The window to file demographic information required under the Home Mortgage Disclosure Act (HMDA) has been opened and the current state of emergency in California caused banking regulators to address impacted institutions. Find details about these developments and more in this regulatory roundup:
HMDA filing period open for 2024 data
The Consumer Financial Protection Bureau (CFPB) announced the filing period for loan data collected for 2024 to comply with HMDA reporting requirements opened on Jan. 1, 2025. Submissions will be considered timely if received by March 3, 2025. The HMDA platform provides financial institutions an opportunity to determine whether their loan/application register (LAR) data comply with the reporting requirements outlined in the CFPB’s Filing Instructions Guide for HMDA data collected in 2024, which can be found here.
FDIC publishes list of banks examined for CRA compliance
The Federal Deposit Insurance Corporation (FDIC) issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2024. Five banks were rated “outstanding,” including Garfield County Bank (Jordan, Mont.), Mt. McKinley Bank (Fairbanks, Alaska), Open Bank (Los Angeles), Brookfield (Brookfield, Wis.), Truist Bank (Charlotte, N.C.) Only one institution, Hill Bank & Trust in Weimar, Texas, received a “needs to improve” rating. The other 66 banks examined during the month were rated “satisfactory.” See the full results here.
OCC advises banks affected by California wildfires
The Office of the Comptroller of the Currency (OCC) issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas directly affected by unsafe conditions caused by the California affected by wildfires. The agency directed covered entities to consult OCC Bulletin 2012-28, “Supervisory Guidance on Natural Disasters and Other Emergency Conditions,” for guidance on appropriate actions bankers could consider implementing when their bank or savings association operates or has customers in areas affected by a natural disaster or other emergency. Read more here.
NCUA publishes voluntary DEI assessment results
The National Credit Union Administration released its 2023 Credit Union Diversity Self-Assessment Results Report. The voluntary credit union diversity self-assessment uses aggregated data to help federally insured credit unions gauge their diversity, equity, and inclusion (DEI) practices. The assessments are meant to promote an increase in supplier diversity, transparency through the publication of information on credit unions’ diversity and inclusion practices, and the development and implementation of DEI strategic plans that are sustainable and measurable. The NCUA received 334 voluntary diversity self-assessments. Learn about the results here.