NCUA recently reminded applicable credit unions to file Home Mortgage Disclosure Act (HMDA) 2010 loan data to the Federal Reserve by 3/1. Credit unions missing the deadline are subject to potential civil financial penalty assessments. Under HMDA, credit unions over $39M in assets with an office in a defined metropolitan statistical area must collect loan data and report it to the Fed. Those with more than 25 mortgages must submit their information electronically. Others may use paper.
The Fed has considered whether certain data elements of HMDA should be added, modified, or deleted, and last year CUNA recommended that the Fed limit HMDA reporting to situations where there is a lien on a given home, and that HMDA requirements be applied only to the largest mortgage lenders that make the vast majority of mortgage loans. NCUA's regulatory alert on the matter is available for viewing.
That's All Folks!
5 years ago
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