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.

With leadership of the Consumer Financial Protection Bureau resolved by a federal court, the banking industry is eager to find out what interim head Mick Mulvaney plans to do once he gets a handle on the agency, including whether he will delay pending new mortgage rules.

A new Republican director of the Consumer Financial Protection Bureau is likely to take immediate action to change certain rules, including the "qualified mortgage" and payday rules, while curbing pending enforcement actions that are considered too harsh on financial firms.

Pat Hickman, CEO of Happy State Bank, wants his institution to remain viable in the face of stifling regulation. As for selling? That'll happen over his dead body, he says.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

The share of purchase and refinance loans originated by nonbanks are at their highest point since at least 1995, according to an analysis of new Home Mortgage Disclosure Act data.

A Consumer Financial Protection Bureau proposal would limit how much Home Mortgage Disclosure Act data is released to the public in an effort to protect consumer privacy.

The changes are aimed at aligning requirements with a new Consumer Financial Protection Bureau rule under the Home Mortgage Disclosure Act.

Lenders will not have to report data on open-ended home equity lines of credit in 2018 or 2019 if they originated fewer than 500 HELOCs the preceding year, the bureau said.

Amendments to the Home Mortgage Disclosure Act regs include a number of new and modified data collection and reporting requirements that require attention now.

Readers react to USAA teaming up with Amazon’s Alexa, how a new Wells Fargo’s scandal could affect arbitration rules, a digital identity startup’s ambitions, and more.