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Financial Services Law Insights and Observations

CFPB opens HMDA data filing period

Federal Issues CFPB HMDA Mortgages

Federal Issues

On January 4, the CFPB announced that the filing period for HMDA data collected in 2021 opened on January 1. According to the CFPB, submissions will be considered timely if received by March 1. As previously covered by InfoBytes, in September 2020, the CFPB released the Filing Instructions Guide for HMDA data collected in 2022 that must be reported in 2023. The guide states that there are no significant changes to the submission process and that the required data fields to be collected and reported have not changed. Instructions for quarterly reporting can be found in the Supplemental Quarterly Reporting Guide. According to the CFPB’s recent announcement, passwords are reset every 90 days and users will receive a confirmation email upon submission of their HMDA data. The CFPB also noted that the 2021 Beta Platform is available on an ongoing basis for filers intending to test their submissions, however, “[n]o data submitted on the Beta Platform will be considered for compliance with HMDA data reporting requirements.”