The NCUA, in a letter to credit unions on Tuesday, reminded them that if they make residential loans and meet certain criteria, they must comply with the CFPB’s Regulation C, which implements the Home Mortgage Disclosure Act. Credit unions that meet the criteria must collect HMDA data during calendar year 2021 and submit the data to the CFPB no later than March 1, 2022.
Regulation C requires credit unions to collect HMDA data associated with mortgage loan applications processed during 2021 if:
- your credit union’s total assets as of Dec. 31, 2020, exceeded $48 million;
- your credit union had a home or branch office in a Metropolitan Statistical Area on Dec. 31, 2020;
- your credit union originated at least one 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-unit dwelling during 2020; and
- your credit union originated at least 100 covered closed-end mortgage loans in each of the two preceding calendar years (2019 and 2020) or at least 500 covered open-end lines of credit in each of the two preceding calendar years (2019 and 2020).
The full letter can be accessed on the NCUA website.
In other NCUA news, the agency said that its four funds earned unmodified, or “clean” audit opinions for 2020, according to audited financial statements released by the agency’s Office of the Inspector General.
The financial statements, audited by the KPMG LLP, cover the National Credit Union Share Insurance Fund, the Operating Fund, the Central Liquidity Facility and the Community Development Revolving Loan Fund.
The Share Insurance Fund, which held assets of $19.1 billion on Dec. 31, 2020, protects the deposits of more than 124 million members at more than 5,000 federally insured credit unions, according to the NCUA.
The 2020 financial statement audits can be accessed on the NCUA website.