June 27 -- The Office of the Comptroller of the Currency (OCC), Treasury, invites comment by June 21, 2022 regarding revision of the information collection titled “Regulation C—Home Mortgage Disclosure Act.” Comments must be submitted on or before June 21, 2022.
The Consumer Financial Protection Bureau's (CFPB) Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requires certain depository and non-depository institutions that make certain mortgage loans to collect, report, and disclose data about originations and purchases of mortgage loans as well as data about loan applications that do not result in originations. HMDA requires the generation of loan data that can be used to: (1) Help determine whether depository and non-depository institutions are serving the housing needs of their communities; (2) assist public officials in distributing public-sector investments so as to attract private investment to areas where it is needed; and (3) assist in identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes.
Twelve CFR 1003.5 requires the disclosure and reporting of data on mortgage loans. Section 1003.5(a)(1)(i) provides that by March 1 following the calendar year for which data are collected and recorded, a financial institution must submit its annual loan/application register in electronic format to the appropriate Federal agency at the address identified by such agency. An authorized representative of the financial institution with knowledge of the data submitted must certify to the accuracy and completeness of data submitted. The financial institution must retain a copy of its annual loan/application register for at least three years.
Section 1003.5(a)(1)(ii) provides that within 60 calendar days after the end of each calendar quarter except the fourth quarter, a financial institution that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, excluding purchased covered loans, must submit to the appropriate Federal agency its loan/application register containing all data required to be recorded for that quarter. The financial institution must submit its quarterly loan/application register pursuant to in electronic format at the address identified by the appropriate Federal agency for the institution.
Under section 1003.5(a)(2), a financial institution that is a subsidiary of a bank or savings association must complete a separate loan/application register. The subsidiary must submit the loan/application register, directly or through its parent, to the appropriate Federal agency for the subsidiary's parent at the address identified by the agency.
Home Mortgage Disclosure Act: FFIEC's 2022 'A Guide to HMDA Reporting: Getting It Right!' OCC Bulletin 2022-10| April 5, 2022 https://www.occ.treas.gov/news-issuances/bulletins/2022/bulletin-2022-10.html
FFIEC HMDA webpage: https://www.ffiec.gov/hmda/default.htm
OCC submission to OMB: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202205-1557-008
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For AEA members wishing to submit comments, "A Primer on How to Respond to Calls for Comment on Federal Data Collections" is available at https://www.aeaweb.org/content/file?id=5806