HMDA

Former Rep. Barney Frank rejected concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) is said to be "the most comprehensive regulatory relief to come onto the Senate floor in over a decade."

A bill passed by the House would raise the threshold that allows smaller banks and credit unions to avoid expanded Home Mortgage Disclosure Act requirements imposed by a 2015 rule.

The House Financial Services Committee held a hearing on five bills, three of which are included in the deal negotiated between Senate Banking Committee Chairman Mike Crapo, R-Idaho, and moderate Democrats.

Legislation advanced by the Senate banking panel has a good shot at passage, as long as lawmakers remain focused on helping community banks — not Wall Street.

Credit union examiners will be focused on cybersecurity, BSA compliance, fraud prevention and more.

The Consumer Financial Protection Bureau on Wednesday launched a rate spread calculator and validation tool for financial companies reporting Home Mortgage Disclosure Act data starting Jan. 1.

The regulator on Thursday announced a delay in the implementation of its prepaid rule, along with safe harbor for HMDA data reporting.

The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.

The Community Home Lenders Association wants Mick Mulvaney, the acting director of the CFPB, to delay implementation of the Home Mortgage Disclosure Act that goes into effect on Jan. 1.