The CFPB today announced that it will undertake a review of its rules implementing the 2015 changes to the Home Mortgage Disclosure Act regulations. As part of the review, the bureau will focus primarily on institutional coverage and transactional coverage, data points, benefits of the new data and disclosure requirements and operational and compliance costs, according to a request for information issued today. Comments will be due 60 days after publication in the Federal Register, and the CFPB said it expects to issue a report on the findings by Jan. 1, 2023.
“The bureau views the assessment as an opportunity to evaluate whether prior HMDA rulemakings have improved upon the data collected, reduced unnecessary burden on financial institutions, and streamlined and modernized the manner in which financial institutions collect and report HMDA data,” the CFPB said. The bureau also acknowledged that it “faces challenges in its assessment, as it may be difficult to quantify certain components such as the benefits of the HMDA rule,” and that “across stakeholders, there is interest and disagreement over certain aspects of the HMDA rule, including thresholds.”
The American Bankers Association is reviewing the RFI and will file comments.