CFPB issued an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCP Act), which amended certain provisions of the Home Mortgage Disclosure Act. This interpretive and procedural rule became effective on September 07, 2018.
To support implementation of the rule, CFPB updated the Filing Instructions Guide for HMDA data collected in 2018, along with the Regulatory and Reporting Overview Reference Chart. The rule provides clarification and guidance on five general items:
- Partially exempt institutions have the option to report data points covered by the partial exemption. If a data point covered by the partial exemption includes multiple data fields, partially exempt institutions report all of the data fields if they choose to report at least one of the data fields.
- The terms “closed-end mortgage loan” and “open-end line of credit” include only loans and lines of credit that are otherwise reportable under HMDA.
- Partially exempt institutions are not required to report 26 data points (in Regulation C) that are specified in this rule.
- Partially exempt institutions are required to report a non-universal loan identifier if they choose not to report a universal loan identifier.
- For a given reporting year, the Community Reinvestment Act (CRA) ratings used to determine whether the CRA reporting exception applies are the two most recent CRA ratings as of December 31 of the preceding calendar year.
- Rule in Federal Register
- Consumer Financial Protection Update (PDF)
- Filing Instructions Guide for HMDA
- Regulatory and Reporting Overview Reference Chart (PDF)
Effective Date: September 07, 2018
Keywords: Americas, US, Banking, HMDA, EGRRCP Act, Disclosures, Reporting, Regulation C, CFPB
Previous ArticleDon Kohn of BoE Examines Lessons from Last Global Financial Crisis
PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.