I. INTRODUCTION
On January 1, 2018, amendments to the rule that implements the Home Mortgage Disclosure Act (HMDA), Regulation C, issued by the Consumer Financial Protection Bureau (CFPB) in 2015, took effect. The Office of the Comptroller of the Currency (OCC) has issued a bulletin to inform national banks and federal savings associations, for HMDA data collected in 2018 by banks and reported in 2019, the OCC does not intend to require data resubmission unless data errors are material. Furthermore, the OCC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.
II. BACKGROUND
In 2015, the CFPB adopted several amendments to Regulation C, which implements the HMDA. These amendments, commonly referred to as the 2015 HMDA Rule, went into effect on January 1, 2018. The 2015 HMDA Rule applies to:
In recognition of the significant systems and operational challenges that banks need to adjust to in order to comply with the revised regulation, the OCC does not intend to require data resubmission for HMDA data collected in 2018 and reported in 2019, unless data errors are material. Furthermore, the OCC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. Collection and submission of the 2018 HMDA data will provide banks with an opportunity to identify any gaps in their implementation of the amended Regulation C and make improvements in their HMDA compliance management systems for future years. Any examinations of 2018 HMDA data will be diagnostic to help banks identify compliance weaknesses, and the OCC will credit good-faith compliance efforts.
Note that for data collected in 2017, banks will submit their reports in 2018 in accordance with the current Regulation C, using the CFPB’s HMDA Platform.