Added on October 25, 2021
The CFPB just release a statement to give guidance on what census tract boundaries to use for both 2021 and 2022 HMDA data. The guidance is basically the same as it has been for each decennial census in the past. Here is their text:
In February 2021, the U.S. Census Bureau released the 2020 Census Data tract boundaries. As a reminder, Regulation C, 12 CFR 1003.4(a)(9)(ii)(C) requires financial institutions to provide census tract information for certain properties. To determine what to report for this data point, a covered financial institution must look to the "most recent decennial census conducted by the U.S. Census Bureau" and "use the boundaries and codes in effect on January 1 of the calendar year covered by the loan/application register that it is reporting."
As a result, for data collected beginning January 1, 2022, financial institutions should use census tract information provided in the 2020 Census.
Consistent with this approach, the FFIEC's Geocoder will use census tract information from the 2020 Census beginning January 1, 2022.
If you have any questions about these requirements, please contact email@example.com.
Consumer Financial Protection Bureau
RATA has been through the decennial changes three times now and each time has been the same. The rest of the world changes to the new boundaries when they are available and the FFIEC/CFPB wait until the next calendar year. RATA is aware of the guidance above and has already implemented strategies for both 2021 and 2022 data. All records geocoded by RATA for the 2021 submission are being geocoded to the 2010 boundaries as required and all 2022 addresses will be geocoded to the new 2020 census data when you begin collecting for that submission year.
Hope that adds clarification, thank you.