On October 30, 2018 the CFPB updated its Regulation C Small Entity Compliance Guide. The new guide (v3.0) incorporates updates to reflect Section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act as well as the CFPB’s procedural rule issued on August 31, 2018. Major changes to the guide include:
General information about Section 104(a) of the 2018 Act and the 2018 HMDA Rule (Section 1)
Key changes and effective date of Section 104(a) of the 2018 Act (Sections 2.1, 2.3, and 4.3)
Institutions eligible to rely upon the partial exemptions created by Section 104(a) of the 2018 Act (Section 4.3.1)
Loan-volume thresholds for the partial exemptions (Section 4.3.2)
Collecting, recording, and reporting data points if a partial exemption applies (Sections 4.3.3)
Reporting a non-universal loan identifier if a partial exemption applies (Section 5.2)
Reporting other data points affected by the partial exemptions (Sections 5.4, 5.9, 5.11, 5.12, 5.16, 5.17, and 5.19 through 5.30)
In addition to these changes, the guide includes a number of miscellaneous changes as well as additional information about which transactions a financial institution must count when determining if a loan-volume threshold has been met (Section 4.1.2).
The updated version of the Regulation C Small Entity Compliance Guide can be found on the CFPB’s HMDA Implementation page here.