FRB – HMDA Data Collection and Reporting: Keys to an Effective Program

January 30, 2021 – The article discussed sound practices identified by examiners and suggested compliance management program improvements to help strengthen HMDA collecting and reporting.

HMDA Requirements

Institutions who must report data are defined in Reg C, based on the asset-size threshold, location test, loan activity test, federally related test, and loan-volume threshold. Provided a list of transaction requirements to identify HMDA reportable transactions. Described EGRRCPA partial exemption for some HMDA reporters with low loan volume. Outlined sound practices, including ensuring accurate data collection, tools, and training. Data verification and data reporting are also ways to strengthen the HMDA process.

For more information, visit www.consumercomplianceoutlook.org.

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