Compliance: HMDA data due to CFPB by March 2
NCUA’s latest Letter to Credit Unions (20-03) outlines submission of 2019 Home Mortgage Disclosure Act (HMDA) data. Credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $46 million as of Dec. 31, 2018, must file a report this year on mortgage loan applications received during 2019.
Credit unions subject to HMDA requirements in calendar year 2019 must submit loan/application register data to the Consumer Financial Protection Bureau (CFPB) by March 2.
Credit unions must submit their HMDA data using the HMDA Platform. No other submission methods are permitted. Credit unions will use the Federal Financial Institutions Council’s (FFIEC) HMDA Platform upload their loan/application register data, review edits, certify the accuracy and completeness of the data and submit data for the filing year.
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