Regulators Promise Crackdown on Mistakes in HMDA Reports

By Henry, Shannon | American Banker, June 16, 1994 | Go to article overview

Regulators Promise Crackdown on Mistakes in HMDA Reports


Henry, Shannon, American Banker


WASHINGTON -- Regulators vowed Wednesday to crack down on banks that make mistakes in their Home Mortgage Disclosure Act reports.

"We are finding lots of erros in exams when we go in," said Griffith L. Garwood, director of consumer and community affairs at the Federal Reserve.

"It is clear we need to get tougher with those institutions that are filing poor data," he added in a speech to the American Bankers Association's National Regulatory Compliance Conference.

Mr. Garwood admitted that some of the problem may be with unclear regulations. He said the central bank is trying to clarify its rules and will issue a staff commentary on the issue this summer.

From Warnings to Fines

A spokeswoman for the Office of the Comptroller of the Currency said penalties could range from a warning to hefty civil money penalties.

Besides facing supervisory action, banks that file faulty data will find themselves in longer exams, Mr. Garwood said. He encouraged the audience to use computer software to screen out errors.

The Federal Deposit Insurance Corp. could be filing some referrals to the Justice Department on this issue by fall, according to Janice Smith, director of consumer affairs at the agency.

She said the agency is finding many inaccuracies in HMDA data through "HMDA DIP" - for "disparity investigative project - a program it began at the beginning of the year.

Ms. Smith also said the FDIC is close to going to print on selftesting guidelines. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Regulators Promise Crackdown on Mistakes in HMDA Reports
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.