Start Today to Meet with the CFPB’s New HMDA Final Rule Guidelines
The Consumer Financial Protection Bureau ( CFPB), on October 2015, issued the new final Home Mortgage Disclosure Act (HMDA) rule, which includes various important reporting requirement changes for lenders under HMDA, and also changes in coverage of transactions, reporting and institutions.
HMDA has been a major source of fair lending litigation and regulatory claims previously. However, t he new data will also allow the government and plaintiffs to scrutinize loan data and lender application along with the risk factors used, which help in evaluat ing the impact on certain protected classes. This increased scrutiny can lead to business harm to lenders. This extensive final HMDA rule expands the number of entities, especially non-banks, required to report and requires the reporting of numerous new data points on borrowers and their mortgages. The rule will require compliance personnel to start today to implement the new guidelines by 2017.
Join this session, where expert speaker Anthony M. Sharett will provide you with a regulatory update and tools that lenders need to prepare now and for the future to successfully implement the new HMDA final rule. The session will also provide you with examples of enforcement actions and compliance management systems, as well as tools for risk-based compliance.
The specifics of the rule and what has been modified
What entities are required to report under the rule?
What data points are required to be reported?
Systems and operational changes necessary to collect and report
What compliance management updates are necessary?
How will the regulators use that data to enforce fair housing and fair lending requirements?
Anthony Sharett is a partner in the Litigation Practice Group in BakerHostetler's Columbus office and Vice-chair of the Financial Services Industry Group. Sharett focuses his litigation practice on consumer financial services and litigation and regulatory enforcement. He has successfully d...
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