HMDA – Reg. C Final Rule
This is a summary of the final rule was created by Compliance Alliance and is provided here as a sample for our new friends across the U.S. and for our State Bankers Association partners.
The CFPB issued the final amendments to HMDA on October 13, 2015. The final rule changes: 1) the types of institutions who are required to report; 2) the types of loans that are required to be reported; 3) the type of information that is required to be collected and reported; and 4) the processes for reporting data. The final rule also clarifies existing definitions and adds new definitions to match the new and updated requirements.