InfoBytes Blog
FFIEC releases 2020 HMDA reporting guide
On February 13, the FDIC issued FIL-9-2020 announcing the Federal Financial Institutions Examinations Council’s issuance of the 2020 edition of the “Guide to HMDA Reporting: Getting It Right!” The guide applies to HMDA data collected in 2020 that will be reported to supervisory agencies by March 1, 2021, and includes, (i) a summary of responsibilities and requirements; (ii) directions for assembling the necessary tools; and (iii) instructions for reporting HMDA data. According to the announcement, the 2020 edition provides information to assist HMDA compliance in the event of a merger or acquisition, as well as updates to the appendices to reflect amendments to Regulation C made by the CFPB that took effect January 1. As previously covered by InfoBytes, the amendments extend the current temporary threshold of 500 open-end lines of credit under HMDA rules for reporting data to January 1, 2022.