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CFPB Issues Statement on HMDA Compliance
On Thursday, December 21, 2017, the CFPB issued a public statement announcing the Bureau does not intend to require data resubmission unless data errors are material, or assess penalties with respect to errors for data collected in 2018 and reported in 2019 under HMDA. The Bureau also announced it intends to pen rulemaking process to reconsider various aspects of the 2015 HMDA rule. The Bureau cites the “significant systems and operational challenges needed to meet the impending requirements under the rule” for the change in data resubmission requirements.