HMDA Data Collection Requirements for 2016

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: Your credit union’s total assets as of December 31, 2015, exceed $44 million; Your credit union had a home or branch office in a Metropolitan Statistical Area … Read More

2016 HMDA Reporting Software Now Available

Version 2016 for CY 2016 data due March 1, 2017 is now available from the FFIEC. Each software version is year-specific (i.e., 2015 reporting requires 2015 DES and not 2016 DES). System Requirements The software must be installed locally on a hard disk; it is NOT network compatible. Minimum OS: Microsoft Windows Vista or Windows Server 2008 SP2 Internet connection … Read More

HMDA and TILA annual adjustments

The CFPB has announced two final rules with annual threshold adjustments under the implementing regulations for the Home Mortgage Disclosure Act (HMDA) and the Truth in Lending Act (TILA). The HMDA asset-size exemption threshold under Regulation C is unchanged at $44 million. Institutions with assets of $44 million or less as of December 31, 2015, are exempt from collecting HMDA … Read More

Home Mortgage Disclosure Act (Regulation C) Small Entity Compliance Guide

On October 13, 2015, the CFPB amended Regulation C expanding the reporting requirements.  Included in the changes were the definitions of covered institutions and covered transactions, changes to public requests, submission of reports, along with new and modified data fields – for a total of 48 fields. The CFPB released its Compliance Guide that includes the key changes and effective … Read More