WASHINGTON (12/3/15)--A Home Mortgage Disclosure Act (HMDA) small-entity compliance guide is among a number of resources released Wednesday by the Consumer Financial Protection Bureau (CFPB).
The CFPB finalized its HMDA rule in October, leading to concerns from CUNA about increased regulatory burden.
The small-entity compliance guide is meant to provide an easy-to-use summary of the amended HMDA rule, as well as information for financial institutions to use when implementing the rule. While it was released to fulfill the requirements laid out in the Small Business Regulatory Enforcement Act, larger entities may also find it useful.
Credit unions are subject to the new rule if, between Jan. 1, 2017, and Dec. 31, 2017, it meets all of the following criteria:
The materials posted by the bureau also include a summary of reportable data points, of which there are 48.
Other information on the CFPB’s HMDA implementation page includes institutional coverage charts for 2016 and 2017, a reference tool on when to report data as not applicable and the text of the rule itself.