Removing Barriers Blog

CFPB Issues Proposed Guidance for HMDA’s Reg C

The HMDA proposed policy guidance issued Wednesday describes the loan-level HMDA data the bureau proposes to make available to the public starting in 2019. 

It also proposes modification to the data to protect consumer privacy. These modifications include excluding certain data fields from what is shared publicly, such as property address and the applicant’s credit score. It would also reduce precision in certain information, such as presenting an age range instead of an applicant’s specific age. 

CUNA looks forward to submitting comments to the CFPB on this matter and appreciates their willingness to hear from credit unions. The comment period on the proposed guidance will be 60 days after it is published in the Federal Register, which is expected in the coming days.