Regulatory News

HMDA enforcement defanged by Trump-led regulators

Added on December 28, 2017

HMDA enforcement defanged by Trump-led regulators

December 22, 2018  It's been a major issue for our industry. In fact, one of our feature stories for the December magazine, written by our Managing Editor Sarah Wheeler, details the new risks HMDA reporting represents for lenders. And earlier this year HousingWire warned lenders that if they think compliance is hard now, just wait until the new HMDA regulations kick in. Most of the 2015 updates to HMDA take effect in January 2018. However, now, both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau — both now led by Trump-administration leaders (more, below) — announced they will not be assessing penalties on HMDA data collected in 2018 and reported in 2019. What's more, the CFPB also intends to open a rulemaking to reconsider…

Continue Reading ⇢

 

CFPB Issues Public Statement on HMDA Compliance

Added on December 28, 2017

CFPB Issues Public Statement on HMDA Compliance

December 21, 2018  HMDA, which was originally enacted in 1975, requires many lenders to report information with respect to applications they receive for certain types of mortgage loans and certain loans that they purchase. The Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Bureau to expand the data collected and reported under HMDA to include additional information regarding, for example, mortgage loan underwriting and pricing, and authorized the Bureau to require other data. To that end, the Bureau issued a rule in 2015 that requires financial institutions to collect and report additional mortgage information beginning on January 1, 2018.  In August 2017, the Bureau issued a final rule making technical corrections, clarifying certain reporting…

Continue Reading ⇢

 

Agencies release list of distressed or underserved geographies

Added on June 21, 2017

Agencies release list of distressed or underserved geographies

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their CRA regulations. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) website (http://www.ffiec.gov/cra). The designations continue…

Continue Reading ⇢

 

We are proposing changes to Regulation C to help industry comply and are looking for your feedback

Added on April 13, 2017

We are proposing changes to Regulation C to help industry comply and are looking for your feedback

Today we released a proposal to amend Regulation C to provide certain clarifications that would help companies comply with their data reporting requirements.   Regulation C implements the Home Mortgage Disclosure Act (HMDA). The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose information about mortgages. HMDA was originally enacted by Congress in 1975. These public data are important because they help show whether lenders are serving the housing needs of their communities; they give public officials information that helps them make decisions and policies; and they shed light on lending patterns that could be discriminatory.  In October 2015, the Bureau issued the 2015 HMDA Final Rule, after a multi-year policy…

Continue Reading ⇢

 

CFPB Issues Proposal to Clarify Mortgage Data Rule

Added on April 13, 2017

CFPB Issues Proposal to Clarify Mortgage Data Rule

Proposal Would Clarify Requirements and Help Companies Comply WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The changes proposed today would help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they are required to collect and report about their mortgage lending. "The Home Mortgage Disclosure Act shines a much-needed spotlight on the mortgage market, which is the largest consumer financial market in the world," said CFPB Director Richard Cordray. "Today's proposal reflects the Bureau's ongoing and substantive engagement with stakeholders in the marketplace, and will help industry meet its new reporting…

Continue Reading ⇢

 

  • Per Page: 
  • « 1 2 3 4 5 6 7 » All
  • Page #: 

Schedule a free online demonstration to see what Comply HMDA/CRA can do for you!

Free HMDA/CRA Demo Contact Us