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News Now

Washington
Fed raises HMDA reporting threshold
WASHINGTON (12/29/08)--The Federal Reserve Board has adjusted its Home Mortgage Disclosure Act (HMDA) asset size data collection requirement threshold for 2009 from $37 million to $39 million. The Fed's annual adjustment of the asset size of financial institutions required to comply with HMDA data collection requirements is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Financial institutions with assets of $39 million or less as of December 31, 2008, will be exempt from the data collection requirements in 2009, but reporting requirements for data collected in 2008 are not affected. The adjustment will be effective Jan. 1, 2009. HMDA requires most financial institutions to collect and report data on home mortgage loans, home improvement loans, and refinancings. The data reported include the type, purpose, and amount of the loan; the race, national origin, sex and income of the borrower; and the location of the property. The purpose of HMDA is to help the Fed and other government agencies determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement. Use the link below to access CUNA's Final Rule Analysis, which provides additional information.


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