CFPB: We’re working to make new HMDA implementation easier

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As critics of the Senate banking bill have rallied in recent weeks, an important argument has begun to gain traction: The legislation would make it easier for banks to discriminate.. Opponents have pointed to a provision that, at first glance, seems straightforward enough – a carve-out for small lenders from certain mortgage data reporting requirements.

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Brown said, "Reducing HMDA reporting will make it easier for lenders to discriminate against people of color, and it will reduce access to credit in small towns and rural areas." He also asked the CFPB to reverse its decision to retire HMDA Explorer, which he said has "made it easier for local organizations without sophisticated data.

CFPB Director: Days Of Protecting Consumers 'Are Over!" The CFPB’s Consumer Complaint Database should be reformed to make the underlying data available only to federal and state agencies, and not to the general public. supervisory authority congress should repeal the CFPB’s supervisory authority.

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Compliance, data security worries top the list. In 2014, 7,062 financial institutions reported information about approximately 11.9 million mortgage applications, preapprovals, and loans. The final rule is supposed to "improve the quality and type" of HMDA data. The CFPB also says it is working to reduce the reporting burden for lenders,

 · The CFPB should delay the 2018 implementation of the new HMDA requirements until borrower privacy is adequately addressed and the industry is better positioned to implement the new requirements. The new requirements should be examined for utility and cost burden, particularly on smaller lending institutions.

This will make it easier to identify new consumer protection concerns as they develop, and to assess whether consumers have equal and fair access to mortgages. For example, while home equity lending surged leading up to the mortgage crisis, it is currently optional for lenders to report home equity lines of credit.

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Process Work: New Data Points. Some examples follow, based on analysis of the CFPB’s HMDA “Small Entity Compliance Guide,” Section 5.8. 4.. Testing and continuous process improvement throughout 2018 will make it much easier to meet the CFPB’s requirement for periodic HMDA data scrubbing.

Hot topics ranged from the future of the Consumer Financial Protection Bureau (CFPB), the role state regulators will play in enforcement, the new hmda implementation rule. the last 5 years made me.