Recently the Consumer Financial Protection Bureau announced it was issuing fines and consent orders against both a depository and a nondepository lender for submitting inaccurate Home Mortgage Disclosure Act reports. Importantly, the CFPB did not claim the the reports were intentionally inaccurate. Rather, the CFPB acted based upon its belief that insufficient compliance and monitoring systems caused the inaccuracies.
In connection with the actions against these lenders the CFPB also released guidance on how lenders should approach their compliance management system as it pertains to HMDA reports. Specifically, the CFPB advised lenders to have an assigned individual responsible for such reports, comprehensive policies and procedures and presubmission sample testing of HMDA data to test its accuracy.
Once again, the enforcement actions and guidance demonstrate the CFPB's focus upon institutional compliance infrastructure. It is a constant theme that is not going away.