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NCUA reminds CUs HMDA deadline approaching
ALEXANDRIA, Va. (2/14/11)—Credit unions that are subject to Home Mortgage Disclosure Act (HMDA) requirements for any 2010 activities must report their loan data to the Federal Reserve by March 1, the National Credit Union Administration (NCUA) said in a Friday release. The NCUA in its regulatory alert no. 11-RA-01 also reminded credit unions that credit unions that have not submitted their filings by the required deadline may be subject to civil financial penalty assessments. Under HMDA, credit unions with total assets of more than $39 million that have home or branch offices in defined metropolitan statistical areas must collect their loan data and report it to the Fed. Credit unions that have processed 26 or more mortgages are required to submit their applications in an automated, machine-readable form. The rest may use paper applications. The government will then use the data to analyze whether they are complying with fair lending laws. The Fed has considered whether certain data elements of HMDA should be added, modified, or deleted, and the Credit Union National Association (CUNA) last year recommended that the Fed take a "bright line" approach to HMDA reporting, limiting the need for HMDA reports to situations in which there is a lien on a given home. CUNA also suggested that HMDA requirements only be applied to the largest mortgage lenders that make the vast majority of mortgage loans. For the full NCUA regulatory alert, use the resource link.
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