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Consumer Financial Protection Bureau rethinking HMDA reporting requirements

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Consumer Financial Protection Bureau rethinking HMDA reporting requirements

The Consumer Financial Protection Bureau intends to reconsider aspects of its 2015 rule regarding Home Mortgage Disclosure Act data collection, with a focus on lending-activity criteria that determines if an institution needs to supply mortgage data.

Furthermore, the CFPB does not intend to request resubmissions in its 2019 data collection of 2018 data — unless errors are considered material — and it does not plan on levying any penalties due to errors in that year's submissions.

Under the rule, applicable financial institutions are required to provide additional information about their mortgage underwriting and pricing, such as applicants' debt-to-income ratio, interest rates and discount points charged for the loan. The expansion was directed by the post-crisis Dodd-Frank financial reforms.

The regulator also plans to look at requirements that compel companies to report certain types of transactions and the information required of companies beyond what is spelled out in the Dodd-Frank Act.

The CFPB said it is coordinating similar announcements with the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the National Credit Union Administration.

It is one of the first indications of upcoming rulemaking for the bureau since its inaugural director, Richard Cordray, left the role and Office of Management and Budget Director Mick Mulvaney took the reins on an interim basis.