The Federal Financial Institutions Examination Council has released a guide to help financial institutions better understand HMDA reporting, including the data collection and reporting provisions.
Specifically, the guide includes a summary of key provisions of HMDA and its implementing regulation, Regulation C. The guide applies to data HMDA requires covered institutions collect in 2020 and report to supervisory agencies by March 1, 2021.
The CFPB’s amendments to Regulation C implement and clarify partial exemptions from reporting established by the Economic Growth, Regulatory Relief, and Consumer Protection Act. These exemptions are available to certain institutions that are eligible based on the number of mortgages they originate and their Community Reinvestment Act ratings.
The regulatory amendments also extend a temporary increase in the HMDA coverage threshold with respect to open-end lines of credit. The temporary threshold of at least 500 lines of credit in each of the preceding two calendar years remains in effect for 2020 and 2021.
The 2020 guide can be accessed on the FFIEC website.
The FFIEC includes representatives from the NCUA, the CFPB, Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.