ABA Banking Journal
The Consumer Financial Protection Bureau has requested feedback on its guidelines for when financial institutions must resubmit erroneous Home Mortgage Disclosure Act data.
Under its final HMDA rule in October expanding the categories of data collected, the CFPB required lenders to resubmit data if errors exceeded certain percentages of the HMDA loan/application register or certain percentages of entries within an individual data field. The percentages vary based on the number of loans institutions report.
The bureau is asking for feedback on whether it should continue to use error percentage thresholds, how these thresholds should be calculated and differentiated and whether it should require different thresholds for institutions with lower volume, among other questions. It also is seeking additional comments on the bureau’s HMDA review and error correction procedures. Comments will be due 60 days after the request is published in the Federal Register.