Out with Old and In with New – Or, In with Old and In with New?! 
There is a little controversy as to whether the old/current HMDA lobby notice needs to remain posted, along with the new notice requirement beginning January 1, 2018. Why the confusion? The requirement to make HMDA data available covers numerous years and the data will be available online beginning with 2017 data. For several years, you will have data prior to 2017 available from/at the bank, and 2017 data and beyond, available on the CFPB website, until it has been around long enough for all required data to be available online at the CFPB. So, do you need one notice directing the customer where to obtain data prior to 2017 and another notice directing the customer to the CFPB website for 2017 data and beyond?
It is our position that beginning January 1, 2018, banks are subject only to the new rules. They are not subject to the old rules anymore. Therefore, only the new notice requirement applies. §1003.5(e) indicates a lobby notice must be posted and gives the language. If the CFPB wanted both notices, this would have been specified, or they would have listed it as a transition rule. We don’t believe an examiner can cite you for a regulation that no longer exists and has been replaced.
Published
2017/12/22
Deb Irving
Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.
Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).
Deb loves to spend her free time cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!