CFPB Request for Comment on Regulation C and the Implementation of Home Mortgage Disclosure Act
On November 22, 2021, the Consumer Financial Protection Bureau (CFPB) published a request for public comment on the effectiveness of Regulation C—the regulation that would implement amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The assessment will address the HMDA's effectiveness in meeting the purposes and objectives of title X of the Dodd-Frank Act—establishing a “fair, transparent, and competitive” market for consumer financial products and services.
To assess the effectiveness of Regulation C, the CFPB will evaluate the following:
Institutional coverage and transactional coverage, including any HMDA data on closed-end mortgage loans or open-end lines of credit in recent years;
Data points, including originations and purchases of mortgage loans, as well as mortgage loan applications that do not result in originations;
Benefits of the new data and disclosure requirements; and
Operational and compliance costs.
In addition, the CFPB is seeking recommendations and information that may be useful in conducting the planned assessment of the HDMA.
Comments must be received on or before January 21, 2022, using the procedures found in 14 CFR 11.43 and 11.45, by any of the following methods:
Federal eRulemaking Portal: Go to https://www.regulations.gov. Follow the instructions for submitting comments.
Fax: (202) 493–2251.
Mail: U.S. Department of Transportation, Docket Operations, M–30, West Building Ground Floor, Room W12–140, 1200 New Jersey Avenue SE, Washington, DC 20590.
Hand Delivery: Deliver to Mail address above between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays.
For additional information or assistance, please contact Kennedy Sutherland LLP.