Under which act is the Home Mortgage Disclosure Act (HMDA) enforced?

The Home Mortgage Disclosure Act (HMDA) is enforced under the Dodd-Frank Act. This act was enacted in response to the financial crisis of 2008 with the goal of improving financial regulatory processes and enhancing consumer protections in various areas of the financial services industry. Dodd-Frank brought significant reforms to the mortgage market, including the enforcement and implementation of HMDA to ensure that lenders provide clear data on their lending practices. This data helps to identify potential discriminatory practices, ensuring fair access to credit for all borrowers.

The Dodd-Frank Act fundamentally updated the regulatory framework surrounding mortgage lending, which includes the specifications for compliance under HMDA. Additionally, Dodd-Frank transferred the enforcement of HMDA to the Consumer Financial Protection Bureau (CFPB), underscoring the importance of transparency in mortgage lending practices as part of a wider initiative to protect consumers.