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Thursday, October 10, 2013

CFPB Warns Lenders on HMDA Data Accuracy

The CFPB announced enforcement actions against two institutions for inaccurate HMDA loan reporting, and simultaneously issued a bulletin about the importance of effective HMDA compliance management.

The bulletin reviews common elements of an effective HMDA compliance management system, which include employee training, internal audits, and assigning responsibility for timely and accurate data reporting. It also details factors that the CFPB may consider when evaluating whether to pursue a public enforcement action.

Read the bulletin.

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