ALEXANDRIA, Va. (1/14/16)--Credit unions meeting certain criteria have requirements in 2016 to report Home Mortgage Disclosure Act (HMDA) data--requirements detailed Wednesday in a regulatory alert sent by the National Credit Union Administration.
The alert (16-RA-01) outlines requirements under the Consumer Financial Protection Bureau’s (CFPB) Regulation C, which implements HMDA.
Regulation C requires credit unions to collect HMDA data associated with mortgage loan applications processed during 2016 if:
Credit unions meeting all three criteria must collect HMDA data during calendar year 2016 and submit the data to the Federal Reserve Board no later than March 1, 2017.
Credit unions that do not meet all three criteria are exempt from filing HMDA data for calendar year 2016.
The Credit Union National Association continues to push its belief that the CFPB, which finalized its HMDA rule in October, went well beyond its authority in requiring additional HMDA reporting. CUNA also has asked that implementation of finalized changes be pushed back one year and the exemption level be raised.