If you’re a HMDA Bank, you’re probably more than well aware that reporting the correct action taken has long been a source of confusion. The CFPB’s HMDA Small Entity Compliance Guide lays out some scenarios that may help and, even better, we’ve taken some of these scenarios and laid out what they mean in plain English. Our “HMDA: Action Taken Codes Chart” is available now in the Free Lending Tools area of our website.
There are very subtle differences between some of the action taken codes and some don’t necessarily line up with other regulations, which can result in confusion. Don’t be surprised if you have to study this chart for a while before you start to see some of the differences and fully understand how they can impact your reporting.
Want more on the HMDA Action Taken Codes? Be sure to check out our June Newsletter where we walk through some of the more confusing Action Taken Codes in greater detail. We are also hosting a “HMDA Action Taken Deep Dive” webinar on June 6th which is sure to get you on the right track! If you are looking for an overview of HMDA compliance, check out this page and discover more bankers training online!
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!