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NCUA alert on HMDA filings
ALEXANDRIA, Va. (2/23/09)— Credit unions subject to Home Mortgage Disclosure Act requirements for 2008 activity must submit loan/application register (LAR) data to the Federal Reserve Board (Fed) by March 2, 2008. Noting that date in a recent regulatory alert, the National Credit Union Administration (NCUA) also warned of the possible consequences of a late filing. After March 2, the Fed will provide a list of delinquent filers to NCUA. Credit unions appearing on this list could become subject to civil money penalty assessments. A credit union must file HMDA data in 2009 if it meets these three criteria:
* Had total assets as of Dec. 31, 2006 that exceeded $3 7 million, a threshold established by the the Federal Reserve Board; * Has a home or branch office in a metropolitan statistical area (MSA); and * Originated during 2007 at least one home purchase loan or a refinance of a home purchase loan secured by a first lien on a one-to-four-family dwelling.
Credit unions with 25 or fewer entries on their LAR may report and submit the data in paper form. However, all credit unions that have more than 25 entries on the LAR must submit their reports in an automated, machine-readable, form. Use the resource link below to access the NCUA Alert.
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