On Monday, the Bureau of Consumer Financial Protection (“CFPB”) launched a beta version of its HMDA reporting platform. In order to use the platform, the institution must have a Legal Entity Identifier.
This release will give institutions an opportunity to become familiar with the platform and submit test files of data collected in 2018 to determine whether they comply with the reporting requirements provided in the Filing Instructions Guide.
As of now, the beta version allows an institution to do the following:
- Create log-in credentials.
- Upload sample 2018 HMDA files.
- Receive confirmation that the test data was submitted.
- Conclude the filing process.
Any test data submitted will be removed from the system when the filing period opens in January 2019.