CFPB Releases Update on HMDA Tools

The CFPB released a statement October 18, 2017 to provide insight into when to expect the introduction of the HMDA Platform, the web interface required to submit 2017 HMDA data.  The HMDA Platform is one of the most anticipated tools for those financial institutions required to report for HMDA.

The agency stated that it is “currently demonstrating to the industry the new HMDA Platform’s functionality and user experience through webinars, industry conferences, and in-person user testing sessions.”  In addition, a video version of the CFPB’s demonstration of the platform will be available soon.  The release date provided in the statement from the CFPB was simply “the Fall.”

The CFPB also reminded financial institutions of the other tools available for HMDA filers on its website that may assist in implementation of the HMDA requirements.  That link is https://www.consumerfinance.gov/data-research/hmda/for-filers.

 

Additional information on HMDA tools:

HMDA Tools

Geocoding Tool

 

 

Still Need Training?  View Compliance Resource HMDA webinars:

HMDA Implementing the New Rules Part 1: Scope, Covered, and Exempt

HMDA Implementing the New Rules Part 2: Completing the Revised LAR

 

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