Home Mortgage Disclosure Act (HMDA): Bureau of Consumer Financial Protection Interpretive and Procedural Rule on Partial Exemptions From HMDA Requirements
Summary:
Statement of Applicability to Institutions with Total Assets under
Highlights:
* On
* The Bureau's rule became effective on
* The Economic Growth Act's HMDA amendments provide eligible insured depository institutions (IDIs) with a partial exemption from reporting certain data points with respect to closed-end mortgage loans, open-end lines of credit, or both. The partial exemptions are available to IDIs that meet conditions related to mortgage origination thresholds and Community Reinvestment Act (CRA) performance ratings.
* The Bureau's rule clarifies which data points are covered by the partial exemptions. The rule also clarifies that only loans and lines of credit that are otherwise reportable under Regulation C count towards the origination thresholds, as well as how to determine which CRA performance evaluations to consider in determining eligibility for a partial exemption.
* In addition, the rule clarifies that eligible IDIs generally may use a non-universal loan identifier for partially exempt transactions and may choose to report exempt data points as long as they report all data fields included in that data point.
Continuation of FIL-58-2018 (https://www.fdic.gov/news/news/financial/2018/fil18058.html#continuation)
Distribution:
Suggested Routing:
Chief Executive Officer
Chief Compliance Officer
Related Topics:
Home Mortgage Disclosure Act Regulation,
12 CFR Part 1003
Attachments:
Final Rule: Partial Exemptions from the Requirements of the Home Mortgage Disclosure Act under the Economic Growth Act , Regulatory Relief, and Consumer Protection Act
FFIEC Filing Instructions Guide for HMDA Data Collected in 2018 (
Contact:
(202) 898-6685 or [email protected]
(202) 898-3579 or [email protected]
Note:
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