Credit unions located in metropolitan areas that engage in certain types of residential mortgage lending, and that had assets exceeding $46 million as of Dec. 31, 2018, must file a HMDA report this year on mortgage loan applications received during 2019.
The CFPB issued a proposed rule on Home Mortgage Disclosure Act reporting requirements Thursday, which comes after months of CUNA, league and credit union engagement with Director Kathy Kraninger and staff about raising the thresholds.
Last week the FFIEC published a guide with information on HMDA reporting for data collected in 2019 and the CFPB published HMDA Modified Loan Application registers for approximately 5,400 financial institutions.
The CFPB has released final policy guidance describing the loan level HMDA data that the CFPB intends to make available to the public beginning in 2019 and making modifications to protect consumer privacy.
The BCFP has updated its small entity compliance guide for HMDA to reflect changes in S. 2155 and the bureau’s August interpretive rule. CUNA has urged the bureau to move quickly in implementing the S. 2155 changes.
CUNA, in conjunction with the Bureau of Consumer Financial Protection, will host a free webinar Wednesday at 11 a.m. (ET) to discuss technical implementation of the August HMDA interpretive rule. Registration is open.