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Home Mortgage Disclosure Act Website Posts Updates
Friday, January 2, 2015 6:15 AM

The Home Mortgage Disclosure Act (HMDA) website has been updated to include several new offerings.

First, on behalf of the Federal Financial Institutions Examinations Council (FFIEC), the Federal Reserve System designed the 2015 HMDA Data Entry Software which is available now. The software assists respondents in automating the filing of their HMDA data. The free software includes editing features to help verify and analyze the accuracy of the data. The data file created, using this software, can be submitted to your regulatory agency using one of the available submission methods.

Also, the 2015 Informational Guide Letter is now available. The Guide is a valuable resource for assisting all institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data.

The asset-size exemption threshold for depository institutions increased to $44 million for CY 2015. The Bureau of Consumer Financial Protection is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

The exemption threshold is adjusted to increase to $44 million from $43 million. The adjustment is based on the 1.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2014. Therefore, banks, savings associations, and credit unions with assets of $44 million or less as of December 31, 2014, are exempt from collecting data in 2015.