CFPB issues final rule amending the Home Mortgage Disclosure Act (HMDA)

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On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule with significant amendments to the Home Mortgage Disclosure Act (HMDA). The 796-page document includes new and clarified reporting requirements that are likely to have a major impact on financial institutions. Some key changes include:

New coverage criteria for institutions. The new criteria will significantly increase the number of non-banking institutions that are required to collect and report HMDA data. However, banking institutions that originate a very low number of covered loans (fewer than 25 per year) will no longer be subject to the reporting requirements.

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Regulators Propose New Reporting Requirements for Home Mortgages

Regulators Propose New Reporting Requirements for Home Mortgages

On July 24, 2014, the Consumer Financial Protection Bureau (CFPB) proposed amendments to the Home Mortgage Disclosure Act (HMDA), including new and clarified reporting requirements that could have a major impact on financial services firms. Although the CFPB hinted that a new rule was forthcoming, the size and scope of the proposed changes took many industry observers by surprise.

A detailed document that includes all 573 pages of the proposed rule can be downloaded from the CFPB website; however, the key changes can be summarized and grouped into five broad categories:

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