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Tips for Reporting Accurate HMDA and CRA Data

Outlook Live Webinar
November 17, 2010

Home Mortgage Disclosure Act (HMDA) and Community Reinvestment Act (CRA) data are used to evaluate both a bank’s fair lending and CRA performance. Submitting inaccurate data can result in costly and time-consuming resubmissions and possibly even the imposition of civil money penalties. Moreover, inaccurate data impede an institution’s ability to monitor and review its own fair lending or CRA record. As a result, it's essential that these data be accurate.

Are you prepared to submit your 2010 HMDA and CRA data? Are you sure that your data are accurate and complete? Do you know where the most common pitfalls are with regard to getting these data accurate? Do you have questions about how to report certain types of loans? Are you familiar with the pending rule changes that will impact HMDA data reporting requirements? What about the legislation requiring small business loan data collection and reporting? Do you use your data to help monitor performance with regard to fair lending or CRA? Is there anything else out there about these data collection rules that you’re wondering about?

If these types of questions have crossed your mind, please join us as Senior Examiners Cindy Anderson from the Federal Reserve Bank of Atlanta and Karin Modjeski Bearss from the Federal Reserve Bank of Minneapolis discuss the current regulatory requirements for collecting and reporting CRA and HMDA data, commons errors identified in the data, and tips to help ensure that the data is right the first time, every time. They will also provide some insights into pending changes that will impact HMDA and small business data reporting and discuss ways to use the data to evaluate a bank's own lending performance.

This webinar is part of an ongoing series of events focused specifically on consumer compliance issues. The “Outlook Live” Audio Conference is a Federal Reserve System initiative produced in conjunction with the quarterly newsletter Consumer Compliance Outlook.