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#2156481 - 12/07/17 06:32 PM Re: HMDA Notice peony
Aruba123 Offline
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Thank you David!

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#2156483 - 12/07/17 06:38 PM Re: HMDA Notice peony
cgorham Offline
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Would we need to follow the ESIGN demonstrable consent process to email it? §1003.5(c) doesn't specifically mention ESIGN like the regs usually do when talking about meeting a disclosure requirement electronically, but I thought that was a given any time you fulfill a disclosure/notice requirement electronically.

If we have to adhere to ESIGN it seems difficult to go through all of that and still say we are making it "available on request".

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#2156574 - 12/08/17 03:07 PM Re: HMDA Notice peony
Monster Offline
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Posts: 500
"Would we need to follow ESIGN demonstrable consent process to email it?" I don't think so. There's nothing about ensuring delivery. I'd buy the WK pads over demonstrable consent for that notice! wink

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#2156604 - 12/08/17 05:17 PM Re: HMDA Notice peony
John Burnett Offline
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E-SIGN demonstrable consent has nothing to do with whether or not you need to ensure delivery (such as with an acknowledgment from the addressee). It's about whether you can provide a notice using electronic delivery when the notice is required by law or regulation to be written. In any event, it doesn't apply here because revised comment 5(b) allows the notice to be in paper or electronic form.
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#2156717 - 12/09/17 01:11 AM Re: HMDA Notice Kathleen O. Blanchard
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Kathleen,

So you seem to to believe that an FI needs to account for both notices somehow, either by keeping two separate or adding language to the 2018 suggested notice that refers to prior years. I have seen a few Compliance posts and have had several discussions regarding this. I keep seeing people state the old data is not going to be on the website. However, I have actually used the link and pulled various reports on a bank from 2015 and 2016. I have also pulled a .csv document that is very similar to a "modified LAR." I am a bit confused why people keep saying that data from prior years won't be available on the website. It seems like it is available to me.

I'm inclined to think an FI can just use the 2018 language and call it a day. This is what I get out of the Regulation Official Interpretation and the Small Entity Compliance Guide.

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#2156724 - 12/09/17 07:20 PM Re: HMDA Notice peony
David Dickinson Offline
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I agree that you don't need 2 posters. The 2018 poster is what the 2018 rule calls for - that's it.
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#2157355 - 12/14/17 09:33 PM Re: HMDA Notice peony
Topgun Offline
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With regards to the HMDA Notice, what happens if there is no loan data to report in 2017? How could we state that HMDA data about "our".... is available online if there wouldn't be any of our 2017 data online? Could we just leave out "our" data and state that HMDA data is available online, etc? I could then add a disclosure in another paragraph stating that data prior to 2017 to contact us, etc.

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#2157380 - 12/15/17 12:24 AM Re: HMDA Notice peony
cgorham Offline
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We easily meet the requirements to report, so this isn't my best area, but I think you could modify it to say your data is not available.

I wouldn't remove all references to your institution. This is because 1003.5(e) says for institutions to post a "general notice about the availability of its HMDA data" and that the suggested test is not required. Based on that, I wouldn't leave out "our data", but I think you could state that your data is not available online because you do not report, but that other lenders data can be found at the website.

The disclosure for 1003.5(b) is only required after you receive notice your disclosure statement is available, so it would not apply for you. The disclosure for 1003.5(c) is required following the calendar year for which you collected data, so it also wouldn't apply.

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#2157381 - 12/15/17 12:29 AM Re: HMDA Notice peony
cgorham Offline
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I guess the other question to ask, is if you have NO data for 2017, do you even meet the definition of a financial institution in 1003.2(g)? If not, then I don't know that anything in HMDA applies for you.

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#2157420 - 12/15/17 03:50 PM Re: HMDA Notice cgorham
Topgun Offline
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We do meet the definition of a financial institution based on: 1. preceding December 31, had a branch or home office in an MSA; 2. in the preceding year originated at least one home purchase loan 3. the institution is federally insured.

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#2157428 - 12/15/17 04:35 PM Re: HMDA Notice peony
David Dickinson Offline
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Central City, NE
Topgun: But in addition to those 3, you must also have originated at least:

1. Closed-end dwelling secured loans in each of the prior two calendar years; or,
2. 500 Open-end lines of credit secured by a dwelling in each of the prior two calendar years.

If you didn't, you're not subject to HMDA.

If you did and you're saying you are new to HMDA beginning 1/1/18, they you wouldn't have any data for 2016/2017 yet. I would leave the lobby poster the same as the model. No one reads it and you'll have to change it next year.
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#2157805 - 12/19/17 09:23 PM Re: HMDA Notice peony
Compliance NABW Offline
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I'm sure David meant to include "25" Closed-end dwelling secured loans.

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#2157835 - 12/20/17 01:37 AM Re: HMDA Notice peony
David Dickinson Offline
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Central City, NE
I did. Thanks.
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#2157854 - 12/20/17 02:08 PM Re: HMDA Notice peony
David Dickinson Offline
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Central City, NE
The CFPB put out an announcement this morning announcing the end of the beta testing of the HMDA platform. At the end of the letter they state:
We encourage financial institutions to continue providing feedback on their experience using the HMDA Platform and to direct any questions regarding the HMDA Platform to HMDAHelp@cfpb.gov.

I also encourage everyone to provide feedback so we can get these issues resolved.
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#2158658 - 12/28/17 08:11 PM Re: HMDA Notice peony
bOaty Offline
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I got my new notices sent out to the branches, memos to staff and news bulletins all sent out and then I wondered what would happen if someone would try to go and look for our disclosure??

So I toddled on over to the CFPB website and all of our 2016 and 2015 is available there and what's more is there are multiple tools to slice and dice the data and produce reports right there on the website. eek It's pretty crazy why the CFPB would go to all of that trouble!! Maybe they are hoping that somebody will use this tool and do the work of finding "discriminatory practices" for the CFPB?
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#2158659 - 12/28/17 08:14 PM Re: HMDA Notice peony
RR Joker Offline
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That what consumer advocates do, boaty! smirk Now their job is made much more efficient. smirk
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#2158661 - 12/28/17 08:18 PM Re: HMDA Notice peony
bOaty Offline
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Chillin an grillin
Grrrr!
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#2158785 - 12/29/17 07:46 PM Re: HMDA Notice peony
Maggie80 Offline
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I was working on this today and tried to find the information regarding the public notice on the CFBP website but still found the old information. I cannot find the new information on their website.
I must have seen it at one time because I had a revised notice typed and a note in calendar to put it up 1-1-18 but now cannot find where I saw that. Is there any size requirement - our old notice was 10X13 so I didnt' know if we just did it that size or it was required. Thanks for any help.

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#2158786 - 12/29/17 07:54 PM Re: HMDA Notice peony
Adam F Offline
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Joined: Apr 2013
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VA
No size requirement. You can find this in the commentary of 1003.5.

5(e) Posted Notice of Availability of Data

1. Posted notice—suggested text. A financial institution may post any text that meets the requirements of § 1003.5(e). The Bureau or other appropriate Federal agency for a financial institution may provide a notice that the institution can post to inform the public of the availability of its HMDA data, or an institution may create its own notice. The following language is suggested but is not required:

Home Mortgage Disclosure Act Notice

The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age, and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau's Web site (www.consumerfinance.gov/hmda).
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#2158787 - 12/29/17 07:55 PM Re: HMDA Notice peony
Maggie80 Offline
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Posts: 70
I have it in two parts- before CPPB and then for 2017 and after.

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#2165468 - 02/22/18 06:04 PM Re: HMDA Notice bOaty
Compliance NABW Offline
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Posts: 1,668
Originally Posted By bOaty
I got my new notices sent out to the branches, memos to staff and news bulletins all sent out and then I wondered what would happen if someone would try to go and look for our disclosure??

So I toddled on over to the CFPB website and all of our 2016 and 2015 is available there and what's more is there are multiple tools to slice and dice the data and produce reports right there on the website. eek It's pretty crazy why the CFPB would go to all of that trouble!! Maybe they are hoping that somebody will use this tool and do the work of finding "discriminatory practices" for the CFPB?


Yes, this is what I was able to do on the CFPB website as well for various financial institutions going back multiple years. This is why I still don't understand why a lot of people and companies are saying the data is not available on the website for past years.

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#2165493 - 02/22/18 07:39 PM Re: HMDA Notice peony
John Burnett Offline
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The Bureau didn't let us know they were going to move all that stuff in. That's why we've been suggesting that you needed to keep your old HMDA notices up to cover the earlier years. Since that won't be necessary, it looks like you can get by with just the notices in current Reg C. Also looks like you can pull the copies of past years' HMDA Disclosure Statements from your CRA files, since ___.43(b)(2) of the CRA regulations has been updated.
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#2165696 - 02/23/18 08:48 PM Re: HMDA Notice peony
Winning Offline
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Joined: Sep 2015
Posts: 88
Can someone please send me the link to where the actual NOTICE is located...as in printed out? I can't seem to place it at this time. Thanks in advance.

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#2165705 - 02/23/18 09:15 PM Re: HMDA Notice peony
Dan Persfull Offline
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Bloomington, IN
You will find it in 1003.5(b)
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#2165708 - 02/23/18 09:25 PM Re: HMDA Notice peony
John Burnett Offline
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There is no prescribed wording. There are suggestions in the Official Commentary, in comments 5(b)-3, 5(c)-2 (same wording in each). A slightly different wording can be found in comment 5(e)-1.

The notice in written form is to be handed to anyone asking for your HMDA Disclosure Statement (1003.5(b)(2)) or your modified LAR (1003.5(c)(1). A posted notice is required by 1003.5(e).
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