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