![HMDA Hot List: CFPB Spells Out What it Expects to See in an Effective HMDA System](http://nbhotlist.com/wp-content/uploads/2013/10/hmdawakeup.jpg)
HMDA Hot List: CFPB Spells Out What it Expects to See in an Effective HMDA System
What may have been lost in the news about the civil money penalties for the HMDA failings of two financial institutions is the real take-away for all financial institutions: CFPB issues guidelines on what it describes as being elements of an effective HMDA system, including internal pre-submission HMDA audits, reviews of regulatory changes, reporting systems, assigning individuals responsible for oversight and data entry, and employee training. [10/14]