HMDA was created by which entity?

HMDA was created by which entity?

• A. Federal Reserve Board (FRB)
• B. Consumer Financial Protection Bureau (CFPB)
• C. Federal Housing Finance Agency (FHFA)
• D. Office of the Comptroller of the Currency (OCC)

Answer: (A)

HMDA was created by the Federal Reserve Board to establish a system for collecting and reporting data on mortgage lending. This was enacted as part of amendments to the Federal Reserve Act in 1975, with the Federal Reserve Board implementing the data collection under Regulation C. The goal was to shed light on lending patterns, help ensure fair access to credit, and identify any discriminatory practices. While today the Consumer Financial Protection Bureau handles much of HMDA’s rulemaking and oversight under Dodd-Frank, the origin of HMDA’s creation lies with the Federal Reserve Board. The other agencies listed supervise banks or housing-related entities but did not originate HMDA.

HMDA was created by the Federal Reserve Board to establish a system for collecting and reporting data on mortgage lending. This was enacted as part of amendments to the Federal Reserve Act in 1975, with the Federal Reserve Board implementing the data collection under Regulation C. The goal was to shed light on lending patterns, help ensure fair access to credit, and identify any discriminatory practices. While today the Consumer Financial Protection Bureau handles much of HMDA’s rulemaking and oversight under Dodd-Frank, the origin of HMDA’s creation lies with the Federal Reserve Board. The other agencies listed supervise banks or housing-related entities but did not originate HMDA.