Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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).

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.