Fri, Jul 12, 2013
Washington, District Of Columbia
Financial institutions, including credit unions that are required to execute reporting requirements under the Home Mortgage Disclosure Act will want to know that regulators have issued updated census data to be used for the reports.
The Federal Financial Institutions Examination Council's updated data are also used as input for bank Community Reinvestment Act reporting. In announcing the updated information, the FFIEC noted that census data generally become available in the second quarter of the current year and that data through calendar year 2013 are now available.
The FFIEC notice also notes that a financial institution using an outside vendor to identify the tract location of its loan is, itself, responsible for the accuracy of the annual HMDA and CRA submissions, including use of correct geocoding information.
The FFIEC is comprised of all federal financial institution regulators, including the National Credit Union Administration and the Consumer Financial Protection Bureau, as well as state regulators.
Click here to access the FFIEC information.
Source News Now