Dear Board of Directors and Chief Executive Officers:
If your credit union makes residential mortgage loans and meets all three criteria below, you must comply with the Consumer Financial Protection Bureau’s Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Regulation C requires you to collect HMDA data associated with mortgage loan applications processed during 2013, if:
- Your credit union’s total assets as of December 31, 2012, exceeded $42 million; 1
- Your credit union has a home or branch office in a Metropolitan Statistical Area on
December 31, 2012; and
- During 2012, your credit union originated at least one home purchase loan or refinanced a
home purchase loan secured by a first lien on a one-to-four-family dwelling.
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If your credit union does not meet all three criteria, you are exempt from filing HMDA data for
If you have questions, please contact NCUA’s Office of Consumer Protection 2, your regional office, or state supervisory authority.
1The Consumer Financial Protection Bureau announced the asset threshold of $42 million on December 28, 2012. See Federal Register / Volume 77, Number 250, Page 76839.
2You can reach NCUA’s Office of Consumer Protection at 703-518-1140 or OCPMail@ncua.gov.