HMDA Lobby Notice – What’s In and What’s out?!

Out with Old and In with New – Or, In with Old and In with New?! 

 

There is a little controversy as to whether the old/current HMDA lobby notice needs to remain posted, along with the new notice requirement beginning January 1, 2018.   Why the confusion?  The requirement to make HMDA data available covers numerous years and the data will be available online beginning with 2017 data.  For several years, you will have data prior to 2017 available from/at the bank, and 2017 data and beyond, available on the CFPB website, until it has been around long enough for all required data to be available online at the CFPB.  So, do you need one notice directing the customer where to obtain data prior to 2017 and another notice directing the customer to the CFPB website for 2017 data and beyond?

 

It is our position that beginning January 1, 2018, banks are subject only to the new rules.  They are not subject to the old rules anymore. Therefore, only the new notice requirement applies. §1003.5(e) indicates a lobby notice must be posted and gives the language. If the CFPB wanted both notices, this would have been specified, or they would have listed it as a transition rule.  We don’t believe an examiner can cite you for a regulation that no longer exists and has been replaced.

 

Published
2017/12/22
Deb Irving
David Dickinson

David Dickinson

David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.

He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.

David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.

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