Be Aware of CFPB’s HMDA Proposal; Be Very Aware


In July of this year, the Consumer Financial Protection Bureau (CFPB) released its long-awaited proposal for HMDA (Home Mortgage Disclosure Act), also known as Regulation C. At 573 pages long, it adds 37 new data items to the existing items already being collected. This article, written by James Nemecek, Accume Partners Director, Compliance, appears in the current issue of Virginia Banking magazine. Read the article for a look at some basics that your institution needs to consider, whether the proposal is rolled out as presently written, or if any further changes are made prior to any final implementation date.–2014.pdf