CFPB Finalizes HMDA Amendments, Issues Proposed Guidelines

September 20, 2017

On Wednesday, September 20, 2017, the CFPB took two actions regarding the pending HMDA reporting changes which:

  1. Finalized the amendments to Regulation B (ECOA) to permit the collection of ethnicity, race and gender information under the new HMDA rules, without violating the Regulation B prohibition; and
  2. Proposed for comment guidelines to address the privacy issues under the new regulation (i.e. what parts of the reported data will be made publicly available, and in what form). Though the Bureau states it is not required to follow Administrative Procedures Act rulemaking processes in this matter, it nevertheless seeks comment for 60 days from the date of publication in the Federal Register. 


“The Home Mortgage Disclosure Act helps shine a light on how consumers are treated in the nation’s largest consumer financial market,” said CFPB Director Richard Cordray.  “The Consumer Bureau is committed to promoting fair lending and protecting consumer privacy, and will continue working to ensure that the rules work as intended.”


CBA plans to comment on the proposal, is soliciting membership input, and will arrange for a future call on the issue.  To offer thoughts or for more information, contact CBA's Steve Zeisel.