HUD Notice Means CUSOs to Send HMDA Data Directly to Fed
WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) has notified non-supervised lenders that currently submit their Home Mortgage Disclosure Act data to the agency, to send their data to the Federal Reserve Board starting Sept. 15. NAFCU Regulatory Affairs Director Gwen Baker said the notice applies to credit union service organizations that are not "subsidiaries" of credit unions and which currently send their HMDA data to HUD. These CUSOs must comply with HMDA data collection and are considered subsidiaries for purposes of HMDA if they are more than 50% owned by the credit union, according to NCUA Regulatory Alert 04-RA-02 concerning Regulation C. According to NAFCU, reports on calendar-year mortgage activity must be provided to regulators by March 1 of the following year. The data is used by the Federal Financial Institutions Examination Council to produce disclosures by metropolitan statistical areas (MSA).