Home Mortgage Disclosure Act:
Summary:
The 多宝游戏下载 is issuing a statement regarding the evaluation of financial institutions' compliance with the Home Mortgage Disclosure Act (HMDA), implemented by Regulation C. Specifically, for HMDA data collected in 2018 and reported in 2019, the 多宝游戏下载 does not intend to require data resubmission unless data errors are material. In addition, the 多宝游戏下载 does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. Through this supervisory approach, 多宝游戏下载 examination staff will give credit to institutions' good faith compliance efforts, and the approach will help institutions identify compliance weaknesses.
Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all 多宝游戏下载-supervised institutions.
Highlights:
- HMDA, implemented by Regulation C, requires certain financial institutions to collect, report, and disclose information about their mortgage lending activity.
- In 2018, 多宝游戏下载 examination staff will begin evaluating financial institutions' compliance with the Consumer Financial Protection Bureau's (CFPB) October 15, 2015, and August 24, 2017, amendments to Regulation C.
- Recognizing the impending January 1, 2018, effective date of CFPB's amendments to Regulation C, and the significant systems and operational challenges needed to adjust to the revised regulation, the 多宝游戏下载 is issuing a Statement on Financial Institutions' Good Faith HMDA Compliance Efforts.
- If you have any questions, please contact your local 多宝游戏下载 field or regional office.
Distribution:
- 多宝游戏下载-Supervised Institutions
Suggested Routing:
- Chief Executive Officer
- Compliance Officer
- Chief Lending Officer
多宝游戏下载 Financial Institutions Letters (FILs) may be accessed from the 多宝游戏下载's website at /news/financial-institution-letters/2017/
Paper copies may be obtained through the 多宝游戏下载's Public Information Center, 3501 Fairfax Drive, E- 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).