A Frank Discussion; HMDA Resource
Yesterday, Rep. Barney Frank (D-MA) announced that the House Committee on Financial Services will hold a press conference today at 10:30 a.m. to discuss the Committee's agenda for 2008. Read the press release about it here.  Here's a link to the Committee's website.Â
I am not sure what Representative Frank will discuss, but his press conferences are often news-worthy. Stay tuned.Â
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Yesterday, NCUA released Regulatory Alert 08-RA-01 to remind credit unions about the approaching HMDA data submission deadline. Access it here. There isn't really anything new here. But the guidance document serves as a good overview of filing requirements. And it also shows how seriously NCUA takes this issue.Â
"Following March 1st, the FRB will provide a list of delinquent filers to NCUA. Credit unions appearing on this list could become subject to civil money penalty assessments."
This is not a hollow threat. NCUA has issued civil money penalties against numerous credit unions in the past few years for violations surrounding HMDA and Regulation C.