AFSA supports bureau’s changes to HMDA
The Consumer Financial Protection Bureau (CFPB) last week announced that it will require mortgage lenders to publicly release fewer details under the Home Mortgage Disclosure Act (HMDA) starting in 2019. AFSA has previously advocated in favor of the changes and supports the bureau’s augmentation of the data that is collected.
The CFPB will move to exclude certain items from public facing HMDA data, including property addresses and credit scores. Other pieces of information will be released but only in ranges, as opposed to precise numbers.
In its statement, the bureau said it “has decided that it would be beneficial to conduct a separate notice-and-comment rulemaking to incorporate any modifications of HMDA data into the text of Regulation C.”
The statement also said that the bureau will consider what HMDA data will be released in future years based on the comments it receives.
December 31st, 2018 by Dan Bucherer