Keeping track of the complex changes in lending regulations can be overwhelming — then try interpreting them. Filing and reporting HMDA data is an essential, required step in the fair lending compliance process, and many financial institutions have questions about it. We’ve compiled these questions and answers below.
Illinois state-chartered credit unions and mortgage brokers are starting off the New Year with new Community Reinvestment Act (CRA) requirements. Passed last year, Illinois’ state-level CRA law took effect January 1—making it just the second state to subject non-depository state mortgage bankers to CRA. (Massachusetts was the first state and New York state’s law is expected to take effect later this year.)
Identifying high-risk areas and allocating sufficient resources to manage them is one of the major benefits of a strong risk management program. Failing to prioritize high-risk areas—and then ignoring even higher-risk segments within that area—invites steep regulatory agency penalties, especially when required by federal law.