Financial Reporting Exemptions

The Consumer Financial Protection Bureau raised the thresholds at which financial institutions are required to report mortgage loans under the Home Mortgage Disclosure Act, so that “thousands of lending institutions will become exempt from reporting HMDA data, undermining the effectiveness of HMDA in achieving its statutory purposes,” the National Community Reinvestment Coalition claims in a federal complaint.

WASHINGTON — The Consumer Financial Protection Bureau raised the thresholds at which financial institutions are required to report mortgage loans under the Home Mortgage Disclosure Act, so that “thousands of lending institutions will become exempt from reporting HMDA data, undermining the effectiveness of HMDA in achieving its statutory purposes,” the National Community Reinvestment Coalition claims in a federal complaint.

Categories / Consumers, Government

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Financial Reporting Exemptions

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