If you’re a HMDA Bank, you’re probably all too aware that January 1st is right around the corner. The CFPB is apparently aware of this too, as they recently released some updates and additional information on the HMDA Platform.
A new Reportable HMDA Data Reference Chart was released and updates were announced to the 2018 Filing Instructions Guide and Collection and Reporting of HMDA Information about Ethnicity and Race.
As for the Platform, the latest word from the CFPB is that it will be available to everyone later this fall. A demonstration video is reportedly also going to be available soon. In the meantime, you may find the File Format Verification Tool helpful to make sure that your data will meet certain HMDA Platform filing requirements. The LAR Formatting Tool can also be used to create a file that can be submitted to the HMDA Platform.
You can check for additional updates on the Resources for HMDA filers page.
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!