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ARTICLE · 10 DECEMBER 2015

CFPB Releases Compliance Guide For Amended HMDA Rule

Morrison Foerster
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Last week, the CFPB released a new compliance guide to accompany its October 15, 2015, final rule amending Regulation C, which implements the Home Mortgage Disclosure Act.

United StatesFinance and Banking
Ryan Richardson
Ryan Richardson
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Last week, the CFPB released a new compliance guide to accompany its October 15, 2015, final rule amending Regulation C, which implements the Home Mortgage Disclosure Act. As discussed in two previous alerts – available here and here – the final rule makes sweeping changes to the types of institutions and transactions covered by Regulation C, and it vastly expands the universe of data about transactions that institutions must collect and report.

The CFPB describes the compliance guide as a "plain language" resource designed to make the content of the rule "more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff." If length is any judge, the 108-page guide certainly is easier to navigate (and carry) than the 796-page final rule.

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