On May 23, 2018, the U.S. House of Representatives passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) and it was signed into law by the president on May 24 to become Public Law 115-174. Among a host of other changes, this law creates a new set of rules for "small HMDA reporters," those who originate fewer than 500 open end lines of credit or 500 closed-end loans in each of the prior 2 calendar years. These "small reporters" will be reporting a HMDA LAR with fewer fields.
What do these changes to HMDA mean for your financial institution? Does this mean a change back to the "old" HMDA? Are changes to "old" fields affected? Should you get out your old "Getting It Right Guide" if your institution is a "small reporter" and stop collecting those new fields now? Will we see even more changes for all reporters?
Some regulations lend themselves to immediate change when the law changes and the regulation has not caught up. HMDA is not one of those regulations due to the complexity of reporting, required programming changes, etc. There are some details to be worked out.
This webinar will review the changes and potential changes, with up-to-the-minute advice on how to proceed and maintain your sanity. This can be helpful in discussions with management about coming changes and potential changes.
Who Should Attend?
This webinar will be helpful for everyone who needs to plan for HMDA and respond to staff questions: Compliance, Training, Audit, Risk Management and Executive Management.