ABA Issues Staff Analysis on HMDA Correction Proposal

The American Bankers Association today issued a members-only staff analysis on the Consumer Financial Protection Bureau’s recent proposal to make technical corrections and clarifications to the data lenders are required to collect and report under the final Home Mortgage Disclosure Act Rule (Regulation C). The staff analysis provides further detail on the proposed changes to defintions, reportable data, bona fide errors, ethnicity and race data collection and uniform loan identifiers.

ABA has worked closely with the CFPB to seek corrections to the HMDA expansion final rule and is collecting feedback from bankers for its comment letter. Comments are due by May 25. For more information or to provide feedback, contact ABA’s Rob Rowe.