Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Home Mortgage Disclosure Act of 1975 (HMDA)

Administering Agency/Entity Consumer Financial Protection Bureau (CFPB) and Federal Financial Regulators (Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency) and the Federal Financial Institutions Examination Council (FFIEC)
Short Description Requires lending institutions to collect, disclose, and report information about housing loans and applications, including loan type and amount, property location, income level, and borrower characteristics (such as ethnicity, race, and sex). Federally insured or regulated depository institutions with assets exceeding $41 million (for 2012) with a home or branch office in a metropolitan statistical area (MSA) that originated any secured home purchase loans or refinancing must file HMDA data. HMDA’s purposes are to provide the public with loan data that can help identify potential risks for discriminatory patterns and enforce antidiscrimination laws, help the public determine if lending institutions are meeting communities’ housing credit needs, and help public officials target community development investment. Responsibility for rulemaking under HMDA moved to CFPB on July 21, 2011. CFPB, the federal financial regulators, and HUD enforce compliance with the act, and FFIEC helps promote uniformity.
Primary Purpose Regulatory requirements
Type of Housing Supported Homeownership
Type of Assistance Regulation
Fiscal Year 2010 Obligations Obligations in calendar year 2010 for FFIEC were $13 million; of this amount, approximately $3 million were related to costs associated with the processing, aggregation, and reporting of HMDA data. Funding for the FFIEC is derived from assessments on its five federal member agencies. Obligations do not include costs to financial regulators for enforcement of HMDA.

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