Compliance: CFPB releases guidance on public HMDA data
The Consumer Financial Protection Bureau (CFPB) has released final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data it plans to make available to the public starting this year. The final policy guidance applies to HMDA data compiled by financial institutions in or after 2018 and made available to the public by the CFPB beginning in 2019.
The guidance includes modifications to protect consumer privacy. These include the exclusion of certain data from the public HMDA data, including the property address and applicant’s credit score.
The CFPB said it also intends to disclose certain information with reduced precision, such as by disclosing ranges rather than specific values for an applicant’s age, the amount of the loan and the number of units in the dwelling.
According to the CFPB, it will conduct a separate notice-and-comment rulemaking this year to incorporate any modifications of HMDA data into the text of Regulation C, which will allow it to further consider, based on additional comments, what HMDA data will be disclosed in future years.