CA 24-3: Revised A Guide to HMDA Reporting Getting It Right

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CA 24-3: Revised “A Guide to HMDA Reporting: Getting It Right!”

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551

DIVISION OF CONSUMER AND COMMUNITY AFFAIRS

CA 24-3

June 10, 2024

TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS

SUBJECT:

Revised “A Guide to HMDA Reporting: Getting It Right!”

Applicability to Community Banking Organizations: This guidance applies to all institutions supervised by the Federal Reserve, including those with total consolidated assets of $10 billion or less.

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developed a revised version of “A Guide to HMDA Reporting: Getting It Right!” (Guide). The updated Guide is intended to assist financial institutions in complying with the Home Mortgage Disclosure Act (HMDA) 1 as implemented by the Consumer Financial Protection Bureau’s (CFPB) Regulation C. 2 This Guide applies to HMDA data that financial institutions are required to collect beginning on January 1, 2024 and must submit by March 1, 2025. The Guide provides helpful background information and an easy-to-use summary of certain key requirements, including those relating to institutional coverage, transactional coverage, and data collection, reporting, and disclosure requirements.

Reserve Banks are asked to distribute this letter to the Federal Reserve-supervised institutions in their districts, as well as to their supervisory and examination staff. If supervised financial institutions have questions about the guidance set forth in this letter, they are encouraged to contact the responsible Reserve Bank. In addition, questions may be sent via the Board’s public website. 3

signed by Eric Belsky Director Division of Consumer and Community Affairs

Attachments:

Revised “A Guide to HMDA Reporting: Getting It Right!”

Cross References:

CA 23-1 “Changes to Home Mortgage Disclosure Act Loan Volume Reporting Threshold for Closed-end Mortgage Loans” (January 31, 2023)

CA 21-17 “Revised Home Mortgage Disclosure Act Examination Procedures” (December 17, 2021)

CA 18-9 “Designated Home Mortgage Disclosure Act Key Data Fields” (December 7, 2018)

CA 18-6 “Statement on the Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act Amendments to the Home Mortgage Disclosure Act” (July 5, 2018)

CA 17-4 “Expectations for Supervised Institutions Regarding Amended Regulation C” (December 21, 2017)

CA 17-2 “Revised Interagency Home Mortgage Disclosure Act Sampling, Verification, and Resubmission Procedures” (August 22, 2017)

CA 06-3 “Extension of Provisional HMDA Data Sampling Procedures” (January 1, 2006)

CA 93-2 “Guidance on Coverage of the Home Mortgage Disclosure Act (HMDA) to Certain Foreign Banking Organizations (FBOs)” (March 3, 1993)

Notes:

12 U.S.C 2801 et seq . Return to text.

12 C.F.R. Part 1003. Return to text.

See http://www.federalreserve.gov/apps/contactus/feedback.aspx . Return to text.

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Last Update:

June 13, 2024