This is the second installment in a series of blogs covering the sessions I attended at this year’s American Banker’s Association (ABA) Regulatory Compliance Conference (RCC) in New Orleans.
This session didn’t deal with all the technical details of HMDA. Rather, it was a big picture summary of where HMDA began (well done, Lucy Griffin!), where it’s at now and more importantly where it’s going in the very near future. There was also some bonus information and insights into the women and minority owned small business data collection requirements of the Dodd Frank Act (which haven’t even been proposed yet). There were some great management level details and takeaways in this session:
- “Mine your own data”. In other words, be sure to monitor your own data for accuracy and integrity purposes. HMDA isn’t something you can just say, “there you have it, we’re doing it, so let’s move on to something else”. HMDA requires ongoing attention.
- Public interest in your data is at an all time high. Are you prepared for it? Maybe you haven’t had a request yet but you need to be prepared for when you do get a request.
- There is renewed regulatory interest in ANY data being reported from many different angles, especially fair lending!
- Stay tuned and take advantage of the comment periods to voice concerns as the new HMDA changes and other data collection and reporting rules roll out.
Stay tuned for more happenings from the ABA RCC!