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.
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transform the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM), and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have 3 adult children and 2 grandsons (none of whom live at home!) and 3 cats (of which Dave is allergic … the cats, not the children!). They live on a lake in Nebraska and when possible he can be found fishing or making sawdust in his shop. David plays the guitar & piano and enjoys singing with Karen. They occasionally lead worship at their church.