CUNA backs HMDA proposed changes, urges additional relief measures

first_img continue reading » 11SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr CUNA supports proposed changes to the Consumer Financial Protection Bureau’s (CFPB) Home Mortgage Disclosure Act (HMDA) rule, but expressed concerns about the impact of the rule itself, and offered several suggestions to ease the regulatory burden on credit unions. CUNA is particularly concerned with the lack of information about what collected data will be made public, and in what format it will be made available.“We support the CFPB’s efforts to fix known issues with the 2015 HMDA Final Rule,” CUNA’s letter reads. “However, the CFPB can and should go much further in addressing known issues with this rule.”To fix the HMDA rule, CUNA suggested the CFPB:Delay the effective date of the HMDA final rule for at least one year or until CFPB has articulated which data points will be made public and in what format (with input from the public under notice and comment procedures);Conduct a study regarding the impact on consumer privacy resulting from information made publicly available under HMDA and the potential for identity theft;last_img

Leave a Reply

Your email address will not be published. Required fields are marked *