CFPB proposes changes to HMDA
The proposal includes the following items:
- Clarifying key terms such as “temporary financing” and “automated underwriting system;”
- Transition rules for reporting loans purchased by financial institutions;
- Rules to facilitate the reporting of the census tract of a property utilizing a new geocoding tool provided by the CFPB online; and
- Other technical and clarifying changes.
Comments will be due 30 days from publication in the Federal Register. CUNA will continue to analyze this proposal for unintended consequences, but the initial read suggests these changes will be favorable for credit unions.
A copy of the proposal can be found here.