CFPB Issues HMDA Proposal

On April 13th the Consumer Financial Protection Bureau (CFPB) issued a 150 page proposal to help financial institutions comply with the 2015 Home Mortgage Disclosure Act (HMDA) amendments.  Most of the 2015 amendments take effect in January of 2018.  The proposal clarifies terms such as “automated underwriting system” and “temporary financing”.  The proposal also contains transition rules for purchased loans and the utilization of a new online geocoding tool. Comments on the proposal are due 30 days after it is published in the Federal Register.

https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/201704_cfpb_NPRM_HMDA.pdf

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists financial institutions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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