Transcription of Laws and Regulations HMDA
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Laws and Regulations HMDA
Laws and Regulations HMDA Examination Procedures March 2019 HMDA 1 Home Mortgage Disclosure Act (HMDA)1 Background The Home Mortgage Disclosure Act requires certain financial institutions to collect, report, and disclose information about their mortgage lending activity. HMDA was originally enacted by the Congress in 1975 and is implemented by Regulation C (12 CFR Part 1003). HMDA was enacted given public concern over credit shortages in certain neighborhoods. In particular, Congress believed that some financial institutions had contributed to the decline of various geographic areas through their failure to provide adequate home financing to qualified applicants on reasonable terms and conditions. Thus, one statutory purpose of HMDA is to provide the public with information that will help show whether financial institutions are serving the housing credit needs of the communities and neighborhoods in which they are located.
as the Bureau may require.2 In August 2014, the Bureau proposed amendments to Regulation C to implement the Dodd-Frank Act changes; to require collection, recording, and reporting of additional information to further HMDA’s purposes; and to modernize the manner in which covered financial institutions report HMDA data.
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