According to Consumer Financial Protection Bureau Director Richard Cordray, banks can expect changes to federal reporting requirements for mortgage data.
Cordray did not detail how financial institutions will report Home Mortgage Disclosure Act data differently than they do now, but he did state that the changes made will simplify the process for banks. HMDA is one of the many consumer protection laws that the CFPB now enforces as a result of the 2010 Dodd-Frank Act.
"We will be revising the process by which the financial institutions provide information about the mortgage market under HMDA both to improve the categories of information that are gathered and to ease the operational and technological burdens on industry to comply with this law," Cordray said Tuesday at American Banker's Regulatory Symposium.
For the full piece see "Mortgage Data Rule Changes to Lighten Banks' Burden: CFPB's Cordray" (may require subscription).