WASHINGTON (1/2/13)--Credit unions and other financial institutions with total assets of less than $42 million as of Dec. 31, 2012 will not need to collect and report Home Mortgage Disclosure Act (HMDA) data in 2013, the Consumer Financial Protection Bureau (CFPB) said last week.
Under HMDA in 2013, financial institutions with total assets of more than $42 million that have home or branch offices in defined metropolitan statistical areas must collect certain mortgage loan data and report it to federal regulators. The HMDA reporting threshold stood at $41 million in 2012.
Credit Union National Association (CUNA) staff have emphasized that a credit union's exemption from collecting HMDA data in 2013 does not affect its responsibility to report the data it is required to collect during 2012.
The Federal Financial Institutions Examination Council (FFIEC) has also posted information on its 2013 HMDA and Community Reinvestment Act data entry software. For that information, use the resource link.