Letter to CUs outlines new HMDA exam testing guidelines

New examiner transaction testing guidelines for Home Mortgage Disclosure Act (HMDA) data go into effect Jan. 1, with fewer credit unions required to correct and resubmit their HMDA Loan Application Registers (LARs), NCUA points out in its recent “Letter to Credit Unions” (LTCU 17-CU-04).

In the letter (dated Aug. 22), NCUA notes that the new guidelines will apply to 2017 data and to all other data collected or reported after that date. “The guidelines represent a joint effort by the FFIEC agencies to provide, for the first time, uniform guidelines across all federal HMDA supervisory agencies,” the letter states.

Additionally, the agency noted, the guidelines will be incorporated into its Fair Lending Guide soon. NCUA stated that its new guidelines are based on standards announced last month by the Federal Financial Institutions Examination Council (FFIEC) last month, which apply to all financial institutions that report HMDA data. The NCUA’s changes, the agency stated, are consistent with these guidelines.

 

NCUA LTCU 17-CU-04

NCUA Fair Lending Guide