Home Mortgage Disclosure Act

News & Analysis as of

CFPB payday loan proposal for rulemaking is coming, but timing of its publication remains unclear

At the Practicing Law Institute’s 19th Annual Consumer Financial Services Institute held on Monday in New York City, Meredith Fuchs, Associate Director & General Counsel for the CFPB delivered the opening keynote address,...more

CFPB updated report on strategic plan, budget and performance plan shows increased spending and growth

The CFPB has issued an updated report on its strategic plan, budget, and performance plan. The report, which mostly reassembles information contained in other CFPB reports, discusses the CFPB’s progress in meeting the...more

CFPB Begins Process for Amending HMDA Reporting Requirements

As a first step in its process to amend the Home Mortgage Disclosure Act reporting requirements “to make it easier for mortgage lenders to provide better information,” and to “seek to assess whether there are opportunities to...more

CFPB Will Hold Consumer Advisory Board Meeting

The Consumer Advisory Board will host a meeting on February 26-27, 2014 to discuss strategies for improving consumer access to credit, information and financial resources. Agenda topics include trends and themes in the field...more

CFPB Announces Launch of Home Mortgage Disclosure Act Rulemaking Process

On February 7th, the Consumer Financial Protection Bureau (CFPB) announced plans to begin the rulemaking process to significantly expand the scope of Home Mortgage Disclosure Act (HMDA) data reporting. The Dodd-Frank Act...more

Consumer Advisory Board to meet on February 27

The CFPB has announced that it will be holding a Consumer Advisory Board meeting with Director Cordray on February 27, 2014 in Washington, D.C. The CFPB’s announcement only identifies “the consumer experience in the credit...more

Venable CFPB Update: Up Next: HMDA!

The CFPB has announced that it is taking the first step in proposing regulations to modify Regulation C, the implementing regulation to the Home Mortgage Disclosure Act (HMDA). As most mortgage lenders know, HMDA and...more

CFPB Prepares to Overhaul Home Mortgage Disclosure Act Rules

The Consumer Financial Protection Bureau (CFPB) is preparing to make significant revisions to the regulations promulgated under the Home Mortgage Disclosure Act of 1975 (HMDA) (Regulation C) by requiring home mortgage lenders...more

CFPB Announces First Steps In HMDA Rulemaking Process, Launches Additional HMDA Data Tools

On February 7, the CFPB announced the first public phase of its rulemaking to expand the scope of HMDA data reporting, as required by the Dodd-Frank Act. The CFPB is asking small businesses to provide feedback on its initial...more

CFPB explores HMDA changes

The CFPB announced it will begin the rulemaking process for changes to the reporting requirements under the Home Mortgage Disclosure Act (HMDA). As an initial step, the CFPB will convene a Small Business Review Panel to seek...more

CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets

On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers the period April 1, 2013...more

CFPB Amends Asset-Size Exemption under TILA and Home Mortgage Disclosure Act

The CFPB announced an increase to the asset-size exemption threshold for its rule requiring escrow accounts for higher-cost mortgage loans under Regulation Z, the implementing Regulation for the Truth in Lending Act. The...more

CFPB Increases Asset-Size Thresholds Under HMDA, TILA

On December 30, the CFPB announced final rules adjusting the asset-size thresholds under Regulation C (HMDA) and Regulation Z (TILA). Both rules take effect on January 1, 2014....more

CFPB adjusts HMDA data collection and TILA mortgage escrow thresholds

In notices published in yesterday’s Federal Register, the CFPB adjusted the thresholds of the asset-size exemptions for collecting HMDA data and establishing an escrow account for certain mortgage loans under TILA. ...more

CFPB Publishes Rulemaking Agenda

The CFPB published a semi-annual update of its rulemaking agenda. The rulemaking agenda includes a number of rulemakings on disclosures under the Home Mortgage Disclosure Act and its implementing regulation, Regulation C, the...more

Financial Services Report - Quarterly News, Winter 2013

Editor’s Note - Stuff didn’t happen this quarter. Lots of it. The federal government didn’t happen for two weeks in October, which caused some to celebrate and others to wring their hands and clamor for a strong,...more

Latest CFPB Rulemaking Agenda Adds Some New Initiatives, Updates Timelines For Others

On December 3, the CFPB released its fall 2013 rulemaking agenda, part of the broader government Unified Agenda initially published last week. The CFPB’s latest agenda pushes back the timelines on several key initiatives, but...more

CFPB Director Testifies Before Senate Banking Committee

On November 12, CFPB Director Richard Cordray testified before the Senate Banking Committee in connection with the CFPB’s recent Semi-Annual Report to Congress, which covered the period April 1, 2013 through September 30,...more

CFPB Reaches Consent Orders for HMDA Violations

On October 9, 2013, the Consumer Financial Protection Bureau (“CFPB”) reached consent orders with two companies, Mortgage Master, Inc. (“Mortgage Master”) and Washington Federal, encompassing payment of civil penalties for...more

CFPB, In Coordination with the Massachusetts Division of Banks, Announces Enforcement Action for HMDA Reporting Violations

In coordination with the Massachusetts Division of Banks, the CFPB announced that it entered a consent order against a nonbank and a national bank for violations of the Home Mortgage Disclosure Act finding that the entities...more

CFPB ramps up enforcement of HMDA

The CFPB announced on October 9, 2013 that they entered into consent orders with two financial institutions that allegedly misreported HMDA data. The CFPB also issued Bulletin 2013-11, which provides guidance on compliance...more

SPECIAL ALERT: CFPB Announces First HMDA Enforcement Action, Issues HMDA Guidance

On October 9, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had assessed civil money penalties totaling $459,000 against two financial institutions—one bank and one nonbank—after examinations...more

CFPB Takes Action Against Inaccurate Mortgage Loan Reporting

The CFPB has ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act, or HMDA, which requires certain mortgage lenders to accurately collect and report data...more

CFPB HMDA Data Tool Launches With Banking Regulators’ Release Of 2012 HMDA Data

On September 18, the CFPB launched a new web-based tool for use in analyzing HMDA data. The CFPB explains that its new HMDA tool focuses on the number of mortgage applications and originations, in addition to loan purposes...more

CFPB Publishes ECOA Baseline Review Modules

Yesterday afternoon, the CFPB released its ECOA baseline review modules, which supplement the recently updated ECOA examination procedures. ...more

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