Together with four other finance and housing trade associations today, the American Bankers Association wrote to the Consumer Financial Protection Bureau to request a delay of the new Home Mortgage Disclosure Act’s mandatory data collection requirements that are set to take effect Jan. 1, 2018.
The groups noted that several proposed changes to the rule — many of which are substantive — have yet to be finalized and that further changes to the reporting requirements will require additional time for banks to test and implement their reporting processes. They also raised concerns about the protection of consumer financial data, as the CFPB has not yet determined which data points will be made publicly available or how it will maintain the integrity of data that is held privately. The associations further recommended that institutions be given the option to incorporate new data requirements into their data collection for 2018 on a voluntary basis.
ABA and the state bankers associations have sought changes to the final HMDA rule since it was issued in 2015. Today’s letter echoed previous calls from ABA and the state associations for an implementation delay, as well as findings from the recent Treasury report on financial regulation, which raised similar concerns about banks’ ability to comply. For more information, contact ABA’s Rod Alba.
