2005 HMDA LAR request from non-regulatory agency - do I have to provide?
I received a request from a bank for our 2005-to-date HMDA LARs. I'm pretty sure I don't have to provide, but wanted to get input. I know we have to keep our LAR up-to-date quarterly, but info on providing it to an outside requestor only talks about the final LAR for the prior year.
Hey bbechtold, Welcome to the Compliance Forum and thanks for posting your question. This is a good question that I am sure will effect many of our peers over the coming year. I found the answer in the Guide to HMDA Reporting - Getting it Right which can be found at the following link in PDF format - http://www.ffiec.gov/hmda/pdf/2004guide.pdf I would recommend that all "TCF" members to have a current copy on hand. My interpretation says that the requester is out of luck! Under the section "Disclosing the Data" it states... "A modified register must be available no later than March 31st for requests made on or before March 1 following the year to which the data relate, and within 30 days for requests made after March 31st. The modified register must continue to be made available to the public for three years."
I would agree you do not need to provide the information based on the quarterly updates to your LAR. The guide refers to the quarterly updates to the LAR not a modified LAR. The only reference to a modified LAR is in reference to the annual disclosures. Tell the bank NO!! Steve Marshall ADI Consulting
A further clarification on this point. An institution is not required to provide data to the public in the year of reporting. The data must be submitted to the appropriate regulatory agency by March 1 before making available to the public. A modified register must be available no later than March 31 for requests made on or before March 1 following the year to which the data relate, and within 30 days for requests made after March 1. (See page 26 of the 2004 Guide.) For example: 1. If someone walks in today and requests 2005 data, an institution has until March 31, 2006 to provide the data. 2. If someone walks in February 2006 and requests 2005 data, an institution has until March 31, 2006 to provide the data. 3. If someone walks in April 2006 and requests 2005 data, an institution must provide the data within 30 days of the request for the data (May 2006).
Old, topic, new year. HMDA guidelines indicate that institution must make their LAR data available to the public upon request in electronic or printed form. I received a letter from a Bank indicating they wanted our public lar sent to the on cd-rom. Is it possible to send them the information electronically without the data being on a cd-rom?
It is entirely up to your discression how accomodating you want to be in providing the Public Data. Comply can create a file in the HMDA submission format that does not contain Application Numbers or Dates. If you want to make it more difficult for the requester, you can send them a printed LAR or a PDF version of the Public LAR. You can send the data or the report on any media that the data will fit onto. A non-compressed version of your submission data would not fit onto a floppy disk, so CD would be the best format. You can possibly email the file, but it would be large. As I said, it depends how accomodating you want to be. I personally would go with the Public LAR in PDF format, but that is just me.