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CFPB adds Online Resources for HMDA

Mon, Feb 27, 2017

District Of Columbia

The HMDA effective date is now officially less than a year away!!!  Is your credit union ready for HMDA?  This regulation is not one for procrastinators…the new HMDA rule will have a huge impact on credit unions, much like TRID did in 2015.  So NOW is the time to start getting your credit union up to speed. The CFPB has a HMDA implementation page with lots of helpful resources, and they added two new resources last week. The first is a new HMDA webinar, which provides an overview of identifiers, including entity, applications or loans, property and loan originator, as well as data points related to applicants and borrowers (available here).  The CFPB has also published a chart that illustrates a covered institutions’ options for collecting and reporting ethnicity and race information (available here).  Please use these resources to help get your credit union ready for HMDA in 2018!  Also check out CUNA’s HMDA Final Rule Analysis summarizing the changes in the new rule.

Source:  CFPB and CUNA Blog