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OCC Bulletin 2017-62 | December 21, 2017

Home Mortgage Disclosure Act: Implementation of Data Collection in 2018

To

Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties

Summary

On January 1, 2018, amendments to the rule that implements the Home Mortgage Disclosure Act (HMDA), Regulation C, issued by the Consumer Financial Protection Bureau (CFPB) in 2015, take effect.1 The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to inform national banks, federal savings associations, federal branches and agencies (collectively, banks), and all OCC examining personnel that for HMDA data collected in 2018 by banks and reported in 2019, the OCC does not intend to require data resubmission unless data errors are material. Furthermore, the OCC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.

Note for Community Banks

This bulletin applies to all banks subject to HMDA data collection and reporting requirements.

Background

In 2015, the CFPB adopted several amendments to Regulation C, 12 CFR 1003, which implements the HMDA. These amendments, commonly referred to as the 2015 HMDA Rule, go into effect on January 1, 2018. The 2015 HMDA Rule applies to

  • the types of institutions subject to Regulation C.
  • the types of transactions subject to Regulation C.
  • the specific types of information that covered institutions are required to collect, record, and report.
  • the processes for reporting and disclosing data.

In recognition of the January 1, 2018, effective date of the amendments to Regulation C, as well as the significant systems and operational challenges that banks need to adjust to in order to comply with the revised regulation, the OCC does not intend to require data resubmission for HMDA data collected in 2018 and reported in 2019, unless data errors are material. Furthermore, the OCC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. Collection and submission of the 2018 HMDA data will provide banks with an opportunity to identify any gaps in their implementation of the amended Regulation C and make improvements in their HMDA compliance management systems for future years. Any examinations of 2018 HMDA data will be diagnostic to help banks identify compliance weaknesses, and the OCC will credit good-faith compliance efforts.

Note that for data collected in 2017, banks will submit their reports in 2018 in accordance with the current Regulation C using the CFPB’s HMDA Platform.

Further Information

Please contact Vonda Eanes, Director for CRA and Fair Lending Policy, Compliance Risk Policy Division, at (202) 649-5470.
 

Grovetta N. Gardineer
Senior Deputy Comptroller for Compliance and Community Affairs

 

1 On October 28, 2015, the CFPB published a final rule amending 12 CFR 1003 (Regulation C). 80 Fed Reg. 66128 (October 28, 2015). On September 13, 2017, the CFPB published a final rule to make technical amendments and clarify certain provisions adopted during the 2015 rulemaking. 82 Fed. Reg. 43088 (September 13, 2017).

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