Following the passage of S. 2155, the Consumer Financial Protection Bureau (CFPB) announced low-volume community bank lenders will now be exempt from certain HMDA data collection and reporting requirements. Community banks that originate fewer than 500 closed-end mortgage loans or 500 open-ended lines of credit will no longer be required to collect, record and report certain data points specified in current Regulation C of HMDA.
Additionally, the CFPB restated that reporting entities will not have to resubmit HMDA data collected in 2018 and reported in 2019 for non-material reporting errors, as it will not assess penalties for data collected in 2018 and reported in 2019.
Lastly, the format of the Loan/Application Registers for institutions filing HMDA data collected in 2018 will not be affected. Read the bureau’s statement, which includes additional information about exempted data fields and HMDA reporting guidance, here.