Editor’s Note: The Paperwork Reduction Act comment request section of the proposal begins of page 447 of the 534 page proposed rule. The CFPB is not permitted to collect any of the data without OMB approval.
From: Mortgage Daily News
by: Jann Swanson
Public comments are being requested a a new proposed rule for collecting data under the Home Mortgage Disclosure Act (HMDA). The Consumer Financial Protection Bureau (CFPB) said the new rule includes changes the could help in shedding more light on consumers’ access to mortgage credit. The Bureau said it also aims to simplify the reporting process for financial institutions.