Posted February 12th, 2013 No Comments
Reminder: March 1 is HMDA filing deadline

Credit unions subject to Home Mortgage Disclosure Act requirements in 2012 (i.e., those with total assets of more than $41 million) have until March 1 to submit their 2012 Home Mortgage Disclosure Act (HMDA) loan/application register (LAR) data to the Federal Reserve Board.

Credit unions with 25 or fewer entries on their LAR may report and submit their data in paper form, and credit unions with more than 25 LAR entries are required to submit the reports in an automated, machine-readable format. Credit unions that do not file their LAR forms by March 1 could become subject to civil money penalty assessments.

For more information, view NCUA’s Regulatory Alert.

The CFPB announced in December that credit unions and other financial institutions with total assets above $42 million as of Dec. 31, 2012, are required to collect and report HMDA data this year. For more information, view the related news release.

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