CCUL Headlines: Risk & Compliance

Reminder: HMDA data due by March 2, 2020

Wednesday, February 12, 2020   (0 Comments)
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HMDA requires certain credit unions to report data to the Consumer Financial Protection Bureau (CFPB) about applications for, originations of, or purchases of closed-end or open-end loans secured by a dwelling.

Some credit unions in metropolitan areas with assets exceeding $46 million as of December 31, 2018 must file a report on mortgage loan applications received during 2019. The requirement applies when a credit union meets the above criteria and engages in certain types of residential mortgage lending, and at certain volumes. The filing is required under the Home Mortgage Disclosure Act, as implemented by the Consumer Financial Protection Bureau’s Regulation C.1.

To determine if your credit union must submit HMDA data for calendar year 2019 activity, please review the 2019 HMDA Institutional Coverage Chart.

 

Submission Process for Data Collected in 2019

Credit unions subject to HMDA requirements in calendar year 2019 must submit loan/application register data to the CFPB by March 2, 2020. Credit unions must submit their HMDA data using the HMDA Platformno other submission methods are permitted. Credit unions will use the HMDA Platform to upload their loan/application register data, review edits, certify the accuracy and completeness of the data, and submit data for the filing year.


Learn more on NCUA's website


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