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In the April 25, 2017, issue of the Federal Register (82 FR 19142, click here) the CFPB published a proposed rule, with a request for public comment, to make technical corrections to and to clarify certain requirements adopted by the Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule), which was published in the Federal Register on October 28, 2015 (80 FR 66128). The proposed rule also proposes a new reporting exclusion.

In the April 4, 2017, issue of the Federal Register (82 FR 16307, click here) the CFPB published a proposed rule, with a request for public comment, to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C (as amended in the 2015 HMDA final rule), to add certain model forms and remove others from Regulation B, and to make various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.

In the December 21, 2016 issue of the Federal Register (81 FR 93580) (click here), the Consumer Financial Protection Bureau (“CFPB”) announced the final rule maintaining the existing asset-size exemption threshold to the data collection requirements of the Home Mortgage Disclosure Act (“HMDA”).

In the July 21, 2016 issue of the Federal Register (81 FR 47394) (click here), the Federal Financial Institutions Examination Council (“FFIEC”) announced the availability of Filing Instructions Guides (“Guides”) for data collected pursuant to the Home Mortgage Disclosure Act (“HMDA”) for 2017 and 2018. The Guides for these upcoming years can be found at the Bureau of Consumer Financial Protection’s (“CFPB”) website at http://www.consumerfinance.gov/data-research/hmda/for-filers. The current guide, for HMDA data collected during 2016, can be accessed at the FFIEC’s website at http://www.ffiec.gov/hmda/guide.htm. These Guides provide instruction for HMDA’s collection and reporting requirements.

As you are aware the recent amendments to Regulation C (October 28, 2015, Federal Register, 80 FR 66128, click here), which implements HMDA, become effective in stages starting in 2017, with most of the amendments becoming effective in 2018 for reporting in 2019. However, the CFPB Resubmission Guidelines (click here), which describe when HMDA data should be corrected and resubmitted, have not been amended to reflect HMDA data that will be submitted under the Regulation C amendments. In order to rectify this, the CFPB published in the January 12, 2015, Federal Register (81 FR 1405, click here) a Notice requesting information on what changes to the Resubmission Guidelines may be needed.

Reprinted below is the text of the CFPB press release regarding the 2013 HMDA data released by the FFIEC on September 22, 2014. Pay particular attention to the explanation of how the regulators use HMDA data in their examinations to determine whether a lender is complying with fair lending laws. With the addition of more data points in the proposed HMDA regulations (see the August 29, 2014 memorandum posted on our website www.bmandg.com), we believe future HMDA data will become more critical in fair lending examinations. For further information regarding the HMDA data, click on the hyperlinks and URLs in the CFPB press release.

In the August 29, 2014 issue of the Federal Register (click here) the CFPB published for public comment a proposed rule to amend Regulation C (12 CFR Part 1003) to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by section 1094 of the Dodd-Frank Act. The rule proposes to add several new reporting requirements, to clarify several existing requirements, and to change institutional and transactional coverage.

On October 9, 2013, the CFPB released Bulletin 2013-11 (click here) to advise CFPB-supervised mortgage lenders (both depository and non-depository) of their responsibilities under HMDA and Regulation C to collect and report accurate HMDA data and of the CFBP’s enforcement actions for failure to do so. For a copy of Bulletin 2013-11, click on the above hyperlink.

In the December 31, 2012, issue of the Federal Register (Vol. 77, Pages 76839 – 76840, click here) the Bureau of Consumer Financial Protection published a final rule amending the official commentary that interprets the requirements of HMDA’s Regulation C to reflect an increase in the asset-size exemption threshold for banks, savings associations, and credit unions for data collection in 2013. The exemption threshold is adjusted to increase to $42 million from $41 million. Therefore, banks, savings associations, and credit unions with assets of $42 million or less as of December 31, 2012, are exempt from collecting HMDA data in 2013. Please note, however, that this exemption from collecting date in 2013 does not affect a depository institution’s responsibility to report date it was required to collect in 2012.