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CFPB outlines regulatory flexibility related to Covid-19

On March 26, the CFPB announced several regulatory flexibility measures to help financial companies work with consumers affected by Covid-19. Specifically, the measures postpone certain industry data collections on Bureau-related rules. These include:

"The Home Mortgage Disclosure Act: Common compliance challenges" by Sherry-Maria Safchuk (The Review of Banking & Financial Services)

Since 2015, financial institutions have been inundated with reviewing and implementing numerous changes to the Home Mortgage Disclosure Act (“HMDA”) as required by the Dodd-Frank Act. The act transferred HMDA rulemaking authority to the Bureau of Consumer Financial Protection (“Bureau”), added new data points, and authorized the Bureau to require additional information from covered institutions. Specifically, in 2015, the Bureau issued the 2015 HMDA Final Rule implementing the Dodd-Frank Act amendments to HMDA through Regulation C.

CFPB Resources for HMDA Filers

Home Mortgage Disclosure Act Rule (HMDA) Implementation

Resources to help industry understand, implement, and comply with the Home Mortgage Disclosure Act and Regulation C.

Special Alert: CFPB Adopts Significant Expansion of HMDA Reporting Requirements

On October 15, the Consumer Financial Protection Bureau (the CFPB or Bureau) issued a final rule that will expand the scope of the Home Mortgage Disclosure Act (HMDA) data reporting requirements while seeking to streamline certain existing requirements. Although some of the new data points the Bureau is requiring are expressly mandated by the Dodd-Frank Act, the Bureau is also requiring a significant number of new data points based on discretionary rulemaking authority gran

The CFPB's Proposed HMDA Rule: "Getting It Right" in Light of Major Changes to HDMA

The Consumer Financial Protection Bureau’s (the “Bureau” or the “CFPB”) proposed rule to amend Regulation C (the “HMDA Proposal”) to implement changes to the Home Mortgage Disclosure Act (“HMDA”) will drastically expand the amount of mortgage loan application data that lending institutions will be required to report to financial regulators and, potentially, to the public.

Your Institution's Public HMDA Data and What to Do with It

After reviewing the HMDA data, Waren Traiger has highlighted some of the key fair lending-related findings and provided recommendations lenders should to better understand what their data shows.

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