NCUA Letter 16-RA-01

The NCUA released a Regulatory Alert reminding credit unions of the requirement to collect and report HMDA data during 2016.

The credit union must collect HMDA data during 2016 if:

1. Your credit union’s total assets as of December 31, 2015, exceed $44 million;
2. Your credit union had a home or branch office in a Metropolitan Statistical Area on December 31, 2015; and,
3. During 2015, your credit union originated at least on home purchase loan (other than temporary financing such as a construction loan) or refinanced a home purchase loan, secured by a first lien on a one-to-four-family dwelling.

If your credit union meets all three criteria, you must collect HMDA data during calendar year 2016 and submit the data to the Federal Reserve Board no later than March 1, 2017.

https://www.ncua.gov/Legal/Documents/Regulatory%20Alerts/RA2016-01.pdf