Home Mortgage Disclosure Act ↔ Consumer Financial Protection Bureau

Relations (1)

cross_type 4.64 — strongly supporting 10 facts

The Consumer Financial Protection Bureau is the federal agency authorized by Congress to enforce the Home Mortgage Disclosure Act, as established in [1]. The Bureau actively manages compliance, provides reporting resources, and conducts enforcement actions against institutions for violations of the Act, as detailed in [2], [3], and [4].

Facts (10)

Sources

Fair Lending Report of the Consumer Financial Protection Bureau federalregister.gov Consumer Financial Protection Bureau 10 facts

procedureTo identify fair lending risks, the Consumer Financial Protection Bureau monitors consumer financial markets and incorporates factors such as tips from industry whistleblowers, advocacy groups, and government agencies; supervisory and enforcement history; consumer complaints; and analysis of Home Mortgage Disclosure Act (HMDA) data.

procedureThe Consumer Financial Protection Bureau (CFPB) is required to report annually, in consultation with the Department of Housing and Urban Development (HUD), on the utility of the Home Mortgage Disclosure Act (HMDA) requirement that covered lenders itemize certain mortgage loan data.

claimThe 2022 HMDA modified loan application register data published by the CFPB contains loan-level information filed by financial institutions, which has been modified to protect consumer privacy.

claimThe Consumer Financial Protection Bureau's mortgage origination work includes reviewing residential property appraisal service providers to identify risks arising from potential discrimination or bias, as well as conducting Home Mortgage Disclosure Act (HMDA) data integrity and validation reviews.

referenceThe Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC) publish data submission resources for HMDA filers and vendors at https://ffiec.cfpb.gov.

claimThe Consumer Financial Protection Bureau (CFPB) plans to include assessments of lenders' demographic reporting practices and Home Mortgage Disclosure Act (HMDA) compliance systems in its evaluations to ensure monitoring for inaccurate or incomplete demographic information reporting.

claimThe Consumer Financial Protection Bureau (CFPB), in consultation with the Department of Housing and Urban Development (HUD), finds that the itemization and tabulation of HMDA data furthers the purposes of the Home Mortgage Disclosure Act.

claimThe Consumer Financial Protection Bureau (CFPB) provides informal staff guidance to financial institutions and service providers regarding statutes and rules it implements, such as the Equal Credit Opportunity Act (ECOA), Regulation B, the Home Mortgage Disclosure Act (HMDA), and Regulation C, via its Regulation Inquiries platform.

referenceThe Consumer Financial Protection Bureau (CFPB) maintains a comprehensive suite of resources for reporting and using Home Mortgage Disclosure Act (HMDA) data, which includes Executive Summaries of HMDA rule changes, Small Entity Compliance Guides, Institutional and Transactional Coverage Charts, Reportable HMDA Data Charts, sample data collection forms, FAQs, a Beginners Guide to Accessing and Using HMDA Data, and downloadable webinars.

claimOn March 26, 2024, the Consumer Financial Protection Bureau announced the availability of the Home Mortgage Disclosure Act (HMDA) modified loan application data for the year 2023.