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Financial Services Law Insights and Observations

Federal Reserve eases quarterly HMDA reporting

Federal Issues Agency Rule-Making & Guidance HMDA Enforcement CFPB Federal Reserve Mortgages Covid-19

Federal Issues

On March 31, the Federal Reserve’s (Fed) Division of Consumer and Community Affairs issued a letter regarding HMDA quarterly reporting requirements during the Covid-19 pandemic, which echoed the statement issued by the CFPB on March 26. As previously covered by InfoBytes, the CFPB’s HMDA reporting guidance stated that the Bureau will not cite or initiate enforcement actions against mortgage lenders that do not file quarterly HMDA reports. Similarly, the Fed will adopt the same approach in an effort to provide supervised institutions with flexibility to reallocate resources to serving customers, if needed. The statement reminds supervised institutions to continue to collect and record HMDA data for annual data submissions. Information as to when the quarterly reporting requirement will resume will be provided at a later date.