Law360, New York ( August 13, 2014, 10:34 AM EDT) -- On July 24, the Consumer Financial Protection Bureau published long-awaited proposed revisions to its Home Mortgage Disclosure Act rules. The 573-page proposed rule would make sweeping changes to Regulation C, which implements HMDA, dramatically expanding financial institutions' HMDA reporting and compliance obligations, as well as their fair lending work more broadly. The proposed changes include required reporting of 37 new data fields, 20 of which are not required by HMDA and represent additional information the CFPB would like to collect. In addition, the proposal would require "larger" HMDA reporters to report data every calendar quarter, rather than on an annual basis. We summarize here the key aspects of the proposal, how they compare to current HMDA requirements and what this all might mean for HMDA reporters in the future. Comments on the proposed rule are due by October 22, 2014....
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