CFPB turns its reg relief focus to HMDA

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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.

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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.

CFPB delays enforcement of HMDA reporting requirements By Stephanie K. Mann, J.D. The Consumer Financial Protection Bureau has announced that it will not require data resubmission under the Home Mortgage Disclosure Act unless data errors are material or assess penalties with respect to errors for data collected in 2018 and reported in 2019.

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The Consumer Financial Protection Bureau (CFPB) plans to further relax its Home Mortgage Disclosure Act (HMDA) rules and may be making additional rule changes in the near future. Earlier this month, the bureau issued a notice stating that it was considering raising the coverage thresholds for collecting and reporting data about closed-end mortgage loans and [.]

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CFPB turns its reg relief focus to 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.

 · Under the current CFPB proposal, that threshold would be extended for two years, at which time it would be set permanently to 200. With many small institutions having exited mortgage-related business lines in response to the onerous HMDA reporting requirements, ABA emphasized that these relief measures would incentivize institutions to begin or restart mortgage lending operations.

Five things every credit union needs to know about new HMDA rules. More from Credit Union Journal. CFPB extends comment period for hmda proposal. proposed hmda changes could offer ‘broad-based relief’ to credit unions. May 10 CFPB turns its reg relief focus to HMDA. May 2 CFPB details what.