5 Tips To Prepare For New HMDA Reporting

Law360, New York (August 15, 2016, 2:46 PM EDT) -- Kitty Ryan

Sherry-Maria Safchuk Last October, the Consumer Financial Protection Bureau published a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The CFPB drafted the amendments in response to specific congressional directives in the Dodd-Frank Wall Street Reform and Consumer Protection Act, and under its discretionary authority to implement HMDA through Regulation C. Broadly, the new rules change:

Who must report HMDA data, by setting uniform loan-volume thresholds for depository and nondepository institutions, including thresholds for open-end lines of credit The data elements that must be reported, by adding new data elements and modifying existing ones What...

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