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New NAFCU Reg Alert seeks feedback on the CFPB’s HMDA Rule
Earlier this month, the CFPB issued a request for information (RFI) on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rules and evaluate their effectiveness to help strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory mortgage market. In a new Regulatory Alert sent to members last week, NAFCU seeks credit union feedback on RFI.
The Regulatory Alert highlights that the CFPB is voluntarily assessing the HMDA Rule and its effectiveness in meeting its purposes, objectives, and goals and what they find may be used in future rulemaking efforts. In addition, 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.
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.
Comments are due to NAFCU Dec. 30 and can be submitted through the alert; comments are due to the CFPB Jan. 21.
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