Agency will
resubmit the collection at the final rule stage and provide a
summary of comments received on the collection along with a
discussion as to whether the agency incorporated the commenter's
suggestion, and if not, why not.
Inventory as of this Action
Requested
Previously Approved
07/31/2015
36 Months From Approved
05/31/2016
25,453
0
25,453
154,000
0
154,000
0
0
0
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 Consumer
Financial Protection Bureau's (CFPB) 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 either
quarterly or annually depending on the volume of transactions
processed. 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
anti discrimination 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.
In 2010, Congress enacted
changes to HMDA as well as directing reforms to the mortgage market
and the broader financial system. In addition to transferring
rulemaking authority for HMDA from the Board to the Bureau, section
1094 of the Dodd-Frank Act directed the Bureau to implement changes
requiring the collection and reporting of several new data points,
and authorized the Bureau to require financial institutions to
collect and report such other information as the Bureau may
require.The CFPB plans to issue a proposed rule to implement
amendments to HMDA included in the Dodd-Frank Act, and to make
other changes in the CFPB's Regulation C. The proposed rule would
impose new reporting requirements by requiring financial
institutions to report additional information required by the
Dodd-Frank Act, as well as certain information determined by the
Bureau to be necessary and proper to effectuate HMDA's purposes.
The proposed rule also modifies the scope of the institutional and
transactional coverage thresholds. The changes in burden come from
a re-estimaton by the agency of the number of entities required to
report data, as well as new quarterly reporting requirements for
some entities. The Bureau has also re-defined what constitutes a
response by the lender to accurately reflect their annual and
quarterly reporting and recordkeeping requirements.
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.
3170-0008 HMDA PRA Supporting Statement FINAL.pdf
HMDA Recordkeeping