The CFPB has issued a final rule making several substantive revisions to Regulation
C's reporting requirements under the Home Mortgage Disclosure Act (HMDA). With the
changes, the class of covered transactions now includes most dwelling-secured openend
and closed-end lending, effectively mandating reporting on HELOCs. The final rule
also expands the HMDA data set, requiring credit unions to report on a total of roughly
38 data points. The modified institutional coverage test will be implemented under a "phased in" schedule.
Phase 2 – A credit union will not report HMDA data unless it meets the asset-size,
location, federally related, and loan activity tests and it originates 25 or more covered
closed-end mortgage loans or 100 or more covered open-end lines of credit in each of
the two preceding calendar years.
NAFCU Final Regulation Summary: 15-EF-17
NAFCU Compliance Blog: February 26, 2016
NAFCU Compliance Monitor: November 2015
Download the latest full Compliance Calendar, including proposed regulations, past deadlines and more.