Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA alert warns of late HMDA filings
ALEXANDRIA, Va. (2/6/08)— Credit unions subject to Home Mortgage Disclosure Act requirements for 2007 activity must submit loan/application register (LAR) data to the Federal Reserve Board (FRB) by March 1, 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. A credit union must file HMDA data in 2008 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.
In its alert, the NCUA stated it anticipates that every credit union that is required to report 2007 HMDA data will provide a readable transmission file to the FRB by the March 1, 2008 deadline. Following March 1st, the Fed will provide a list of delinquent filers to the NCUA, the agency noted, and credit unions appearing on this list could become subject to civil money penalty assessments. Use the resource link below to access the NCUA Alert.
Other Resources

RSS print
News Now LiveWire
#NewsNow New league award honors Commitment to Cooperation http://t.co/OPt97flShn
52 minutes ago
.@Fiserv renews $250K benefactor commitment to @fileneresearch #NewsNow #System http://t.co/tRrfmLNv0n
1 hours ago
#NewsNow Debit card use wanes due to security fears http://t.co/RK6WolpxpT
2 hours ago
Are consumers bailing on cards, going back to using cash? via @CrainsChicago http://t.co/PrZLjA4zUv
2 hours ago
Will shoppers avoid data-breached retailers this holiday season? #NewsNow #creditunions http://t.co/nzI44BX2sq
2 hours ago