CFPB Issues HMDA compliance statement, will revisit rule; year end tax changes
continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I hope everyone had a safe and enjoyable holiday. As many credit unions are finalizing implementation of HMDA changes ahead of the January 1, 2018 deadline, some had hoped for a broader delay of HMDA given new leadership at the CFPB. Instead on December 21, just in time for the holidays, the CFPB expanded on its previous (and buried) supervisory guidance. Here is an excerpt from the press release:The Bureau recognizes the significant systems and operational challenges needed to meet the impending requirements under the rule. Accordingly, for HMDA data collected in 2018 and reported in 2019, the Bureau does not intend to require financial institutions to resubmit data unless data errors are material, or to pay penalties with respect to data errors. Accordingly, collection and submission of the 2018 HMDA data will provide financial institutions an opportunity to focus on identifying any gaps in their implementation of the additional requirements and making improvements in their HMDA compliance management systems for future years. The Bureau expects that any supervisory examinations of 2018 HMDA data will be diagnostic, to help institutions identify compliance weaknesses, and will credit good-faith compliance efforts. (Emphasis added.)Note that the focus for examining compliance with 2018 data collection will be “diagnostic” for “identifying any gaps” in implementation. Most credit unions are not examined by the CFPB, but NCUA indicated a very similar stance in its 2018 supervisory priorities, also issued on Thursday: