The Home Mortgage Disclosure Act has caused its fair share of grief among mortgage lenders who stress over the new risks it will bring to compliance in 2018. But there is some relief on the horizon as HMDA enforcement was just defanged by the now Trump-led regulators.
both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau — both now led by Trump-administration leaders (more, below) — announced they will not be assessing penalties on HMDA data collected in 2018 and reported in 2019.
What’s more, the CFPB also intends to open a rulemaking to reconsider various aspects of the new 2015 updates to the rule, such as institutional and transactional coverage tests and the rule’s discretionary data points.
READ MORE: https://www.housingwire.com/articles/42142-hmda-enforcement-defanged-by-trump-led-regulators
