Sept 19 -- the Consumer Financial Protection Bureau (Bureau or CFPB) is requesting to extend the Office of Management and Budget's (OMB's) approval for the information collection Home Mortgage Disclosure Act (Regulation C). Written comments are encouraged and must be received on or before November 18, 2022 to be assured of consideration.
The Home Mortgage Disclosure Act (HMDA) requires certain depository institutions and for-profit, non-depository institutions to collect, report, and disclose data about originations and purchases of mortgage loans. Additionally, these institutions must report mortgage loan applications that do not result in originations (for example, applications that are denied or withdrawn). The Bureau's Regulation C (12 CFR part 1003) implements HMDA. The purpose of the information collection is:
-- To help determine whether financial institutions are serving the housing needs of their communities;
-- To assist public officials in distributing public-sector investment so as to attract private investment to areas where it is needed; and
-- To assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.
The information collection will also assist the Bureau's examiners (and examiners of other Federal supervisory agencies) in determining whether the financial institutions they supervise comply with applicable provisions of HMDA.
Regulation C requires financial institutions to submit HMDA data in electronic form. The Bureau implemented several operational improvements in the past few years to facilitate this process. For example, the Bureau developed the HMDA Platform, a web-based submission tool that enables financial institutions to upload their HMDA data, review edits, certify data accuracy and submit data for the filing year. The Bureau also improved the points of contact processes for help inquiries. In addition, the Bureau developed a tool that financial institutions with small volumes of HMDA data can use to create an electronic file for submission to the HMDA Platform and streamlined the submission and validation process to make it more efficient.
HMDA data:
https://www.consumerfinance.gov/data-research/hmda/
Home mortgage disclosure reporting requirements (HMDA):
https://www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/hmda-reporting-requirements/
Draft supporting statement:
https://www.dropbox.com/scl/fi/qja34jpmd1xcnpzpnkmu7/3170-0008-Supporting-Statement-A-HMDA-DRAFT.docx?dl=0&rlkey=osxj0ibt8bw5m5k21abk7b2au
2019 submission to OMB:
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201910-3170-003
FRN:
https://www.federalregister.gov/d/2022-20205
