On 11/16/21, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness.
In their release, the CFPB explains that it is seeking comment from the public to ensure it can use the data collected under the HMDA Rule to most effectively meet the rule’s goals.
The CFPB is seeking comments on its plans to assess the effectiveness of the HMDA Rule. Specifically, the CFPB will focus on:
Institutional coverage and transactional coverage;
Data points;
Benefits of the new data and disclosure requirements; and
Operational and compliance costs.
The RFI follows an August 2021 HMDA report, which found that mortgage lenders more often deny credit and charge higher interest rates to Black and Hispanic applicants than they do to white applicants, and a July 2021 CFPB analysis of mortgage lending patterns within the Asian American Pacific Islander (AAPI) communities.
The comment period will end 60 days after publication in the Federal Register.
The 33-page CFPB Request for Information can be found here.