Significant Home Mortgage Disclosure Act Changes Are Coming
In yet another sign of significant impending changes to Home Mortgage Disclosure Act (HMDA) requirements, the Consumer Financial Protection Bureau’s (CFPB) director recently commented on HMDA during a press call.
On February 7, 2014, CFPB Director Richard Cordray issued prepared remarks regarding, in part, upcoming HMDA changes required by the Dodd-Frank Act. Beyond just the amendments stemming from the Dodd-Frank Act, the CFPB may also propose additional changes to HMDA, such as more reporting of pricing and underwriting information and an explanation of rejected loan applications.
In addition, financial institutions might have to report whether they considered a loan to be a “qualified mortgage”.
To help facilitate these potential changes, the CFPB is convening a Small Business Review Panel, which will listen to industry feedback before and during the proposal process.
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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