Mulvaney: CFPB ‘Opening Up’ Rules in Search of ‘Unnecessary Burden’

The Consumer Financial Protection Bureau is revisiting several rules as it considers whether they impose “unnecessary burden or restrict consumer choice,” Acting Director Mick Mulvaney told the House Financial Services Committee today. Specifically, he said, the bureau is revisiting the Home Mortgage Disclosure Act data expansion and its small-dollar loan rule.

“Regarding HMDA, the bureau intends to open a rulemaking to reconsider various aspects of the 2015 HMDA rule, such as reporting thresholds and transactional coverage and reconsider data points not mandated by the Dodd-Frank Act,” Mulvaney said. He also explained that the federal banking agencies’ goal with supervising HMDA compliance is “to help companies identify any weaknesses” and that they “will credit good-faith efforts to comply.”