An interpretive rule recently issued by the Consumer Financial Protection Bureau (CFPB) is intended to clarify Home Mortgage Disclosure Act (HMDA) exemption changes enacted under S. 2155, addressing concerns among covered financial entities.
The rule clarifies what requirements banks and credit unions must adhere to if they elect to voluntarily report exempt data fields, what loans and credit lines count toward the thresholds for partial exemptions, which Regulation C data points the partial exemptions cover and partial exemptions for negative Community Reinvestment Act examination history.
Find out more details about the new rule.