Independent Banker - January 2019 - 24
PORTFOLIO
What compliance changes
will 2019 bring?
Compliance
The new year will see more than the
implementation of S.2155. Here's
a rundown of what community banks can expect.
By Mary Thorson Wright
lthough newborn compliance rules for 2019
look scarcer than in previous years, community
banks will have more than enough challenges digesting
long-awaited regulatory relief efforts, monitoring the
effectiveness of compliance systems and practices, and
managing the final vestiges of the Dodd-Frank Act and
other previously ratified rules. Not surprisingly, the steps
community banks have taken and should be taking now
to meet those objectives are the hallmarks of successful
compliance performance.
24 Q ICBA Independent Banker Q January 2019
A
Changes to data reporting under HMDA
The Home Mortgage Disclosure Act (HMDA) is the gift
that keeps on giving. The HMDA Rule, issued on Oct. 15,
2015, requires covered institutions to collect 110 unique
data fields on most residential mortgage loan applications,
unless the institution qualifies for the partial
exemption provided in the Economic Growth, Regulatory
Relief, and Consumer Protection Act (S.2155). Collection
of the new data points began on Jan. 1, 2018, and
they must be reported by March 1, 2019. Jan. 1, 2019,
marked the effective date for changes to enforcement
provisions and additional amendments to reporting provisions;
however, there is an interagency agreement to
not assess penalties for errors in HMDA data collected
in 2018 and reported in 2019, with no resubmission
Independent Banker - January 2019
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Table of Contents
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Independent Banker - January 2019 - Table of Contents
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