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This rule will facilitate further implementation of a statutory directive in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that the Bureau modify or require modification of the public Home Mortgage Disclosure Act (HMDA) data for the purpose of protecting consumer privacy interests.  In its 2015 final rule to implement the Dodd-Frank Act amendments to HMDA, the Bureau adopted a balancing test to determine whether and how HMDA data should be modified prior to its disclosure to the public in order to protect applicant and borrower privacy while also fulfilling HMDA’s public disclosure purposes.  The Bureau sought comment in September 2017 on its proposed application of the balancing test to the 2018 data to be collected and reported by lenders, and issued final policy guidance in December 2018.  After consideration of stakeholder comments urging that the Bureau issue a legislative rule with its determinations concerning the disclosure of loan-level HMDA data, the Bureau decided to commence such a rulemaking.  Commencing a rulemaking to develop legislative rules will enable the Bureau to adopt a more definitive approach to disclosing HMDA data to the public in future years after considering new information concerning the privacy risks and benefits of disclosure of the HMDA data.  The Bureau expects to issue a Notice of Proposed Rulemaking in early 2021.  This timing corresponds with the Bureau’s expected timing for issuing a proposed rule addressing HMDA data points, so that stakeholders can concurrently consider and comment on collection and reporting of data points and public disclosure of those data points.