Compliance: NCUA announces Nov. 14 HMDA webinar
NCUA will address recent changes to Home Mortgage Disclosure Act (HMDA) and other federal consumer protection laws and regulations during a free webinar scheduled for Nov. 14. Registration is now open, and the webinar is expected to begin at 2 p.m. (ET) on Nov. 14.
This webinar will cover amendments to HMDA and other consumer financial protection laws made by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). It will also include discussions on the Bureau of Consumer Financial Protection’s Interpretive and Procedural Rule implementing the HMDA changes.
CUNA hosted a webinar earlier this month with the Bureau of Consumer Financial Protection, covering several technical and operational aspects of the bureau’s new HMDA rule.
A recent CUNA CompBlog entry shares some highlights of the webinar, including:
- Credit unions that qualify for the partial exemption from collecting and reporting certain HMDA data may take the exemption on any of the eligible data points, however it must take the exemption across the entire data point;
- Note that data fields roll-up into data points, so credit unions must take the partial exemption at the data point level. The example the bureau used was the credit score data point. Taking the partial exemption on that data point would also include the data fields within that data point such as applicant credit score, co-applicant credit score, version of credit score model, etc.; and
- Credit unions can take the partial exemptions on a single record, on some loan application register (LAR) records, or on all LAR records. It is up to the credit union to determine how many loans in the LAR to take the partial exemption on.
A recording of this webinar will be available through Oct. 11, 2019, and is available for free to CUNA members.