WASHINGTON (10/19/15)--Fresh off the release of the final Home Mortgage Disclosure Act (HMDA) rule last week by the Consumer Financial Protection Bureau (CFPB), CUNA’s compliance gurus offer a look at what the increased reporting burdens mean for credit unions.
This story marks the first entry in a new News Now weekly series running every Monday, in which CUNA compliance experts will highlight the latest and greatest compliance issues facing the credit union system--like the new reporting requirements the CFPB unveiled Oct. 15.
The new CFPB rule exempts from HMDA reporting:
The rule also eliminates:
The 25-loan threshold becomes effective Jan. 1, 2017, while most of the rest of the rule will be effective Jan. 1, 2018. Large-volume mortgage lenders will need to file quarterly HMDA data starting Jan. 1, 2020.
The first reporting under the new final rule will be in 2019 for 2018 data.
Watch for the next installment in this new series Oct. 26, and click here to subscribe to News Now updates.