On July 5th, the CFPB announced HMDA relief for “Small Filers”. We previously announced this on our blog and as we mentioned, the Bureau indicated they would be providing further guidance before the summer was over. Well, today they delivered on their promise!
The CFPB announcement includes a 31 page Final Rule and they also released an 8 page Executive Summary. Pages 6-8 of the Executive Summary provides two tables listing all of the HMDA data requirements. Table 1 lists the data points that are no longer required for small filers while Table 2 lists all the data that is still required to be reported.
Like we always do, we’re going to be breaking this new rule down into plain English for you and also offer a webinar with all of the details on September 18, 2018, from 1-2 PM CST. Stay tuned for more details on the webinar! We will also be covering these new rules at our Fall Lending Conferences in Omaha (September 11 & 12), Sioux Falls (September 25 & 26) and Grand Island (October 10 & 11)!
Sign up for the webinar here – https://store.bankerscompliance.com/link/HMDASmallFiler9-18.