The Consumer Financial Protection Bureau has announced the finalization of a rule that will improve information about consumers’ access to residential mortgage credit by updating reporting requirements of the Home Mortgage Disclosure Act. The information reported by lenders as required by the HMDA is used by both the public and regulators to monitor whether the housing needs of communities are being met by financial institutions, to assist in distributing public-sector investment in order to attract private investment where it is needed, and to identify possible discriminatory lending patterns.
The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by Congress in 2010 in response to the crisis, and the legislation directs the CFPB to expand the HMDA dataset to include information about loans and applications that would help the public and regulators to better understand the mortgage market. The CFPB issued a proposed rule in July 2014 from a convention of a panel of small businesses five months earlier to provide feedback on potential changes to the rule. The CFPB is working on streamlining and modernizing data submission in order to reduce the reporting burden for lenders.
Citigroup experienced a substantially profitable third quarter and U.S. Bancorp's earnings marginally increased, according to reports released Thursday. Citigroup reported 4 point 3 billion dollars in net income for the third quarter, up from 2 point 8 billion dollars in the same quarter a year ago. The bank also has revenues that reached 18 point 7 billion dollars, down from 19 point 7 billion dollars last year. U.S. Bancorp was also slightly profitable in the third quarter, with a net income of 1 point 489 billion dollars, up from 1 point 483 billion in the previous quarter and up from 1 point 471 billion in the same quarter last year.