CFPB to Revise Mortgage, Prepaid card Rules from Cordray Era - ABI

The Consumer Financial Protection Bureau (CFPB) said yesterday that the agency will review and reconsider aspects of two rules issued by its former director, Richard Cordray, The Hill reported. Under acting Director Mick Mulvaney, the CFPB announced plans to revise rules issued by Cordray regarding mortgage data collection and prepaid credit cards. One of the revisions: The bureau will no longer assess penalties against mortgage lenders and banks for errors collected in data next year that is subject to the Home Mortgage Disclosure Act (HMDA). The bureau also won't ask for lenders to resubmit such data if errors aren't "material" to the information provided. The CFPB also said it would begin the process of making a rule to revise parts of the CFPB’s 2015 rule regarding the HMDA. The bureau singled out institutional and transactional coverage tests, discretionary data points and lending-activity criteria that determine whether institutions are required to report mortgage data.

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