Regulators Issue Statement on HMDA Changes

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The National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), and other federal financial institutions regulators have issued a joint statement describing amendments to the Home Mortgage Disclosure Act (HMDA) that are required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The joint statement is available online here.

The Act provides partial exemptions from certain HMDA requirements that are generally available to insured depository institutions and insured credit unions:

  • For closed-end mortgage loans if the institution or the credit union originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years
  • For open-end lines of credit if the institution or credit union originated fewer than 500 open-end lines of credit in each of the two preceding calendar years

For closed-end mortgage loans or open-end lines of credit subject to the partial exemptions, the Act states that the “requirements of [HMDA section 304(b)(5) and (6)]” shall not apply. Accordingly, for these transactions, those institutions are exempt from the collection, recording, and reporting requirements for some, but not all, of the data points specified in current Regulation C.

The CFPB expects to provide further guidance later this summer on how the Act will apply to HMDA data collected in 2018.

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