The Home Mortgage Disclosure Act
(HMDA) requires most mortgage lenders lending in metropolitan areas
to collect data about their housing-related lending activity.
Annually, lenders must report those data to the appropriate federal
agencies and make the data available to the public. The CFPB's
regulation requires covered financial institutions that meet
certain thresholds to maintain data about home loan applications
(e.g., the type of loan requested, the purpose of the loan, whether
the loan was approved, and the type of purchaser if the loan was
later sold), to update the information quarterly, and to report the
information annually. The purpose of the information collection is:
(i) to help determine whether financial institutions are serving
the housing needs of their communities; (ii) to assist public
officials in distributing public-sector investment so as to attract
private investment to areas where it is needed; and (iii) to assist
in identifying possible discriminatory lending patterns and
enforcing antidiscrimination statutes. The information collection
will assist the CFPB's examiners, and examiners of other federal
supervisory agencies, in determining that the financial
institutions they supervise comply with applicable provisions of
HMDA.
The Bureau of Consumer
Financial Protection (CFPB) respectfully requests emergency
processing and approval of the collection of information discussed
below because the use of normal clearance procedures is reasonably
likely to prevent and disrupt an existing collection of
information. The Dodd-Frank Wall Street Reform and Consumer
Protection Act (Dodd-Frank Act) transferred rulemaking authority
for the Home Mortgage Disclosure Act (HMDA); 12 U.S.C. 2801 et
seq., from the Board of Governors of the Federal Reserve System
(Board) to the CFPB on July 21, 2011. In addition to the transfer
of rulemaking authority under the Dodd-Frank Act, the CFPB received
certain supervisory and enforcement authorities with respect to the
HMDA. The CFPB is in the process of publishing for public comment
an interim final rule establishing a new regulation in 12 CFR Part
1003 (Regulation C). This interim final rule substantially
replicates the Boards HMDA rule, and will not impose any new
substantive obligations on regulated entities or any new
information collection requirements. As the CFPB now has
supervisory and enforcement authority over certain populations that
have been under the jurisdiction of other agencies, the CFPB is
requesting approval of a new OMB control number for its collection
activities under Regulation C. To prevent disruptions of approved
information collections, the CFPB is requesting emergency
processing and approval of the following information collection
request. Upon receipt of emergency approval from the Office of
Management and Budget, the CFPB will begin a standard approval
process for this collection and will seek public input at that
time.
US Code:
12
USC 2801 Name of Law: Home Mortgage Disclosure Act
PL: Pub.L. 111 - 102 X Name of Law: Wall
Street Reform and Consumer Protection Act
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Supporting Statement for Regulation C.docx
HMDA Recordkeeping