From the release:

"The rule clarifies that insured depository institutions and insured credit unions covered by a partial exemption under the Act have the option of reporting exempt data fields as long as they report all data fields within any exempt data point for which they report data; clarifies that only loans and lines of credit that are otherwise HMDA reportable count toward the thresholds for the partial exemptions; clarifies which of the data points in Regulation C are covered by the partial exemptions; designates a non-universal loan identifier for partially exempt transactions for institutions that choose not to report a universal loan identifier; and clarifies the Act’s exception to the partial exemptions for negative Community Reinvestment Act examination history. "

Adam have you or are you going to feature this info on Compliancecohort.com? I enjoy the site and would love to hear your opinions on the topic.

You know I will.

BOL's Top Story: https://www.bankersonline.com/topstory/159256

Footnote 28:

"The Bureau interprets the Act to apply to data that are collected or reported under HMDA on or after May 24,
2018. Because data collected from January 1, 2018, to May 23, 2018, would not be reported until early in 2019, the
Act relieves insured depository institutions and insured credit unions that are eligible for a partial exemption under
the Act of the obligation to report certain data in 2019 that may have been collected before May 24, 2018. If
optional reporting of data covered by a partial exemption were not permitted, such institutions would have to
remove exempt data previously collected, before submitting their 2018 data in early 2019, a process that could be
burdensome for some institutions."

Is anyone able to see the revised FIG? So far I'm still seeing only the Feb. 2018 version.

I'm looking at it right now. The top left corner on page one says August 2018. https://s3.amazonaws.com/cfpb-hmda-public/prod/help/2018-hmda-fig-2018-hmda-rule.pdf

Never mind, see it now

We are so very close on our count and I need some help to make the threshold count clear to me. For 2017 and 2016, we would only look at loans that would qualify for HMDA using 2018 definitions. So what does that take out of your previous years counts?
Home improvements not secured by a dwelling and what else?

Have your top stories stopped being distributed by email John? I haven't received any in a while.

I get mine every day - either go back in and sign up again or your IT department is probably blocking them.

Page 16 of the Final Rule lists "loan purchaser" instead of "loan purpose" as one of the data fields NOT included in the partial exemptions. Someone flubbed that up!

I will check it out S Ross

So if I'm reading footnote 28 correctly, we can either:

1. Optionally report all data fields for data collected prior to May 24, 2018 and take the partial exemption for data collected on or after May 24, 2018, or
2. Take the partial exemption for all data collected in 2018, even if it's prior to the effective date of the rule.

Yes?

Next question:

Prior to the 2015 HMDA Final Rule, reporting the reasons for denial of a loan application was optional...but not for us (as a nationally chartered bank.) We were still required to report reasons for denial under 12 CFR 27.3(a)(1).

I did not see this addressed in the final rule or the FIG. Does this new final rule supersede that previous requirement, or should we continue to report reasons for denial even though we qualify for a partial exemption?

TIA!

I believe you continue to report the denial reasons. I haven't read everything from today yet, but my understanding is that the field still applies though you now must follow the rules based on the Jan 1 2018 revisions, meaning everyone now reports the denial reasons.

I haven't read everything yet, but that is my understanding at the moment.

I am really surprised to see Rate Spread gone....

Looks like some banks still have to report reasons for denial. Adam is correct.

PG 15 OF PREAMBLE
Pursuant to the Act, insured depository institutions and insured credit unions need not
collect or report these 26 data points for transactions that qualify for a partial exemption under
the Act, unless otherwise required by their regulator.37

FOOTNOTE 37
37 Certain financial institutions supervised by the OCC and the FDIC are required by those agencies to report
reasons for denial on their HMDA loan/application registers. 12 CFR 27.3(a)(1)(i), 128.6, 390.147.

See the charts in the CFPB executive summary of the interpretive rule. https://s3.amazonaws.com/files.consumerf...ive-summary.pdf

I was too initially, but when I think about it, it is very logical. The purpose of the EGRRCA appears to be to reduce the burdens associated with the Dodd-Frank Act. The current version of the rate spread is more burdensome than it was under the prior rules - meaning that rate spread is reported for more loans than just those that are HPMLs.

I'm actually in the process of writing a training manual on this and my draft explanation of this is as follows:
"While the CFPB guidance isn’t extremely clear on this, it appears that this data point is being excluded because the 2018 version of the rate spread is more burdensome than it was under the prior rules - and, the CFPB doesn’t appear to want to change the rate spread requirements back to how they were previously, at least not at this time. To explain further, the prior rules only required a financial institution to report the rate spread on Higher Priced Mortgage Loans (HPMLs) while the current rules have expanded the rate spread requirement to more loans than just HPMLs. Since the current rules are more burdensome, the CFPB probably had a choice to either exclude this data point or to revert it back to how it was pre-2018. Though it appears they chose to exclude this data point for now, it is also important to understand that the CFPB might change this requirement in the future. Specifically, footnote 34 of the CFPB guidance states that the CFPB may eventually use their HMDA authority to bring back the rate spread for those institutions that utilize the partial exemption, though that would happen in a future notice-and-comment rulemaking."

Now that I have read everything... my prior statement was wrong.

The CFPB reverted the denial reasons to basically what they were before the 2018 change. They are optional for financial institutions that qualify for an exemption unless the bank is regulated by the OCC or is a state savings association regulated by the FDIC (previously OTS - see FDIC rules 390.147 which transfer the OTS rules to the FDIC). See footnote 37 as ahou pointed out.

The question was asked by J Jen but I don't see it answered. Do we have the option to revise our report to indicate the "exempt" code for applications/transactions with action taken dates prior to May 24, 2018? Or, does this only allow covered institutions to use the exempt code for LAR on/after May 24th?

You may have system limitations, but the interpretive rule says you can code everything in 2018 as exempt if you choose. I will grab the citation in a few...