Banking agencies introduce changes to CRA definitions

WASHINGTON — The 3 sovereign prudential bank regulators on Wednesday due reworking certain definitions in Community Reinvestment Act regulations to stay aligned with a new order from a Consumer Financial Protection Bureau.

Under a proposal, a Federal Deposit Insurance Corp, Office of a Comptroller of a Currency and Federal Reserve Board would refurbish definitions of terms such as “home debt loan” and “consumer loan” to be unchanging with new mandate implemented by a CFPB underneath a Home Mortgage Disclosure Act. The HMDA changes go into outcome in Jan 2018.

Article source: http://www.nationalmortgagenews.com/news/banking-agencies-propose-changes-to-cra-definitions

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