The Consumer Financial Protection Bureau (“CFPB”) has released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide (“Guide”) to help institutions determine their obligations. As with other such guides issued by the CFPB, this publication is an excellent resource for institutions of all sizes, not just small entities. HMDA is a recording, reporting, and disclosure law that imposes technical and detailed requirements on institutions, so this Guide can assist with gaining a basic understanding or highlighting areas on which your business should focus.
The Guide contains:
- An overview of changes to the Home Mortgage Disclosure Act (“HMDA”) rule,
- A compliance guide to the new rule for industry constituents, especially small businesses,
- A reference tool on when to report data as not applicable,
- A reference tool for HMDA data required to be collected, recorded, and reported, and,
- A coverage chart outlining if the rule applies to an institution.
Please contact Spilman if you have any questions.