By Gina Ellis, CRCM
Today’s fast paced news cycle makes it increasingly difficult to keep track of regulatory changes. You may be aware of a bipartisan regulatory reform package proposed by the Senate Banking Committee, S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. However, you may not know that the legislation includes possible HMDA reporting relief for community banks that originate less than 500 mortgage loans annually.
While community banks meeting this requirement will not be entirely relieved from the reporting requirements, there would be some reduction in reporting the expanded data fields, which became effective January 1, 2018. The expanded data fields include reporting rate spread and credit score information, as well as, loan costs, points and fees, loan to value ratios, various loan terms and additional application information. Exemption from collecting and reporting the expanded data would certainly be a relief to many of our community bank clients.
The American Bankers Association (ABA) has released highlights of the regulatory reform package.
You can also track the progress of pending legislation.
We know many community bankers who are hoping for some relief in these reporting requirements. However, if you are still struggling to stay in compliance, our compliance experts are here to help, as always! Contact us at or call (405) 607-7000.
