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  Authors

Rafique Mohammad

  Keywords

CFPB, Reg C, Closed-end mortgage, open-end line of credit

  Abstract


Consumer Financial Protection Bureau Implemented the Regulation C, 12 CFR Part 1003 (Regulation C) in October 2015. The Reg C requirements were developed by federal financial institutions examination council (FFIEC), the Board of Governors of the Federal Reserve System (Board), the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the State Liaison Committee (SLC) -- and the U.S. Department of Housing and Urban Development (HUD). The 2015 HMDA rule guided the types of institutions that qualify for data reporting and transactions subject to Reg C. The bank, savings association or credit union meets or exceeds either the closed-end mortgage loan or the open-end line of credit loan volume threshold in each of the two preceding calendar years. Beginning July 1, 2020, a bank, savings organization, or credit union that generated at least 100 closed-end home loans or 500 open-end lines of credit in each of the previous two calendar years meets or exceeds the loan-volume requirement. To determine if a transaction is subject to Regulation C, a financial institution should first determine whether the loan or line of credit is a closed-end mortgage or an open-end line of credit. Currently, the institutions subject to Reg C collect the data and report to the CFPB quarterly. To collect the data and report to the CFPB, the institutions utilize third-party vendors who provide regulatory reporting software services.

  IJCRT's Publication Details

  Unique Identification Number - IJCRT2308543

  Paper ID - 243214

  Author type - Indian Author

  Page Number(s) - f58-f62

  Pubished in - Volume 11 | Issue 8 | August 2023

  DOI (Digital Object Identifier) -   

  No Of Downloads - 103

  Author Country - United States of America, 60124, Elgin, Elgin, 60124, Science and Technology

  Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882

  E-ISSN Number - 2320-2882

  Published Paper PDF : - http://www.ijcrt.org/papers/IJCRT2308543

  Published Paper URL: : - http://ijcrt.org/viewfull.php?&p_id=IJCRT2308543

  Published Paper PDF Downlaod: - download.php?file=IJCRT2308543

  Cite this article

Rafique Mohammad,   "CHOOSE AN EFFECTIVE HMDA REPORTING TOOL", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.11, Issue 8, pp.f58-f62, August 2023, Available at :http://www.ijcrt.org/papers/IJCRT2308543.pdf

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