Following ICBA advocacy, the Consumer Financial Protection Bureau announced that it will not require the resubmission of HMDA data for non-material data collected in 2018 or impose penalties for data errors.
The bureau also said it intends to address and reconsider various aspects of the 2015 HMDA rule, such as institutional and transactional coverage tests and the rule’s discretionary data points.
ICBA said it strongly supports the CFPB’s announcement, which acknowledged the significant systems and operational challenges posed by the rule slated for Jan. 1.
“Left unaddressed, these mandatory reporting requirements would divert critical community bank resources that would otherwise be used to serve American consumers while posing privacy concerns for borrowers,” ICBA said.
ICBA and community bankers have repeatedly called on the CFPB and Congress to delay HMDA implementation and expand exemptions for low-volume community bank lenders.
ICBA thanks community bankers for their persistent grassroots outreach on this issue.
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