ALEXANDRIA, Va. (1/18/13)--Credit unions that were subject to Home Mortgage Disclosure Act requirements in 2012 have until March 1 to submit their 2012 Home Mortgage Disclosure Act (HMDA) loan/application register (LAR) data to the Federal Reserve Board, the National Credit Union Administration reminded Thursday in a regulatory action alert (13-RA-02).
Credit unions that do not file their LAR forms by March 1 could become subject to civil money penalty assessments, the NCUA noted.
Online and email filing options are available.
Credit unions with 25 or fewer entries on their LAR may report and submit their data in paper form, the NCUA said. Credit unions with more than 25 LAR entries are required to submit those reports in an automated, machine-readable format.
The NCUA advised credit unions to review its March regulatory alert, "Home Mortgage Disclosure Act Data Collection Requirements for Calendar Year 2012" (12-RA-02), to determine whether they are required to submit HMDA data. Credit unions with total assets of more than $41 million as of Dec. 31, 2011 were subject to HMDA filing requirements for 2012.
For the full letter, use the resource link.
The NCUA in a Jan. 24 webinar will reveal HMDA LAR preparation tips and discuss ways to avoid common errors found on those forms. The webinar, entitled "HMDA: Accuracy and Timeliness," is scheduled to begin at 2 p.m. ET. (See Jan. 3 News Now story: NCUA to offer Jan. 24 HMDA webinar)
Earlier this month, the Consumer Financial Protection Bureau announced that credit unions and other financial institutions with total assets above $42 million as of Dec. 31, 2012 are required to collect and report HMDA data this year.