The OCC, Federal Reserve and FDIC recently amended Regulation BB (Community Reinvestment Act) and the changes are effective January 1, 2018. Specifically, the definitions of “home mortgage loan” and “consumer loan” were revised so they line up with the HMDA rule which also takes effect January 1st. These changes will affect how some loans are considered under CRA.
Changes were also made to the CRA Public File requirements. If a HMDA banks HMDA Disclosure Statements for the prior two years are available on the CFPB’s website, they no longer need to maintain copies in the CRA Public File. Rather, they will only need to include a notice in the CRA Public File that the HMDA Disclosure Statements may be obtained from the CFPB’s website at: http://www.consumerfinance.gov/hmda. If a bank has opted to have affiliate mortgage lending considered, they must provide the affiliate(s)’s name and a notice that the affiliate(s)’s disclosure statements are also available on the CFPB’s website, as applicable. These notices should be placed in the CRA Public File within three business days of receiving notification from the FFIEC that the Disclosure Statements are available.