First HMDA, Now CRA
Both HMDA and CRA data systems are based on government standards set by the Office of Management and Budget and the US Bureau of the Census. Because codes and categories, ranging from ethnic and race data to census tracts have been revised in recent years, the regulations must reflect the changes. The bank regulatory agencies have just issued a joint interim rule - with an open comment period - that would make technical adjustments to the CRA regulations that reflect OMB and Census changes.
The didn't stop there. The agencies are proposing to bring HMDA's new definition of "refinance" into CRA - just in case you weren't having enough trouble with that definition in HMDA!
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 8, 8/04
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