Archive

HMDA FINAL RULE FOR EGRRCPA EXEMPTION

On August 31 the Bureau of Consumer Financial Protection issued a final rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which amended certain provisions of the Home Mortgage Disclosure Act (HMDA).┬áThe rule clarifies: That insured depository institutions and insured credit unions covered by a partial exemption under the EGRRCPA have the option of reporting exempt data fields as long as they report […]

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HMDA GETTING IT RIGHT IS BACK

The Federal Financial Institutions Examination Council (FFIEC) has released an updated and expanded version of the publication A Guide to HMDA Reporting – Getting it Right (aka the HMDA bible). The publication had not been updated since 2013. The 327-page 2018 Guide is updated for the revisions to the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA) that were effective January 1, 2018. The Guide includes the ┬árevised […]

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LATEST REVISIONS TO HMDA TOOLS

On February 2, 2018 the Consumer Financial Protection Bureau (CFPB) updated its Resources for HMDA Filers page by adding a 2018 LAR Formatting Tool, and making minor updates to the 2018 Filing Instructions. The 2018 LAR Formatting Tool is designed to assist financial institutions create an electronic file that can be submitted to the HMDA platform. It can be used to collect 2018 data that is to be reported in 2019. The CFPB also updated […]

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CFPB LAUNCHES ADDITIONAL HMDA TOOLS

On December 27, 2017 the Consumer Financial Protection Bureau(CFPB) launched its HMDA Check Digit Tool and Rate Spread Calculator. These tools, or similar tools, are needed to assure compliance with new HMDA data collection rules that are effective on January 1.2018. HMDA Check Digit Tool – The Check Digit Tool: Generates a two character check digit when you enter a Legal Entity Identifier (LEI) and loan or application ID; and Validates that a check digit […]

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FINAL 2018 LENDING THRESHOLDS

Each year more than a half dozen lending thresholds are published by the federal regulators from mid-summer to the last days of the year.. The thresholds determine coverage for various requirements in the Home Mortgage Disclosure Act, the Truth in Lending Act and the Community Reinvestment Act. On December 27, 2017 the Consumer Financial Protection Bureau (CFPB) published the final lending thresholds for 2017. The HMDA asset-size exemption threshold was increased from $44 million to […]

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