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# What is the HMDA Dodd Frank Act roll back?

The communication below was released by Wolters Kluwer to all HMDA Wiz Users on 10/9/2018.

On August 31st, the BCFP released a procedural rule to implement the Economic Growth, Regulatory Relief and Consumer Protection Act. Wolters Kluwer has analyzed the rule requirements and begun implementing required changes in HMDA Wiz.

Below is a summary of the changes users can expect to see in HMDA Wiz.

What: HMDA S. 2155 partial exemption changes

When: Release expected mid-December

Functional Summary

• Flag records as partially exempt

• Configure data points to be included or excluded from edit checks and submission file

• Collected data can still be maintained

Additional Information on the S 2155 Relief Bill is provided below:

On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), a section of which amends the Home Mortgage Disclosure Act (HMDA). The Act provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements. The partial exemptions are generally available to insured depository institutions and insured credit unions:

• For closed-end mortgage loans if the institution originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years.

• For open-end lines of credit if the institution originated fewer than 500 open-end lines of credit in each of the two preceding calendar years.

For closed-end mortgage loans or open-end lines of credit subject to the partial exemptions, the Act states that the “requirements of [HMDA section 304(b)(5) and (6)]” shall not apply. Accordingly, for these transactions, those institutions are exempt from the collection, recording, and reporting requirements for some, but not all, of the data points specified in current Regulation C.