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
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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