Regulators want banks' annual reports under the Home Mortgage Disclosure Act a month earlier.
A proposal issued by the Federal Reserve June 7 would require lenders to submi t HMDA reports by Feb. 1 rather than the current March 1 deadline.
Comments on the plan are due Aug. 10.
The change will give the Fed an extra 30 days to do its job. Starting this year, the central bank must release its reports on the disclosures collected from lenders to the public by July 1. The Fed had been releasing information much later in the year.
In addition to moving up the deadline, the Fed wants the reports to be filed i n a machine-readable format, which is expected to improve the accuracy of the data .
The board is expected to publish a staff commentary on HMDA rules, which fall under Regulation C, in the next serveral months.
