New HMDA Rules for 2017

Duration: 60 Minutes
Under the leadership of the Consumer Financial Protection Bureau the rules change significantly in 2017, 2018, and for large institutions again in 2020. There will be changes reducing the number of financial institutions report, the types of loans subject to reporting, the data which will have to be reported and the methods and IT reporting requirements.
Final HMDA Rules
Instructor: Jim George
Product ID: 502054
Objectives of the Presentation
  • Learn if your organization meets the new requirements for reporting, fewer will have to report in the future
  • Learn the changes made in the types of loans which will be covered by reporting
  • Know what changes in processes and IT will be required on what dates
  • Know where to find authoritative detail
Why Should you Attend
To understand what changes are being made in the HMDA program/Reg. C and be prepared to comply.

Areas Covered
  • A brief introduction to HMDA from the viewpoint of a former regulator
  • Key dates for HMDA changes
  • Transactions which must be included in reports
  • Data which will be reportable
  • Processes for submission
  • Information gathering and reporting
  • References to other materials
Who will Benefit
  • Everyone in the value chain of making mortgage decisions and fulfilling HMDA reporting requirements
  • Banking
  • Mortgage companies
  • Credit Unions
Topic Background
The Home Mortgage Disclosure Act (HMDA) requires certain institutions to collect, report and disclose information about their mortgage lending activity. This information is important because it:
  • Helps show whether financial institutions are serving the housing needs of their communities
  • Assists public officials in distributing public-sector investment to attract private investment to areas where it is needed; and
  • Assists with the identification of potentially discriminatory lending patterns and enforcement of antidiscrimination laws
Regulation C implements HMDA and sets out specific requirements for the collection, recording, reporting and disclosure of mortgage lending information.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) transferred rule-making authority for HMDA to the CFPB, effective July 2011. It also amended HMDA to add new data points and authorized the CFPB to require additional information from covered institutions. In July 2014, the CFPB proposed amendments to Regulation C to implement the Dodd-Frank Act changes, to require collection, recording, and reporting of additional information to further HMDA’s purposes and to modernize the manner in which covered institutions report HMDA data. The CFPB issued its final rule amending Reg. C.
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Instructor Profile:
Jim George is an independent consultant to banks focusing on issues of fraud. He has over 25 years’ experience as a consultant to major banks in associate partner and principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a Fortis-US division providing outsourcing services to the banking industry.

His work includes projects in fraud investigation, fraud prevention, identity issues, compliance, and AML (anti-money laundering). Mr. George’s background also includes work in bank operations and payments strategy, reengineering, systems, and quality improvement.
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