The Office of the Comptroller of the Currency is reminding national banks that errors in Home Mortgage Disclosure Act submissions can prompt civil money penalties.

"The OCC continues to discover HMDA data ... that contain significant errors, data that were not reported, and data submitted too late to be aggregated and disclosed to the public in a timely manner," Bert A. Otto, acting deputy comptroller for compliance management, wrote in a Jan. 22 letter to bank executives.

Senior managers should periodically check the accuracy and effectiveness of their data collection methods, the OCC said. Data submissions under the law are due March 1.

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