CFPB and FDIC Issue Statements on HMDA Data Resubmissions
Dec 21, 2017
The Consumer Financial Protection Bureau (CFPB) issued a public statement announcing that it does not intend to require data resubmission unless data errors are material or assess penalties with respect to errors for data collected in 2018 and reported in 2019 under the Home Mortgage Disclosure Act (HMDA).
The CFPB also announced that it plans to open a rulemaking to reconsider various aspects of the its 2015 HMDA rule, such as the institutional and transactional coverage tests and the rule’s discretionary data points. Beginning on Jan. 1, financial institutions will submit HMDA data collected in 2017 and beyond using the bureau’s new online platform.
Separately, the Federal Deposit Insurance Corp. (FDIC) issued a public statement that in view of the Jan. 1 effective date of CFPB amendments to Regulation C, it will not require HMDA data resubmission unless data errors are material. The FDIC added that it will assess penalties with respect to errors in data collected in 2018 and reported in 2019.
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