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Credit unions have two days to complete and submit their 2011 mortgage loan/application registers to the Federal Reserve Board processing center.

The registers, maintained under the Home Mortgage Disclosure Act, must be submitted by March 1in an automated, machine-readable form unless lenders had 25 or fewer entries to the registers last year. (If there were 25 or fewer entries, the data can be submitted on paper.)

NCUA, in Regulatory Alert 12-RA-01, says the data can be submitted via email or via the web, but the Fed prefers the latter method. Credit unions also need the Edit Report provided by the Fed; that report serves as official confirmation and will list any potential data errors. Credit unions should retain a dated copy of this report.

The Edit Report will be delivered as follows:

• by fax within about one week of the credit union's submission of LAR data online or via email;
• by fax within about two weeks of the credit union's mailing of the data (on diskette or CD-ROM).

Credit unions that submit their data via email will get a email confirmation message, but this they won't learn of any potential errors until they also receive the Edit Report. If the Edit Report isn't received within the time frames noted above, credit unions can follow up by e-mail to hmdahelp@frb.gov, or dialing the HMDA Assistance Line at (202) 452-2016.

Credit unions with $40 million or less in assets as of 2010 are not required to submit an LAR for 2011 mortgage lending.