The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that requires the CFPB to adopt the rule (the “Rule”). Last month, the plaintiffs and intervenors in the lawsuit challenging the Rule filed a consolidated motion for summary judgment.… Continue Reading
HMDA
CFPB releases voluntary report on October 2015 and subsequent HMDA Rule amendments
By Richard J. Andreano, Jr. on
As previously reported, in June 2021 the CFPB announced that it would conduct a voluntary review of the significant amendments to the Home Mortgage Disclosure Act (HMDA) rule adopted in October 2015, most of which became effective in January 2018. The CFPB also announced at the time that it was discontinuing planned HMDA rulemakings, one addressing the data points that must be collected and reported and one addressing the public disclosure of HMDA data. … Continue Reading
CFPB Analyzes Impacts of Higher Mortgage Interest Rates
By Richard J. Andreano, Jr. on
The CFPB’s Office of Research recently issued a blog post regarding its analyses of the impacts of higher mortgage interest rates on borrowers and potential homebuyers. The analyses are based on first and second quarter Home Mortgage Disclosure Act (HMDA) data filed by the 55 mortgage lenders that are required, based on their high volume of mortgage lending, to collect and submit HMDA data on a quarterly basis. … Continue Reading
CFPB issues request for information regarding assessment of HMDA rule
By Richard J. Andreano, Jr. on
Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings (the “HMDA Rule”). Responses to the RFI will be due 60 days after it is published in the Federal Register.… Continue Reading
GAO Issues Report Finding that CFPB Needs to Assess the Impact of Recent Changes to its Fair Lending Activities
By Richard J. Andreano, Jr. on
During May 2021, the federal Government Accountability Office (“GAO”) issued a report (GAO-21-393) containing findings from its review of issues related to the CFPB’s oversight and enforcement of the Equal Credit Opportunity Act (“ECOA”) and the Home Mortgage Disclosure Act (“HMDA”). Specifically, the report examines how the CFPB has (i) managed the reorganization of its Office of Fair Lending and Equal Opportunity and related risks during 2018, (ii) monitored and reported on its fair lending performance, and (iii) used new HMDA data fields to analyze and support its fair lending activities. … Continue Reading
FFIEC Issues 2021 HMDA Guide
By Richard J. Andreano, Jr. on
The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2021 edition of A Guide to HMDA Reporting (Guide). The Guide addresses the collection and reporting of residential mortgage loan application data under the Home Mortgage Disclosure Act (HMDA) for calendar year 2021.
The Guide reflects the changes to the HMDA reporting thresholds that the CFPB adopted in April of 2020.… Continue Reading
New York Dept. of Financial Services announces fair lending agreement with nonbank mortgage lender and releases redlining report
By Richard J. Andreano, Jr. & Ballard CFS Group on
The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage, a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.” … Continue Reading
CFPB Postpones Certain Data Collections and Issues Guidance on Examinations, Supervision and Enforcement Approach During COVID-19 Crisis
By Lori J. Sommerfield on
On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic.
First, in two separate policy statements, the CFPB announced that it is postponing certain industry data collection deadlines.… Continue Reading
CFPB Updates HMDA Guide
By Richard J. Andreano, Jr. on
As previously reported, in October 2019 the CFPB issued a final rule under the Home Mortgage Disclosure Act (HMDA) to:
- Continue until January 1, 2022 the temporary volume threshold that triggers reporting of open-end, dwelling-secured lines of credit of at least 500 originated lines of credit in each of the prior two calendar years.
House Financial Services Subcommittee on Oversight and Investigations Holds Hearing on Lending and Housing Discrimination Against Members of the LGBTQ+ Community
By Elisabeth R. Connell on
On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community. A recording of the hearing is available here.
Six witnesses offered testimony and responded to questions posed by subcommittee members:
- Harper Jean Tobin, Director of Policy, National Center for Transgender Equality
- Michael Adams, Chief Executive Officer, SAGE
- Dr.