Data entry software, file specifications and edits to reporting records for 2021 anti-redlining regulation reporting were released Friday by the umbrella group for federal financial institution regulators.
The Federal Financial Institutions Examination Council (FFIEC) released the data reporting elements on behalf of its members, the federal banking agencies.
The data entry software released is version 2020 for calendar year 2020 Community Reinvestment Act (CRA) data that is due to be reported March 1. Each software version is year-specific, the FFIEC pointed out – meaning, essentially, that the 2019 software can’t be used for 2020 CRA data.
The file specifications, the FFIEC said, describe the format used when sending automated CRA data. In a note, the specifications point out – once again – that home equity loans have been removed from “optional loan types” in the specifications. The change resulted from Jan. 1, 2018 amendments by the agencies revising the definitions of “home mortgage loan” and “consumer loan.” The definition of consumer loans no longer includes home equity loans, the agency noted, and the optional loan types have been updated to reflect the change.
The “edits,” modified annually, are designed to help institutions submit accurate information. The FFIEC said a bank is expected to submit valid and accurate CRA data “that have been checked using edits approved for the particular calendar year.”