Does anyone know more about this "agent" thing? I get it that it's a state law issue, but I'm looking for why the regulators put this in there as it is a new concept, particularly in light of §1003.4(a)2 and .4(a)3 since they are substantially the same as the old HMDA (I"f more than one institution was involved in the origination of a covered loan, the financial institution that made the credit decision approving the application before closing or account opening reports the loan as an origination. It is not relevant whether the loan closed or, in the case of an application, would have closed in the institution's name.")

Anyone have any ideas?

In addition, a trade association asked the Bureau to clarify the reporting responsibilities when a credit union contracts a credit union service organization (CUSO) to perform loan origination services.

Accordingly, if a credit union makes a credit decision prior to closing or account opening, then the credit union reports that decision. In addition, comment 4(a)–3.v addresses situations when a financial institution (in this case the CUSO) makes a credit decision using the underwriting criteria of a third party (in this case the credit union). In that case, if the CUSO makes a credit decision without the credit union’s review before closing, the CUSO reports the credit decision. However, if the CUSO approves the application acting as the credit union’s agent under State law, comment 4(a)–4 clarifies that the credit union is required to report the actions taken through its agent.