Which agency is responsible for enforcing the Home Mortgage Disclosure Act (HMDA)?

The Consumer Financial Protection Bureau (CFPB) is the agency responsible for enforcing the Home Mortgage Disclosure Act (HMDA). HMDA was enacted to provide the public with information about the mortgage lending industry, primarily to ensure transparency and prevent discriminatory lending practices. This regulatory responsibility means that the CFPB oversees compliance by financial institutions with HMDA requirements, which include collecting and reporting data about mortgage applications, originations, and denials based on various demographic factors. The goal is to promote fair lending and ensure that all consumers have access to mortgage credit.

The CFPB's dedicated focus on consumer protection and its authority to regulate financial institutions makes it specifically suited to enforce HMDA regulations. As such, it plays a crucial role in improving the transparency of mortgage lending and holding institutions accountable for lending practices.