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For Immediate Release
May 2, 2019
ABA Media Contact: Blair Bernstein
(202) 663-5468
Follow us on Twitter: @ABABankers

ABA Statement on CFPB HMDA Proposals

By Virginia O’Neill, senior vice president of ABA’s Center for Regulatory Compliance

“ABA appreciates the CFPB's proposals to raise the coverage thresholds for collecting and reporting data under the Home Mortgage Disclosure Act rule. We will analyze these amendments to ensure they appropriately exempt smaller institutions that account for only a minor portion of the mortgage market, while preserving HMDA’s intent.

“We also appreciate that the Bureau is seeking views on the costs and benefits of HMDA's expanded reporting requirements. HMDA was always intended as an early-warning tool to assess if discrimination may be taking place in mortgage lending, and it is important to both borrowers and lenders – particularly smaller, community banks – that the information collected by the Bureau is truly relevant and compliance does not end up inadvertently raising borrowing costs for consumers. We look forward to sharing our members’ views and working with the CFPB as this process moves forward.”​