CFPB Solicits Input On Implementation Of HMDA

The CFPB requested input on the effectiveness of the rules that implement the Home Mortgage Disclosure Act ("HDMA") in order to maintain a "fair, competitive, and non-discriminatory mortgage market."

The reported mortgage information currently required by HDMA is used by regulators and the public to ensure that (i) the varied lending needs of diverse communities are being fairly served, (ii) public-sector investments are distributed equitably through housing and community development, and (iii) lending is monitored for discriminatory practices.

To assess the effectiveness of CFPB Regulation C, which implements the HDMA, the CFPB is now considering:

• institutional and transactional coverage that specifies closed-end and open-end thresholds;