As previously reported, in May 2019 the CFPB issued both a proposal to modify the Home Mortgage Disclosure Act (HMDA) rule, and an advance notice of proposed rulemaking seeking comment on three specific aspects of the HMDA rule:
- The new data points added by the CFPB based on discretionary authority.
- The free-form text fields that apply to certain data points.
- The application of the rule to business or commercial-purpose loans made to a non-natural person and secured by a multi-family dwelling.
Originally the CFPB provided for a 60-day comment period that would end July 8, 2019. The CFPB has now extended the comment period until October 15, 2019.