Can everyone please weigh in on how your handling the disclosure notice that must be handed to the people who ask about getting a copy of the HMDA data?


I can't imagine having a stack of notices ready to be given out should someone happen to ask. Then again, I can't imagine that anyone will know what to do should someone ask for it.

Looking for options and ideas.

I'm pretty sure a "Take One" notice is not required...there was a thread on this not too long ago.

https://www.bankersonline.com/forum/ubbthreads.php/topics/2131449/hmda-notice#Post2131449

The Notice should replace your HMDA lobby signage.

But is says on page 91 of the SEG, in the second paragraph that if someone requests your modified LAR you must give them, in either paper or electronic form, a copy of the notice. It can be the same verbiage as the sample language on the posted but it does clearly state it must be made available in paper or electronic form. I do not think that pointing at the lobby sign fulfills this requirement.

What are we all missing here?

Or what am I missing?

Either way.

says on page 91 of the SEG
Can you give a link? I don't know what a SEG is. I'm not familiar with this "requirement".

Hi David,

I mean the Small Entity Guide

https://s3.amazonaws.com/files.consumerf...iance-guide.pdf

I wonder if just posting it on your bank's website would be sufficient. It would be an electronic notice.

I'm not sure. I suppose if the request was made electronically you could email them an electronic copy or a link to the website. But in person I'm not sure if this would fly. They don't give any other details.

Of course we'll spend all of this time trying to figure out what to do for this requirement and no one will ever ask anyway.

You must have your poster, but if someone comes in with a request, you also must give them a written notice so that they leave with something that has instructions on it.

From the discussion in the final rule published in 2015:

Two industry commenters suggested that, because disclosure statements are available on the FFIEC Web site, requiring financial institutions to provide members of the public seeking HMDA data with the notice under proposed § 1003.5(b)(2) was unnecessary and duplicative. One of these commenters suggested that, as an alternative to the notice required under proposed § 1003.5(b)(2), the Bureau should revise the posted lobby notice required pursuant to § 1003.5(e) to include text referring members of the public to the FFIEC Web site to obtain the institution's HMDA data. Although the final rule relieves financial institutions of the obligation to provide the disclosure statement directly to the public, the Bureau has determined that provision of the notice required under § 1003.5(b)(2) to a member of the public seeking a financial institution's disclosure statement is necessary to ensure that she is clearly informed of where to obtain it. Currently, a member of the public seeking a disclosure statement from a financial institution would leave the institution with the data in hand. As amended, § 1003.5(b)(2) requires that the individual take an additional step to obtain the data—visit the Bureau's Web site—but provides that she leaves the institution with the specific information needed to do so.

Thanks, Kathleen.

So back to the original post. I'm looking to see what others are planning on doing to meet this requirement.

Discuss.

Thanks!!

I wish we could say "Please google CFPB & HMDA" hahaha

Ask the member to pull out there phone and take a selfie with the post.

I would take the nontech simple route. give a piece of paper with the web link. I read the statement above that I am to give her something so she does not walk away empty handed. Have some postcards printed. Have pull offs like at the laundromat. Something they can carry home.

Don't forget that the requirement covers several years and the data will be available online beginning one year at a time, so for several years, you will have the old method and the new method combined, until the new method has been around long enough for all required data to be available online.

You can amend the language on the poster and say years xxxxx, available here, years xxxx, available online.

The poster is suggested, not mandatory language and I did ask the CFPB about this.

You could also have a policy of obtain the requestor's email address and sending them the notice with live link electronically. That would prevent having those little pieces of paper lying around unused. OR have it in a work document stored on your bank's shared drive where all employees could access it and have them print it out when the customer makes this request.

I like having things on a shared drive for printing as needed, just like the public file for those who have made that switch. My take is that the Bureau wants the person to have something in their hand, just like they would have had a file under the current rule.

That is our plan - shared drive accessible for printing if requested. Keep in mind, everyone, that if someone comes in asking for your HMDA data, you can be pretty sure they are already operating from a premise that doesn't have YOUR best interests in mind. And you can be pretty sure they are going to have been well-coached on what the institution is required to provide when they ask, so if you don't provide it you're just adding fuel to the fire.

Agree Beech. I cannot imagine a circumstance where the average consumer will ask to take the disclosure. Likely the disclosure will be requested by a group looking for trouble or an individual posing as a potential customer. Training the LO's will be extremely important!!

Does that mean we can keep our public file electronically and just print it when someone requests it??

That was going to be my suggestion. Surely you already have P&P's out there....just include this as well.

OR have it in a work document stored on your bank's shared drive where all employees could access it and have them print it out when the customer makes this request.

I have never printed our public file.
If someone were to ever ask, I'd print it at that time, but no one has ever walked in and requested it.
As for those annual 'please send us your LAR' requests from various public service groups, we've always replied with a request to cover printing costs and never heard back.
From Kathleen's post above "My take is that the Bureau wants the person to have something in their hand, just like they would have had a file under the current rule."
I take that to mean we can continue our status quo.

TR, we're talking about the notice which would contain the instructions on how to obtain the LAR. Not the LAR, itself.

TR, the LAR will be available on the CFPB website and the process and poster (and notice to walk ins) is changing. Going forward, if you receive an email from someone asking for your LAR, you can direct them to the Bureau's site, for years that are posted there which will not be the prior years.

Bear in mind, everyone who asks for LARs will be well aware of this change.

Also bear in mind that the plan is to make the LAR available by April of each year, not September.

TR, also if you choose to provide you can charge for costs, but who would both to do that for the years under the new rule when you can just direct them to the CFPB website?