By what date must financial institutions submit their loan application registers to their federal supervisory agency?
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A. B. C. D.B
The answer to this question is A. March 31 of the year following the calendar year for which the data were compiled.
To understand this answer, we need to first understand what a loan application register is and why financial institutions are required to submit it to their federal supervisory agency.
A loan application register is a record of all applications for credit that a financial institution receives over the course of a calendar year. This register must include information such as the race, ethnicity, gender, and income of the applicant, as well as the loan amount, the loan purpose, and the action taken on the application (i.e., approved, denied, or withdrawn).
The submission of loan application registers is required by the Home Mortgage Disclosure Act (HMDA), which is a federal law that requires financial institutions to collect and report information about their mortgage lending activities. The purpose of the HMDA is to help ensure that lenders are serving the housing needs of their communities and to detect any patterns of discrimination in lending.
So, according to the HMDA, financial institutions must submit their loan application registers to their federal supervisory agency by March 31 of the year following the calendar year for which the data were compiled. For example, if a financial institution's loan application register covers the calendar year 2022, it must be submitted to the supervisory agency by March 31, 2023.
In summary, financial institutions are required to submit their loan application registers to their federal supervisory agency by March 31 of the year following the calendar year for which the data were compiled, in accordance with the Home Mortgage Disclosure Act.