February 07, 2014

CFPB eyes expanded HMDA reporting

Feb. 10, 2014 – CFPB is seeking feedback from small businesses on possible changes to information reported under the Home Mortgage Disclosure Act and added features to an online tool for easier access to publicly available HMDA data.

CFPB, in an announcement Friday, said this is a first step in its rulemaking process as it seeks to improve information about access to credit in the residential mortgage market.

"Today we are asking for small businesses to provide feedback on ideas to improve the Home Mortgage Disclosure Act, which monitors the largest consumer financial market in the world," said CFPB Director Richard Cordray. "We want there to be better information, better collection, and better access to this important information."

The Dodd-Frank Act transferred HMDA rulemaking authority to CFPB. It requires that the bureau expand HMDA data to include additional loan information that would be helpful in spotting troublesome trends regarding borrowers' access to credit.

The CFPB announced in January an increase in the asset-size threshold for credit unions and other institutions to be exempt from Regulation C, under HMDA – making the exemption threshold $43 million for 2014.

NAFCU is working with CFPB staff to mitigate the added regulatory burden on credit unions of the provisions of the Dodd-Frank Act.