FFIEC Updates Guidance for Banks on Home Mortgage Disclosure
The Federal Financial Institutions Examination Council ("FFIEC") updated its guidance for banks on compliance with the Home Mortgage Disclosure Act ("HMDA") and Regulation C ("Home Mortgage Disclosure").
The newest version of "A Guide to HMDA Reporting: Getting It Right!," published as OCC Bulletin 2023-10, expands the scope of information that must be collected, reported and disclosed by banks under the HMDA. This 2023 Guide rescinds OCC Bulletin 2022-10, and reflects a technical amendment to the 2020 HMDA rule that adjusts the loan volume thresholds for reporting HMDA data on closed-end mortgage loans, effective January 1, 2023. The guide applies to financial institutions that are subject to HMDA data collection and reporting requirements, and it highlights:
- the institutions and transactions covered by Regulation C;
- the information that covered institutions are required to collect, record and report; and
- the requirements for reporting and disclosing data.
The Guide includes a summary of responsibilities and requirements, and instructions for reporting HMDA data.