Federal financial institutions regulators issue statement on HMDA changes

ALEXANDRIA, VA (July 5, 2018) — The National Credit Union Administration and other federal financial institutions regulators have issued a joint statement describing amendments to the Home Mortgage Disclosure Act that are required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The joint statement is available online here.

The Act provides partial exemptions from certain HMDA requirements that are generally available to insured depository institutions and insured credit unions:

  • For closed-end mortgage loans if the institution or the credit union originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years.
  • For open-end lines of credit if the institution or credit union originated fewer than 500 open-end lines of credit in each of the two preceding calendar years.

The Bureau of Consumer Financial Protection expects to provide further guidance later this summer on how the Act will apply to HMDA data collected in 2018.

About National Credit Union Administration (NCUA)

The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.


Ben Hardaway


Joe Adamoli

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