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Call for Comments: Feedback Requested on HMDA (7/29/2010)
The Federal Reserve Board has issued a comment call on the costs, benefits and privacy issues associated with portions of the Home Mortgage Disclosure Act (HMDA). Under the HDMA, credit unions and others are required to collect, report to federal agencies, and disclose to the public data about originations and purchases of home mortgage loans and home improvement loans, as well as loan applications that do not result in originations.
The Federal Reserve Board has asked for input on what types of data should be excluded or eliminated, and if any existing data elements should be modified. The Fed has also requested comment on whether some types of institutions or mortgage loans should be excluded from HMDA reporting. Comments are due by August 20 and can be emailed to regcomments@ncleague.org for submission to the Federal Reserve.
In conjunction, a series of public hearings will be held that feature a review of HMDA rules. The first hearing took place on July 15 in Atlanta, with subsequent hearings set to follow on Aug. 5 in San Francisco, Sept. 16 in Chicago, and Sept. 24 in Washington, D.C. Phil Greer of State Employees’ Credit Union testified at the Atlanta hearing.
For a detailed summary of the comment call, click here.
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