I have a strange question ...we utilize software that collects HMDA & CRA data electronically. We file every year like we should, but someone just asked me about quarterly reporting.
The Reg states under Section 203.4(a) "These transactions shall be recorded, within thirty calendar days after the end of each calendar quarter in which final action is taken (such as origination or purchase of a loan, or denial or withdrawal of an application), on a register in the format prescribed in Appendix A of this part "
Does this mean that I have to print out the LAR on a quarterly basis to prove that I am recording it and keeping it in the proper format, or is having it in the software ready to print at any given moment sufficient?
I hate to sound so unsure, but higher ups are asking and I need some support for my decision.
I posted this same question in the General Discussion also.
Thanks,
Kay
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