Federal Reserve: FEDS Notes | The Decline In Lending To Lower-Income Borrowers By The Biggest Banks
Neil Bhutta, Steven Laufer, and Daniel R. Ringo1 Data collected under the Home Mortgage Disclosure Act (HMDA) reveal that the largest banks have significantly reduced their share of mortgage lending to low- and moderate-income (LMI) households in recent years. We present evidence suggesting that this reduction is explained in part by a decrease in the…
Federal Reserve: Residential Mortgage Lending In 2016 – Evidence From The Home Mortgage Disclosure Act Data
Neil Bhutta, Steven Laufer, and Daniel R. Ringo This article provides an overview of the 2016 data reported under the Home Mortgage Disclosure Act of 1975 and analyzes mortgage market activity over time as well as lending patterns across different demographic groups and lender types. The number of home-purchase originations was about 10 percent higher…
CFPB: FFIEC Announces Availability Of 2016 HMDA Data On Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data cover 2016 lending activity and include: Applications, originations, purchases, sales of…
Joint Release: Agencies Propose Amending CRA Regulations to Conform to HMDA Regulation Changes and Remove NSP References
The federal bank regulatory agencies today issued a joint notice of proposed rulemaking to amend their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau (CFPB) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Since 1995, the Board of Governors of the Federal…
Federal Reserve: Revised Interagency Home Mortgage Disclosure Act Sampling, Verification and Resubmission Procedures
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) recently developed the attached interagency Home Mortgage Disclosure Act (HMDA)1 Examiner Transaction Testing Guidelines that include sampling, verification, and resubmission procedures for use in connection with HMDA data collected beginning on January 1, 2018 pursuant to the Consumer Financial Protection Bureau’s…
CFPB: What you Need to Know about the New FFIEC HMDA Examiner Transaction Testing Guidelines
Today, the Federal Financial Institutions Examination Council (FFIEC) members announced new FFIEC Home Mortgage Disclosure Act (HMDA) Examiner Transaction Testing Guidelines (Guidelines) for all financial institutions that report HMDA data. The Guidelines will apply to the examination of HMDA data collected beginning in 2018 and reported beginning in 2019. The Guidelines will help ensure accurate…
CFPB: Spring 2017 Rulemaking Agenda
An important part of the CFPB’s statutory mandate from the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is to make rules governing consumer finance markets more effective and to create new rules when warranted. Under the Regulatory Flexibility Act, federal agencies must publish regulatory agendas twice a year. As an independent regulatory…
CFPB: Changes Proposed to HMDA Mortgage Data Rule Reporting Threshold for Community Banks and Credit Unions
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a proposal on reporting requirements for banks and credit unions that issue home-equity lines of credit. Under rules that are scheduled to take effect in January 2018, financial institutions are generally required under the Home Mortgage Disclosure Act (HMDA) to report home-equity lines of…