December 21, 2017

FDIC: Home Mortgage Disclosure Act Statement on Institutions’ Good Faith Compliance Efforts

Printable Format:

FIL-63-2017 – PDF (PDF Help)

Summary:

The FDIC is issuing a statement regarding the evaluation of financial institutions’ compliance with the Home Mortgage Disclosure Act (HMDA), implemented by Regulation C. Specifically, for HMDA data collected in 2018 and reported in 2019, the FDIC does not intend to require data resubmission unless data errors are material. In addition, the FDIC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. Through this supervisory approach, FDIC examination staff will give credit to institutions’ good faith compliance efforts, and the approach will help institutions identify compliance weaknesses.

Statement of Applicability to Institutions Under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised institutions.

Highlights:

Distribution:

  • FDIC-Supervised Institutions

Suggested Routing:

  • Chief Executive Officer
  • Compliance Officer
  • Chief Lending Officer

Related Topics:

Attachment:

Contact:

Note:

FDIC Financial Institutions Letters (FILs) may be accessed from the FDIC’s website at https://www.fdic.gov/news/news/financial/2017/

To receive FILs electronically, please visit https://www.fdic.gov/about/subscriptions/fil.html.

Paper copies may be obtained through the FDIC’s Public Information Center, 3501 Fairfax Drive, E- 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).

This post was originally published here.