Latest HMDA guide incorporates changes made under EGRRCPA, new CFPB rule

The 2019 edition of the Home Mortgage Disclosure Act (HMDA) guide – reflecting amendments made to the law by last year’s regulatory relief legislation, and the interpretive and procedural rule issued by the Consumer Financial Protection Bureau – is now available.

The Federal Financial Institutions Examination Council (FFIEC), the umbrella group for federal financial institution regulators, said the 2019 HMDA guide reflects changes mandated by Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155) and the 2018 HMDA rule issued by CFPB.

According to the guide – A Guide to HMDA Reporting: Getting It Right!— EGRRCPA amended HMDA by adding partial exemptions from HMDA requirements for certain transactions made by certain insured depository institutions and insured credit unions. “On August 31, 2018, the CFPB issued a 2018 HMDA Rule to implement and clarify changes made by the 2018 Act,” the guide notes.

The FFIEC said the guide is comprehensive edition for the 2019 calendar year data (which is due March 1, 2020).

“The purpose of this Guide is to provide an easy-to-use summary of certain key requirements,” it notes “This Guide does not provide detailed information about the HMDA submission process, or file, data, and edit specifications.”

The guide also asserts that it is not a substitute for HMDA or Regulation C.Regulation C and its official interpretations (also known as the commentary) are the definitive sources of information regarding their requirements,” the guide states.

A Guide to HMDA Reporting: Getting It Right!