WASHINGTON—The CFPB has released an updated version of its Home Mortgage Disclosure Act (HMDA) Small Entity Compliance Guide.
The new version reflects changes made by the Bureau's rule in October to extend by two years the temporary threshold of 500 for reporting open-end lines of credit.
In addition, the rule clarified partial exemptions from certain HMDA requirements under the Economic Growth, Regulatory Relief, and Consumer Protection Act and finalized certain aspects of the Bureau's proposal to raise HMDA's transactional and institutional reporting thresholds, which are also accounted for in the compliance guide, NAFCU said.
The filing period for HMDA data collected in 2019 officially opened Jan. 1. The Bureau last year published a chart – Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart – as a reference tool for data points collected in 2019, and previously published a filing instruction guide that provided technical instruction on filing data collected in 2019 and reportable this year.
NAFCU noted it has additional HMDA resources available to credit unions online.