Compliance: NCUA alerts cover 2021-22 HMDA requirements
NCUA issued two Regulatory Alerts on credit union requirements for submission of Home Mortgage Disclosure Act (HMDA) data. One (22-RA-02) covers submission of 2021 HMDA data, which is due to NCUA by March 1.
Credit unions located in metropolitan areas that engage in certain types and volume of residential mortgage lending, and that had assets exceeding $48 million as of Dec 31, 2020, must file a report this year on mortgage loan applications received during 2021.
The Consumer Financial Protection Bureau’s HMDA Institutional Coverage Chart contains information on qualifying credit union activity.
Credit unions must submit their HMDA data using the HMDA Platform. No other submission methods are permitted.
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