What's New? Revised “A Guide to HMDA Reporting: Getting It Right!”
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed a revised version of “A Guide to HMDA Reporting: Getting It Right!” (Guide). The updated Guide is intended to assist financial institutions in complying with the Home Mortgage Disclosure Act (HMDA) as implemented by the Consumer Financial Protection Bureau’s (CFPB) Regulation C. This Guide applies to HMDA data that financial institutions are required to collect beginning on January 1, 2020 and must submit by March 1, 2021. The Guide provides helpful background information and an easy-to-use summary of certain key requirements, including those relating to institutional coverage, transactional coverage, and data collection, reporting, and disclosure requirements.
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