WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Dec. 21 the issuance of a public statement about its intention not require the resubmission of certain data for Home Mortgage Disclosure Act (HMDA) reporting in 2018 and 2019.
The HMDA was enacted in 1975 to oversee information regarding home lending. With the introduction of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB became the agency to obtain the data from lenders—and the amount of data required was expanded.
The CFPB will not require data resubmission for 2018 and 2019 unless lenders have made data errors that are material. Additionally, the bureau will not assess penalties with respect to errors for data collected.
The CFPB also announced it will examine other aspects of a 2015 HMDA rule update. Its public statement about HMDA compliance is available on its website.
The Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration are also coordinating HMDA implementation efforts.