The Consumer Financial Protection Bureau said Thursday that it plans to reopen its rulemaking for the Home Mortgage Disclosure Act and will not assess penalties against mortgage lenders for any errors in data collected in 2018.
Earlier versions of the bill would have caused bigger changes in how Americans finance home purchases, higher education and retirement. Still, the final legislation will have important effects on borrowing and saving decisions.
Top officials at the Internal Revenue Service met with mortgage industry groups this week to discuss possible fixes to the agency’s verification system, which lenders rely on to process mortgage loans.
With tax reform close to the finish line, bankers are still clear winners from the compromise worked out between House and Senate negotiators. But the bill includes some caveats that might give institutions pause.
The agency has suffered a series of setbacks over the past two months, from a rollback of its arbitration rule to a legal battle over its leadership. Here's what happened — and where the agency might lose next.