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CFPB seeks Feedback from Small Volume HMDA filers
Friday, November 11, 2016 6:40 AM

Beginning with Home Mortgage Disclosure Act (HMDA) data collected in 2017 and submitted in 2018, responsibility to receive and process HMDA data will transfer from the Federal Reserve Board (FRB) to the Consumer Financial Protection Bureau (CFPB). The HMDA agencies have agreed that filing HMDA data collected in or after 2017 with the CFPB will be deemed submission to the appropriate Federal agency.

As the new processor, the CFPB is developing and implementing a web-based data submission and edit-check system (the HMDA Platform) to process HMDA data. The two primary functions the CFPB focused on in developing the HMDA platform are:

  1. reducing burden in the submission process, and;
  2. ensuring the historic high standards for data quality.

This means that the CFPB is eliminating the paper-based edit reports and time delays due to multiple submissions with the current process. Therefore, the current software developed by the FRB, the Data Entry Software (DES), will not be a supported tool beginning with the data collected in 2017.

The CFPB realizes that some financial institutions, typically those with small volumes of reported loans or those who do not use a vendor or other software to prepare their HMDA data for submission, will still need a software solution for integrating HMDA data from paper records or disparate systems.

Therefore, CFPB is looking for feedback, from financial institutions with small volumes of reported loans or those who do not use a vendor or other software to prepare their HMDA data for submission, on how these institutions who manually enter data into the DES and who do not use a software vendor plan to submit their HMDA data.

If you are a current HMDA filer (25-200 loans) who manually enter data into the DES and who do not use a software vendor, this webinar is for you:

Thursday, December 1, 2016 | 9:30 am Eastern Standard Time

Click here to access the Webinar

Meeting number: 740 631 490
Meeting password: RtYgKA@2

Source: CUNA Advocacy