If your credit union makes residential mortgage loans and meets all four criteria outlined below, you must comply with the Consumer Financial Protection Bureau’s Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).1
Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2018, if:
- Your credit union’s total assets as of December 31, 2017, exceeded $45 million;2
- Your credit union had a home or branch office in a Metropolitan Statistical Area on December 31, 2017;
- 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-family dwelling during 2017; and
- Your credit union originated at least 25 closed-end mortgage loans or 500 open-end lines of credit in each of the two preceding calendar years (2016 and 2017).3
If your credit union meets all four criteria, you must collect HMDA data during calendar year 2018 and submit the data to the Consumer Financial Protection Bureau no later than March 1, 2019.
If your credit union does not meet all four criteria, you are exempt from filing HMDA data for calendar year 2018.
Changes to Data Notices
If your credit union files HMDA data, outlined below are Regulation C’s revised disclosure and notice requirements and the new flexibility you have in making these notices available to the general public beginning in 2018.
HMDA Disclosure Statement Availability Notice
No later than three-business days of your credit union receiving notice from the Federal Financial Institutions Examination Council that your credit union’s HMDA data is available, you must provide a written notice to the general public who request the HMDA data. The general public can make these requests at either the credit union’s home office or any branch physically located in a Metropolitan Statistical Area or Metropolitan Division, as defined by Regulation C. Broadly speaking, the HMDA disclosure statement represents a summary of your credit union’s HMDA data.
You may provide the notice to the requestor in paper or electronic form, including posting it on your website. The notice must remain available to the public for a period of five years. Regulation C provides suggested text to satisfy the notice requirement and you can find it on NCUA’s website.
HMDA Modified Loan/Application Register Availability Notice
Similar to the HMDA disclosure statement, if your credit union submits HMDA data, its modified loan/application register is also available to the general public. Under the HMDA final rule, you are also required to provide a notice at the general public’s request that the credit union’s loan/application register, as modified by the Consumer Financial Protection Bureau to protect applicant and borrower privacy, can be obtained on the CFPB’s website. You may use the same language discussed previously for that notice, and you may also provide it in paper or electronic format. This notice must also remain available for a period of three years. Regulation C does not specify formatting or other details for the appearance of either of these notices.
At your discretion, you may make available to the public the credit union’s disclosure statement or its loan/application register, as modified by the CFPB to protect applicant and borrower privacy. Your credit union may impose a reasonable fee for any costs incurred in providing or reproducing this data. Remember, even if your credit union provides copies of the documents it must still provide the written notices upon request.
Lobby Posted Notice on HMDA Data Availability
If your credit union submits HMDA data, you must post a general notice about the availability of HMDA data in the lobby of your home office and in the lobby of each branch office physically located in each Metropolitan Service Area and each Metropolitan Division. This lobby posted notice must clearly convey that your HMDA data is available on the CFPB's website. Regulation C provides suggested language for the notice. You may use the language found on NCUA’s website for the posted notice. As with the other written notices, Regulation C contains no requirements regarding the posted notice’s appearance.
For questions about HMDA, see the information available on NCUA’s Fair Lending Compliances Resources webpage, or contact NCUA’s Office of Consumer Financial Protection at 703.518.1140 or ComplianceMail@ncua.gov.
If you have further questions, please contact your regional NCUA office or state supervisory authority.
1 12 U.S.C. 2801-2810; 12 CFR Part 1003.
2 See 82 FR 61145 (December 27, 2017) (adjusting asset-size exemption threshold).
3 The criteria was added for 2018 to better achieve HMDA’s purposes and to reduce unnecessary burden on financial institutions. See 80 FR 66127 (October 28, 2015) (2015 HMDA Final Rule). On January 1, 2020, the open-end line of credit threshold will adjust to 100. See 82 FR 43088 (September 13, 2017) (Amendment to HMDA Final Rule).