WASHINGTON—The Bureau of Consumer Financial Protection has released filing instructions guide for data collected in 2019 under the Home Mortgage Disclosure Act (HMDA).
The guide provides technical instruction on filing data collected in 2019 and reportable in 2020 so that credit unions may get a head start on updating their policies and procedures, noted NAFCU.
The Regulatory Relief, and Consumer Protection Act (S. 2155) exempts certain credit unions from collecting and reporting on certain data points added to HMDA by the Dodd-Frank Act. NAFCU has asked the bureau for more guidance on HMDA to ensure credit unions are compliant with the law.
In its fall rulemaking agenda released last week, the Bureau indicated that it plans to issue a rule in 2019 to adjust collection and reporting thresholds under HMDA. It will also pursue clarification on S. 2155 provisions that might not require a rulemaking for implementation, noted NAFCU.