WASHINGTON—The Federal Financial Institutions Examination Council (FFIEC) and the Consumer Financial Protection Bureau have issued resources for Home Mortgage Disclosure Act (HMDA) compliance.
The FFIEC’s guide covers HMDA data collected in 2019 for submissions due March 1, 2020, while the CFPB published HMDA Modified Loan Application registers for approximately 5,400 financial institutions.
A Guide to HMDA Reporting: Getting it Right! provides credit unions with information about HMDA reporting, including a summary of responsibilities and requirements, directions for assembling the necessary tools and instructions for reporting HMDA data.
In its analysis, NAFCU said new items in the 2019 guide include:
- Appendix F, which is a partial exemptions chart illustrating the 26 data points covered by HMDA partial exemptions created by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). It also contains the 22 data points not covered by the partial exemptions
- Appendix G, which is a data fields and data points chart listing data points, corresponding data fields and data field numbers. It also indicates the data points covered by HMDA partial exemptions
For More Information
Credit unions can also find more information about HMDA on NCUA’s Consumer Compliance Regulatory Resource homepage.
The CFPB’s publishing of LARs contain the first year in which additional data reported by certain institutions under the 2015 HMDA rule will be available. The modified LARs contain loan level information for 2018 in individual HMDA filers, modified to protect privacy.
According to the CFPB, additional information will be published later this year related to HMDA, including a complete loan level dataset and HMDA aggregate and disclosure reports, NAFCU noted.
“These will be accompanied by a Data Point article highlighting key trends. The information to be released this year will include certain new data points, which can provide more insights into the mortgage lending practices of institutions,” NAFCU said.
Kraninger to Lead FFIEC
Meanwhile, Consumer Financial Protection Bureau Director Kathleen L. Kraninger has become the chairman of the Federal Financial Institutions Examination Council (FFIEC). Her two-year term runs from April 1, 2019, through March 31, 2021. NCUA Chairman J. Mark McWatters is the new vice chairman and will serve for two years. Chairman Kraninger succeeds Jelena McWilliams, chairman of the FDIC.
“The FFIEC provides a platform for members of the Council to promote collaboration and consistency in the supervision of financial institutions,” said Kraninger in a statement. “I look forward to engaging with my colleagues and remain committed to finding effective ways to collaborate on supervisory matters, including the use of appropriate technology. Under my leadership, I plan to focus on building a culture of compliance that prevents consumer harm in the first place. This prevention of harm is one of my primary goals, and using all available tools will better protect consumers, taxpayers, and the financial system.”
The CFPB anticipates applying particular rigor and analysis to address data anomalies, including in the new data points and describing the context in which the data may be best understood, NAFCU noted.