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The scope of the Home Mortgage Disclosure Act (HMDA), as implemented by the Federal Reserve Board's Regulation C, has been revised in several areas. As a result, lenders that didn't report HMDA data in the past will now be required to do so, while lenders already reporting under HMDA must provide expanded information. All of the changes affect applications or loans where final action is taken on or after January 1, 2004.
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On Wednesday, November 5, 2003, a joint hearing of the House Financial Services Housing and Financial Institutions Subcommittees was held entitled "Protecting Homeowners: Preventing Abusive Lending While Preserving Access to Credit." The contentious issues of the hearing included both federal preemption and assignee liability.
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The "New Jersey Home Ownership Act of 2002" became effective on November 27, 2003.
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The Oklahoma Home Ownership and Equity Protection Act strikes a sensible balance between protecting consumers and ensuring wide access to credit by avoiding the unintended consequences of laws seen in other states, Greg Williams, Executive Director of the Oklahoma Financial Services Association (OFSA), told Oklahoma legislators on November 20.
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