X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
HMDA, fair lending and the CFPBFor more than 25 years, credit unions that provide mortgages to their members have been responsible for filing data about the consumers. This data, required by the Home Mortgage Disclosure Act, was intended to determine lending patterns and, where applicable, identify those lenders who were inadvertently or overtly discriminating based on race, sex and national origin.

After the initial concerns and issues were addressed, credit unions became adept at preparing this data and sending it off to the Federal Financial Institutions Examination Council. After delivery, there was typically no response from the FFIEC unless they required a resubmission. It got to the point that we became rather blasé about the whole thing. In others words, it became a ho-hum kind of exercise that we went through each year.

Now however, there has been a significant change. The responsibility for this data collection and analysis has been moved to the CFPB. This organization has let it be known that it is no longer simply collecting data. In fact, it has already announced that it is expanding the amount of data to be reported in 2019, and is very actively working on various ways to analyze the results. While we are not exactly sure what this will mean, we have a clue from lenders who have been examined. Their experience tells us that the CFPB will be taking a very hard stance on both the quality of the data as well as what its analysis is saying about us as lenders.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.