Consumer bureau to revise mortgage, prepaid card rules

Source: Sylvan Lane, The Hill (Paid Registration)

Under acting Director Mick Mulvaney, the CFPB announced plans to revise rules issued by Cordray regarding mortgage data collection and prepaid credit cards.

One of the revisions: The bureau will no longer assess penalties against mortgage lenders and banks for errors collected in data next year that is subject to the Home Mortgage Disclosure Act (HMDA). The bureau also won't ask for lenders to resubmit such data if errors aren't "material" to the information provided.

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