THE WORKS Blog, Credit Union Compliance News & Views

      “Beta” Late Than Never

      By Jeremy Smith · Nov 06, 2017

      Okay, I know that was a terrible attempt at being funny, but remember that I am a Compliance Nerd so give me a little slack.

      It is finally here! The CFPB announced today that the beta version of their HMDA submission platform is live. This new platform is how all of ya’ll will be submitting your HMDA information going forward. Yes, that does include the information that you are collecting this year that will be submitted by March 1 of next year.

      So that means now is the time for a test drive. Through this new beta version you can establish test log-in credentials, upload sample HMDA files, perform validation of that data, receive edit reports, confirm test data submission, and conclude the test HMDA filing process. The Bureau states that all test accounts and test data uploaded during the beta period will be removed from the system before 1/1/18. That is a reminder that you will have to create real accounts come the beginning of the year. Also, this is a test of your 2017 data that you will be submitting. That means you won’t be able to include the new fields that you start to collect next year. They will be creating a different beta site for that sometime next year.

      The nice part is that you can help shape how this will look going forward. The CFPB included a feedback inbox that you can email describing your experience. It is like my parents always told me, you can’t complain if you don’t speak up. I highly recommend for those of you that are HMDA reporters, you start to play around with this tool now. It will make your life much easier as we start to close in on that March 1 deadline.