On November 3, 2017, the CFPB released the much anticipated HMDA Platform. The platform is the web portal that HMDA covered financial institutions must utilize to submit HMDA data beginning with its 2017 HMDA data. The platform has been available for testing since November 3rd; however, the CFPB sent out a reminder today regarding the official closing date of the platform. The beta testing period will officially close on December 31, 2017 to allow the CFPB to transition to the filing period for HMDA data collected in 2017.
The purpose of the early release of the platform was to allow financial institutions the opportunity to get acquainted with the system and determine whether their sample HMDA LARs complied with the reporting requirements of the platform. Many banks we have spoken with over the last two months took advantage of the testing period; the results have been mixed. Some financial institutions struggled even getting a log-in established within the platform, while others were challenged when trying to upload the data into the system. The CFPB has commented that feedback provided by financial institutions has allowed it “to gain valuable information regarding the performance of the system and provided an opportunity to make any necessary enhancements.”
All information or test accounts that have been developed in the platform during the beta period will have been removed when the HMDA filing period opens on January 1, 2018. All financial institutions will have to develop a new account on or after January 1, 2018 in order to complete submission of its 2017 HMDA data. A new account may be established at https://ffiec.cfpb.gov.
Information on the HMDA Platform: Link
Information for HMDA filers: Link
