Bureau issues HMDA interpretive/procedural rule for small reporters

On Friday, The Bureau of Consumer Financial Protection announced it had issued an interpretive and procedural rule to implement and clarify changes made to HMDA by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). To support implementation of the rule, the Bureau published an executive summary and updated the Filing Instructions Guide for HMDA data collected in 2018 and the Regulatory and Reporting Overview Reference Chart.

Specifically, the rule:

• clarifies that insured depository institutions and insured credit unions covered by a partial exemption 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;
• assigns a non-universal loan identifier for partially exempt transactions for institutions that choose not to report a universal loan identifier; and
• clarifies the exception to the partial exemptions for negative Community Reinvestment Act examination history.

The interpretive and procedural rule will be effective upon publication in the Federal Register. [UPDATE: Publication has been scheduled for September 7, 2018.] At a later date, the Bureau plans to initiate a notice-and-comment rulemaking to incorporate these interpretations and procedures into Regulation C and further implement the Act.

• Interpretive and Procedural Rule
• Executive Summary
• Updated Filing Instructions Guide for HMDA data collected in 2018
• Updated Regulatory and Reporting Overview Reference Chart