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CFPB Interpretative and Procedural Rule: Partial Exemptions from the Requirements of the Home Mortgage Disclosure Act under the Economic Growth, Regulatory Relief, and Consumer Protection Act
The Bureau of Consumer Financial Protection (“CFPB”) issued an interpretive and procedural rule (the “Rule”) to clarify provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act (“Act”) which amended certain requirements of the Home Mortgage Disclosure Act (“HMDA”), effective September 7, 2018.
The Act amended HMDA by adding partial exemptions from HMDA’s requirements for certain insured depository institutions and insured credit unions. The Rule clarifies:
The Rule also designates a non-universal loan identifier for partially exempt transactions for institutions that choose not to report a universal loan identifier.
The CFPB anticipates that it will initiate a notice-and-comment rulemaking to incorporate these interpretations and procedures into Regulation C (HMDA’s implementing regulation) and further implement the Act.
The entire rule may be found at: https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/partial-exemptions-from-requirements-of-home-mortgage-disclosure-act-under-regulation-c/
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