ABA Statement on CFPB’s Final Rule to Expand Data Collection and Reporting Under the Home Mortgage Disclosure Act

October 16, 2015

By Frank Keating, ABA president and CEO

WASHINGTON, D.C. – October 16, 2015 – (RealEstateRama) — “We appreciate the time and attention the Bureau has applied in considering industry comments to prepare the final HMDA rule. We are pleased that the Bureau has extended the compliance date and excluded the collection of data on most commercial transactions, as ABA advocated.

“However, we continue to be concerned about the privacy of bank customers’ data and ensuring that their information is properly protected. We look forward to commenting on these important issues. The rule also imposes significantly expanded data reporting and collection requirements, so we remain concerned about the appropriate balancing of costs and benefits in order to maintain consumer access to the full variety of mortgage products.

“We’ll be reviewing details of the final rule and look forward to working with CFPB as the industry moves toward implementation.”

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The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.

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