Eleven days before lenders are required to start collecting new data under the Home Mortgage Disclosure Act (HMDA), the Consumer Financial Protection Bureau came out with a public statement saying, in essence, the industry will have a one-year trial period under the new rule. And that it will engage in new rulemaking that will specifically target discretionary data points, among other areas in the HMDA rule.
The move comes the same week in which the CFPB dropped a request for collecting information related to debt collection rulemaking, as acting director Mick Mulvaney begins to leave his mark on the bureau’s work.
In a public statement released Thursday afternoon the bureau said it would not penalize the industry for HMDA data collection errors in 2018.
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