CFPB Issues HMDA Public Statement

On December 21, 2017, the CFPB issued a public statement with respect to the recently effective HMDA rule. For HMDA data collected in 2018 and reported in 2019, “the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.” Examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts. The complete public statement is available here:

http://files.consumerfinance.gov/f/documents/cfpb_statement-with-respect-to-hmda-implementation_122017.pdf

 

If news of this announcement was an early holiday gift, consider the offering of our new HMDA Guidebook as a contribution to your institution’s best year yet for consumer compliance excellence! Current clients, your copy is on its way!  For our other friends, to request a complimentary copy, please contact me at Marissa@bankersadvisory.com.

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Marissa Blundell, JD, principal, services as CLA Bankers Advisory’s chief operating officer, overseeing all quality control and compliance assessment services. She is a graduate of Skidmore College and New England School of Law. She is admitted to the Massachusetts Bar. Marissa provides compliance training to clients, conducts public training webinars, and speaks at state and regional industry events. She is co-chair of the Massachusetts Mortgage Bankers Association Legislative Committee and is a member of the Mortgage Action Alliance Steering Committee and the national Mortgage Bankers Association's Quality Assurance Committee.

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