FFIEC issued the 2020 edition of guide to Home Mortgage Disclosure Act (HMDA) reporting for the data collected in 2020 and reported in 2021. This compliance resource can help financial institutions to better understand the HMDA requirements, including the data collection and reporting provisions. The guide summarizes key provisions of HMDA and Regulation C, which is the implementing regulation for HMDA. The 2020 edition of guide presents information to aid HMDA compliance in the event of a merger or acquisition and it updates the appendices to reflect the recent Regulation C amendments by CFPB.
The amendments to Regulation C implement and clarify partial exemptions from reporting established by the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. These exemptions are available to certain institutions that are eligible based on the number of mortgages they originate and their Community Reinvestment Act ratings. The regulatory amendments also extend a temporary increase in the HMDA coverage threshold with respect to open-end lines of credit. The temporary threshold of at least 500 lines of credit in each of the preceding two calendar years remains in effect for 2020 and 2021. The federal HMDA reporting agencies (FED, CFPB, HUD, FDIC, NCUA, and OCC), referred to as the “appropriate Federal agency” in Regulation C, had agreed that, beginning on January 01, 2018, all HMDA filers will file their HMDA data with the CFPB.
Keywords: Americas, US, Banking, HMDA, Reporting, EGRRCP Act, Home Mortgages, Disclosures, Regulation C, Credit Risk, CFPB, FFIEC, FDIC
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