NCUA issues Consumer Financial Protection Update on HMDA interpretive rule
ALEXANDRIA, VA (September 10, 2018) — The National Credit Union Administration today issued Consumer Financial Protection Update 18-01, describing the Bureau of Consumer Financial Protection’s interpretive and procedural rule regarding recent changes to the Home Mortgage Disclosure Act. The rule became effective September 7, 2018.
The Update explains the Bureau’s rule, which identifies the data points subject to the new HMDA partial exemptions, describes transactions subject to the partial exemptions, discusses a new alternative to the universal loan identifier, and includes parameters for voluntary reporting.
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.