Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
2011 HMDA requirements outlined by NCUA
ALEXANDRIA, Va. (2/16/11)—The National Credit Union Administration (NCUA) in its Regulatory Alert No. 11-RA-02 is reminding credit unions that engage in residential mortgage lending of their 2011 reporting obligations under the Home Mortgage Disclosure Act (HMDA). Credit unions with over $40 million in assets that have originated or refinanced one or more mortgages secured by a first lien and have a home or branch office in defined metropolitan statistical areas will be subject to HMDA in 2011, the NCUA said. All other credit unions will be exempt from HMDA reporting requirements, the agency added. All 2011 information must be reported to the Federal Reserve no later than March 1, 2012. The Fed will examine this data to determine whether financial institutions are complying with fair lending laws. The Credit Union National Association (CUNA) last year recommended that the Fed take a "bright line" approach to HMDA reporting, limiting the need for HMDA reports to situations in which there is a lien on a given home. CUNA also suggested that HMDA requirements only be applied to the largest mortgage lenders that make the vast majority of mortgage loans. The Fed is currently considering whether some portions of its HMDA regulations should be altered. For the full NCUA regulatory alert, use the resource link.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
1 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
2 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
3 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
3 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
3 hours ago