On 24 July 2014, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule aimed at improving information reported regarding the residential mortgage market. The rule updates the reporting requirements of the Home Mortgage Disclosure Act (“HMDA”) regulations. Among other things, the proposed rule would standardize the reporting threshold that determines which depositary institutions must submit HMDA data and seeks to align HMDA data requirements with established industry standards, including definitions that are already in use in the mortgage market.
Comments on the proposed rule may be made through 22 October 2014.
The full text of the proposed rule is available at: