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News Now

Washington
CUNA Fed seek HMDA perspective from CUs
WASHINGTON (7/9/10)--The Credit Union National Association (CUNA) and the Federal Reserve have asked credit unions to comment on the costs, benefits and privacy issues associated with portions of the Home Mortgage Disclosure Act (HMDA) that require credit unions and others to collect and report data on home mortgage loans, home improvement loans, and applications that do not result in loan originations. The HMDA requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. The Fed has asked for input on what types of data should be excluded or eliminated, and if any existing data elements should be modified. The Fed has also requested comment on whether some types of institutions or mortgage loans should be excluded from HMDA reporting. The comment call comes ahead of a series of public hearings that will feature a review of HMDA rules. The first hearing will take place on July 15 in Atlanta, with subsequent hearings set to follow on Aug. 5 in San Francisco, Sept. 16 in Chicago, and Sept. 24 in Washington, D.C. American Airlines FCU's Vice President and General Counsel Faith Anderson and State Employees CU Senior Vice President Phil Greer, both of whom were recommended by CUNA, will testify at the Atlanta hearing. After the HMDA hearings, the Fed may issue a plan that incorporates changes addressed in these hearings and comments received.


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