CFPB Extends Comment Period for HMDA Proposed Rulemakings

The Consumer Financial Protection Bureau yesterday extended the comment period on its Advance Notice of Proposed Rulemaking relating to the Home Mortgage Disclosure Act.

Additionally, the Bureau will issue a Federal Register notice to reopen the comment period on certain aspects of the Notice of Proposed Rulemaking relating to coverage thresholds under the HMDA rules; that comment period closed June 12. The CFPB said the reopening will facilitate additional comments based on the public’s review of the release of the national loan level data set.

The ANPR extension is designed to give interested parties an opportunity to review the Bureau’s annual overview of residential mortgage lending based on the HMDA data financial institutions collected in 2018, as requested by a variety of stakeholders. In late summer, the Federal Financial Institutions Examination Council will release the national loan level dataset and the Bureau will release an overview of that dataset.

The ANPR, issued on May 2, solicits comment on certain data points in the Bureau’s October 2015 final rule that were added to Regulation C or revised to require additional information, and on coverage of certain business- or commercial-purpose loans. The comment period will be extended from July 8 to October 15.

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