The umbrella group representing the federal financial institution regulators on Monday underscored the eased stance being taken amid the coronavirus crisis by the Consumer Financial Protection Bureau (CFPB) regarding home mortgage reporting requirements.
The Federal Financial Institutions Examination Council (FFIEC) reiterated the CFPB’s statement last week that as of March 26 “and until further notice, the CFPB does not intend to cite in an examination or initiate an enforcement action against any institution for failure to report its HMDA data quarterly.”
Rules that took effect his Jan. 1 require financial institutions that reported a combined total of at least 60,000 applications and covered loans, excluding purchased covered loans, in the preceding calendar year file HMDA data in the first, second, and third quarters in addition to filing annually. The first quarterly report would be due May 30 without the above-noted easing by the CFPB. The CFPB will provide additional information on the 2020 Quarterly Filing Platform at a later date, the council said.
The FFIEC includes the CFPB as well as the Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC), and the State Liaison Committee (which has five representatives of state supervisory agencies).
CFPB statement on HMDA reporting (March 26, 2020)