Credit unions have until Jan. 21 to comment on rules implementing the Home Mortgage Disclosure Act, as the CFPB says it intends to review recent changes to the rule and evaluate its effectiveness. The evaluation will strengthen the CFPB’s ability to maintain a fair, competitive and non-discriminatory mortgage market, the bureau has stated.
The CFPB is seeking comments on its plans to assess the effectiveness of the HMDA rule, specifically:
- institutional coverage and transactional coverage;
- data points;
- benefits of the new data and disclosure requirements; and
- operational and compliance costs.
HMDA, originally enacted in 1975, requires many lenders to report information about the home loans for which they receive applications or that they originate or purchase. The public and regulators can use the information to monitor whether financial institutions are serving the housing needs of their communities, to assist in distributing public-sector investment so as to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.