Who oversees HMDA enforcement?

Who oversees HMDA enforcement?

• A. Consumer Financial Protection Bureau (CFPB)
• B. Federal Reserve Board (FRB)
• C. Office of the Comptroller of the Currency (OCC)
• D. Federal Deposit Insurance Corporation (FDIC)

Answer: (A)

The main idea is who has the authority to enforce HMDA-related rules. HMDA, implemented as Regulation C, is a consumer protection law governing mortgage lending data disclosure. The agency responsible for enforcing those consumer protections, including Regulation C compliance and HMDA data reporting, is the Consumer Financial Protection Bureau. The CFPB serves as the primary enforcer of HMDA, can take corrective actions, and impose penalties for violations. While the Federal Reserve, the OCC, and the FDIC supervise the banks and financial institutions they regulate for safety and soundness—which includes ensuring these institutions comply with HMDA as part of their broader supervisory duties—their role is supervisory rather than the primary enforcement of HMDA. The CFPB is the regulator specifically empowered to enforce HMDA.

The main idea is who has the authority to enforce HMDA-related rules. HMDA, implemented as Regulation C, is a consumer protection law governing mortgage lending data disclosure. The agency responsible for enforcing those consumer protections, including Regulation C compliance and HMDA data reporting, is the Consumer Financial Protection Bureau. The CFPB serves as the primary enforcer of HMDA, can take corrective actions, and impose penalties for violations.

While the Federal Reserve, the OCC, and the FDIC supervise the banks and financial institutions they regulate for safety and soundness—which includes ensuring these institutions comply with HMDA as part of their broader supervisory duties—their role is supervisory rather than the primary enforcement of HMDA. The CFPB is the regulator specifically empowered to enforce HMDA.