Joint Trade Letter to CFPB Director Cordray Requesting Delayed Implementation on the HMDA Rule

Dear Mr. Cordray,
The undersigned trade associations representing the financial services industry respectfully request a delay of the January 1, 2018 effective date of one year for the mandatory collection of new data points under the Consumer Financial Protection Bureau’s (“Bureau” or “CFPB”) Home Mortgage Disclosure Act (HMDA) Regulation (Regulation C). We also would like to assist the CFPB in developing protocols for 2018 reporting so the year serves as a productive transition to the new data requirements for 2019.