NAFCU: More guidance needed from bureau on HMDA, more

NAFCU reiterated the need for more industry guidance on the Bureau of Consumer Financial Protection’s (previously the CFPB) Home Mortgage Disclosure Act (HMDA) rule during a NAFCU webinar last week. The webinar, which is still available for viewing on demand, details the exemption updates to the final rule.

Moderating the NAFCU webinar, NAFCU Vice President of Regulatory Compliance Brandy Bruyere noted that there is an appetite within the credit union industry for more guidance on the bureau’s HMDA rule. Bureau Project Manager Keiley O’Hallaron and Office of Mortgage Markets Policy Analyst Patrick Orr, who led the webinar, said they would look into the request.

NAFCU has repeatedly asked that the bureau adopt a guidance process similar to other regulators where regulated entities can seek answers on unresolved or unclear issues. More guidance is needed from the bureau that articulates clear supervisory expectations so credit unions have the information they need to operate in a safe, sound and compliant manner.

 

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