The CFPB released a HMDA Proposal on July 24, 2014. The current regulation only takes up 5 ½ pages in my
Here’s what we expect (as I look into my crystal ball): The comment period ends on October 22, 2014. The CFPB will consider your comments and then issue a final rule in the first quarter of 2015. The final rule will not go into affect until January 2016, in accordance with the Dodd-Frank Act.
We’ll give the proposal a light read and when the final rule is released, we’ll thoroughly research it and give you a full understanding via our newsletter and seminars.
I’ve heard “HMDA” referred to as “How Many Drinks are Allowed”. As we started reading through the proposal, that may make more sense! As always, stay tuned.
Published
2014/07/28
David Dickinson