Comments Due to NAFCU: CFPB - HMDA Rule Assessment
NAFCU would like to highlight the following:
- The CFPB is voluntarily assessing the HMDA Rule and its effectiveness in meeting its purposes, objectives, and goals. This is not part of any formal or informal rulemaking, but the assessment may be used in future rulemaking efforts.
- The CFPB intends to focus its evaluation for the assessment on institutional and transactional coverage; data points; benefits of the new data and disclosure requirement; and operational and compliance costs.
- The balancing test used to determine whether and how HMDA data should be modified prior to public disclosure is outside the scope of the assessment.
Comments due to NAFCU: December 30, 2021
Comments due to the CFPB: January 21, 2022
NAFCU will send comments on behalf of its members to the CFPB by their deadline (January 21, 2022).