CFPB Issues Rule to Clarify Provisions of Home Mortgage Disclosure Act
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.
Related Links
- 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 Article
Don Kohn of BoE Examines Lessons from Last Global Financial CrisisRelated Insights
|
News
BCBS Finds Liquidity Risk Management Principles Remain Fit for PurposeBCBS completed a review of its 2008 Principles for sound liquidity risk management and supervision. The review confirmed that the principles remain fit for purpose.
January 17, 2019
WebPage
Regulatory News
|
|
News
HKMA Urges Local Banks to Start Working on FRTB ImplementationHKMA announced that it plans to issue a consultation paper on the new market risk standard in the second quarter of 2019.
January 17, 2019
WebPage
Regulatory News
|
|
News
EBA Finalizes Guidelines for High-Risk Exposures Under CRREBA published the final guidelines on the specification of types of exposures to be associated with high risk under the Capital Requirements Regulation (CRR). The guidelines are intended to facilitate a higher degree of comparability in terms of the current practices in identifying high-risk exposures.
January 17, 2019
WebPage
Regulatory News
|
|
News
MAS Guidelines on Risk Mitigation Requirements for OTC DerivativesMAS published guidelines on risk mitigation requirements for non-centrally cleared over-the-counter (OTC) derivatives contracts.
January 17, 2019
WebPage
Regulatory News
|
|
News
BoE Publishes the Schedule for Statistical Reporting for 2019BoE published the updated schedule for statistical reporting for 2019. The reporting institutions use the online statistical data application (OSCA) to submit statistical data to BoE.
January 16, 2019
WebPage
Regulatory News
|
|
News
PRA Delays Final Direction on Reporting of Private SecuritizationsPRA and FCA have delayed the issuance of final direction, including the final template, on reporting of private securitizations, from January 15, 2019 to the end of January 2019.
January 15, 2019
WebPage
Regulatory News
|
|
News
SNB Updates Forms on Supervisory Reporting for BanksSNB published Version 1.7 of reporting forms (AUR_U, AUR_UEA, AUR_UES, AURH_U, AUR_K, AUR_KEA, and AURH_K) and the related documentation for supervisory reporting on an individual and consolidated basis.
January 15, 2019
WebPage
Regulatory News
|
|
News
BCBS Finalizes Market Risk Capital Framework and Work Program for 2019BCBS published the final framework for market risk capital requirements and its work program for 2019. Also published was an explanatory note to provide a non-technical description of the overall market risk framework, the changes that have been incorporated into in this version of the framework and impact of the framework.
January 14, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: First Update for January 2019EBA published answers to 13 questions under the Single Rulebook question and answer (Q&A) updates for this week.
January 11, 2019
WebPage
Regulatory News
|
|
News
PRA Proposes to Amend Supervisory Statement on Credit Risk MitigationPRA published the consultation paper CP1/19 that is proposing changes to the supervisory statement (SS17/13) on credit risk mitigation.
January 10, 2019
WebPage
Regulatory News
|
