ease reporting requirements under the Home Mortgage Disclosure Act after the agency has previously.

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Home Federal financial regulation CFPB Payday, HMDA, debt collection rule proposals slated in 2019, bureau says Payday, HMDA, debt collection rule proposals slated in 2019, bureau says. regulatory relief, and consumer protection act (EGRRCPA).. Given the need to focus more resources on HMDA.

CFPB turns its reg relief focus to HMDA The Consumer Financial Protection Bureau proposed steps to ease Home Mortgage Disclosure Act requirements, just days after announcing it was retiring a platform to let users analyze raw mortgage data.

New Government Monitoring Information (GMI) Demographic fields. On September 28, 2016 the CFPB issued a notice detailing its approval of the use of the new 2016 Uniform Residential loan application (urla) for the expanded collection of information relating to ethnicity and race under the Home Mortgage Disclosure Act (HMDA).

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As the assistant director of regulations. of this is when the CFPB proposed earlier this year to broaden its definition of "small creditor" and lenders in "rural" areas, in order to give community.

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