ICBA to CFPB: Stick to the Law on HMDA

The financial costs associated with Home Mortgage Disclosure Act compliance are one of the most challenging burdens for community banks, ICBA told the Consumer Financial Protection Bureau.

In a comment letter, ICBA said the CFPB should eliminate the collection and reporting of discretionary HMDA data not required by law, which are part of the 48 unique data fields added via the agency's 2015 rule.

An ICBA survey found that nearly 80 percent of respondents are required to report HMDA data, resulting in excessive costs and confusion, ICBA said. ICBA also called on the bureau to exclude business and commercial credit from HMDA reporting.

The bureau last week issued a separate rule extending for two years temporary HMDA reporting thresholds for open-end lines of credit.