THE WORKS Blog, Credit Union Compliance News & Views

      The Next Big Holiday: HMDA Submission Day

      By Jason Skemp · Feb 08, 2018

      It’s always great to get to February and feel like the holiday season has past. Until you look at the calendar and realize there is still another important holiday out there. I am not talking about Valentine’s Day, I am talking about HMDA Data Submission Day. The day of rejoice after a year’s worth of work and maybe some last-minute data scrubbing, you finally get to submit your HMDA data. I know it is not an official federal holiday, and I know most of us will all be open for business as normal that day as well, but how great does it feel to be in the giving spirit again?

      I am trying to be upbeat and positive about this, as you can see, and for good reason. HMDA reporting can be a daunting task of ensuring you have all your data collected and that information is accurate. To ensure this accuracy, you are having to review that data just to make sure you won’t have re-submit the HMDA information again.

      I wanted to send out a reminder for this year that data will not be submitted to the FFIEC, but to the CFPB. The CFPB has done a great job of including 2017 submission resources on their site. These resources also include a 2017 Filing Instructions Guide. Since the CFPB was in the giving mood for this seasonal holiday, they have provided additional resources for next year’s updated collection and reporting requirements.

      So please look at your 2017 HMDA data, make sure that you have it all put together, when you wrap that data and deliver the gift of years’ worth of work, make sure you follow the new guidelines.

      I wish you all the best for the upcoming holiday! Just remember it comes once a year, so we have something to look forward to next March.

      Happy HMDA submission!