In October 2015, the CFPB adopted significant changes to the rules under the Home Mortgage Disclosure Act (HMDA). Among the changes, the items of information to be collected and reported under HMDA are greatly expanded, with...more
As expected, the Federal Financial Institution Examination Council (FFIEC) member agencies issued new data resubmission guidelines under the Home Mortgage Disclosure Act (HMDA) effective for the 2018 data collection year. ...more
On August 3, 2017, the Consumer Financial Protection Bureau (CFPB) provided the mortgage industry with a first look at the portal to be used for the reporting of, and public access to, data under the Home Mortgage Disclosure...more
The CFPB issued HMDA Loan Scenarios on July 19, 2017 to provide additional guidance to the industry on reporting transactions under the revised HMDA rule, which has a January 1, 2018 effective date for most provisions....more
As we have previously reported, in October 2015 the CFPB adopted significant revisions to the Home Mortgage Disclosure Act (HMDA) rule, most of which become effective January 1, 2018. Among the revisions, the reporting of...more
The CFPB has updated the Home Mortgage Disclosure Act guidance that is available on its resource webpage for HMDA filers. Updates were made to the Technology Preview, the Filing Instruction Guides for both data collected in...more
Based on the President’s executive order 13772 on The Core Principles for Regulating the United States Financial System, the American Bankers Association (ABA) submitted a white paper to Treasury Secretary Mnuchin that...more
5/18/2017
/ American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Dodd-Frank ,
Executive Orders ,
HMDA ,
Mortgages ,
Privacy Concerns ,
Regulatory Standards ,
Secretary of the Treasury ,
Trump Administration
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act...more
5/15/2017
/ Ability-to-Repay ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Popular ,
Proposed Legislation ,
Regulation Z ,
Regulatory Oversight ,
Reporting Requirements
On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017...more
2/16/2017
/ Amended Regulation ,
Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Financial Institutions ,
Data Collection ,
Disclosure Requirements ,
Financial Institutions ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Regulation C ,
Reporting Requirements ,
Webinars
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
As we have previously discussed, on October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain...more
The CFPB announced that it is issuing warning letters to 44 mortgage lenders and mortgage brokers stating that it “has information that appears to show that your company may not be in compliance with certain provisions of the...more
10/28/2016
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
HMDA ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Reporting Requirements
In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded...more
9/30/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
ECOA ,
Ethnicity ,
Financial Institutions ,
HMDA ,
Housing Market ,
Mortgages ,
Regulation B ,
Regulation C ,
Residential Real Estate Market
Fannie Mae and Freddie Mac have announced that they have published redesigned versions of their Uniform Residential Loan Application Form (URLA), the first substantial revision to the form in more than 20 years. The update to...more
As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more
7/22/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
FFIEC ,
Filing Requirements ,
HMDA ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Regulation C ,
Reporting Requirements
The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more
The CFPB has issued a request for information (RFI) seeking information on what changes to the CFPB’s HMDA Resubmissions Guidelines may be appropriate. The RFI responds to comments received by the CFPB in connection with its...more
The CFPB released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide on December 1, 2015. According to the CFPB, the purpose of the Compliance Guide is to provide an accessible summary of Regulation C,...more
As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more
As we previously reported, the CFPB has issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. The final rule makes many significant changes, including changes to the rule’s coverage and...more
The Consumer Financial Protection Bureau (CFPB) has released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring most lenders to report certain information about mortgage...more
10/22/2015
/ Banking Sector ,
Banks ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covered Entities ,
Financial Institutions ,
HMDA ,
Homeowners ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Regulation C ,
Underwriting
The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more
10/20/2015
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Financial Transactions ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Regulation C ,
Reporting Requirements ,
Threshold Requirements
Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill titled “The Financial Regulatory Improvement Act of 2015” on May 12, 2015. The draft bill addresses various residential mortgage lending issues...more
The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more