HMDA

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.

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Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlook the benefits of the provision to both communities of color and banks.

Some credit union advocates are praising the Consumer Financial Protection Bureau for a move that exempts select institutions from certain reporting requirements, but other say the bureau must still do more.

In a rare move, the credit union regulator is asking the CFPB for exemptions for credit unions from expanded HMDA requirements and unfair and deceptive acts authority.

Upcoming changes to how banks report mortgage activity to the government will have an undeniable impact on Community Reinvestment Act exams, but regulators have been silent on how they will use the data.

The Consumer Financial Protection Bureau proposed a series of clarifications to its 2015 rule expanding mortgage data collection requirements that many in the industry have said is too onerous.

One credit union leader is urging Acting NCUA Chairman McWatters to go to bat for more sensible mortgage rules coming out of the CFPB.

The Consumer Financial Protection Bureau issued a proposal that would give mortgage lenders more flexibility in collecting information on race, sex and ethnicity of home loan applicants.

Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination.