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Financial Services Law Insights and Observations

Fed will resume HMDA quarterly reporting

Agency Rule-Making & Guidance Federal Issues Federal Reserve HMDA Mortgages Covid-19 Bank Regulatory

Agency Rule-Making & Guidance

On May 14, the Federal Reserve’s Division of Consumer and Community Affairs issued a letter informing supervised financial institutions that HMDA quarterly reporting will resume beginning with institutions’ 2021 first quarter data, due on or before May 31, 2021, for all covered loans and applications with a final action taken date between January 1 and March 31, 2021. As previously covered by InfoBytes, last year the Fed eased quarterly HMDA reporting requirements during the Covid-19 pandemic in order to provide supervised institutions with flexibility to reallocate resources to serving customers. The Fed’s newest letter, which supersedes previous guidance, notes that it “does not intend to cite in an examination or initiate an enforcement action against any entity that did not make the quarterly filing for data collected in 2020.”