The National Credit Union Administration today issued Consumer Financial Protection Update 18-01, describing the Bureau of Consumer Financial Protection’s interpretive and procedural rule regarding recent changes to the Home Mortgage Disclosure Act. The rule became effective September 7, 2018.
The Update explains the Bureau’s rule, which identifies the data points subject to the new HMDA partial exemptions, describes transactions subject to the partial exemptions, discusses a new alternative to the universal loan identifier, and includes parameters for voluntary reporting.