A coalition of 28 House Republicans called on Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney to delay the effective date – currently set as January 1, 2018 – of new HMDA data-collection and -reporting requirements. The coalition asked for a one-year delay while Congress considers legislation to exempt low-volume community bank lenders from the HMDA rule, also citing privacy concerns with releasing HMDA data. There are currently several other efforts in both the House and Senate that would expand HMDA exemptions.
Speaking of HMDA, did you hear that IBAT created a HMDA tool to assist with data collection in 2018? This resource is designed to enhance your HMDA program and reduce your error rating. Click here to learn more or order this new HMDA data collection resource.