Background
The Consumer Financial Protection Bureau (CFPB) is a relatively new agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. CFPB work to give consumers the information they need to understand the terms of their agreements with financial companies. In addition, the CFPB works to make regulations and guidance as clear and streamlined as possible.
The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose information about mortgages. HMDA was originally enacted by Congress in 1975. The Dodd-Frank Act transferred HMDA rule-making authority from the Federal Reserve Board to the Consumer Financial Protection Bureau (CFPB) in 2011. The CFPB is taking steps to improve HMDA data, facilitate data collection, and report on the collected data.
Result
Working with Computech, Inc., Emprata participated in a pilot project whose aim was to ensure the quality of HMDA data submissions through a client side data validator and provide data science support. Responsibilities included:
