Bulletin 15_3 HMDA/LAR Reports - California and Nevada ...



TIPS BULLETIN #15-03To: All Credit Unions over $43 Million in AssetsSubject: HMDA/LAR ReportsThe material in this publication is provided for educational and informational purposes only, and does not constitute legal or financial advice. Use of any material or information in this publication should never be a substitute for seeking the advice of an attorney or a certified public accountant.Effective Dates: Due by March 2, 2015 (Since March 1, 2015 is on a Sunday)Home Mortgage Disclosure Act (HMDA) requires credit unions meeting certain criteria and located in metropolitan statistical areas to collect data about their housing related lending activity. Regulation C implements the Home Mortgage Disclosure Act, which is intended to provide the public with loan data that can be used to:Help determine whether financial institutions are serving the housing needs of their communities;Assist public officials in distributing public-sector investment so as to attract private investment to areas where it is needed; andAssist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.Filing Deadline for 2014 HMDA DataCredit unions subject to HMDA requirements for 2014 activity must submit loan/application register (LAR) data to the Federal Reserve Bank processing center by March 2, 2015. This requirement is applicable for all credit unions that collected LAR data for the calendar year 2014. Credit unions that report 25 or fewer entries on their LAR may report the data in paper form. All others must submit HMDA reports in an automated, machine-readable form.Credit unions with total assets of more than $43 million as of Dec. 31, 2014 are subject to HMDA LAR filing requirements due March 2, 2015.HMDA Data Entry SoftwareTo facilitate automated reporting, the agencies provide HMDA data entry software that can be downloaded free of charge from the FFIEC. Submission via the Web is the most secure and convenient form for transmitting HMDA data. You must first install the free FFIEC plete reporting instructions are provided by the Federal Financial Institutions Examination Council’s A Guide to HMDA Reporting Getting It Right!Following the March 2rd deadline, the Federal Reserve Board will provide a list of delinquent credit union filers to NCUA. Credit unions appearing on the list could become subject to civil money penalty assessments.Upon completing its HMDA Report, a credit union must make the information available to the public. In doing so, it must post a notice in the lobby of all of its branches. The suggested language of the notice should be as follows: HOME MORTGAGE DISCLOSURE ACT NOTICEThe HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; race, gender, and income of applicants and borrowers; and information about loan approvals and denials. Inquire at this office regarding the locations where HMDA data may be inspected.NOTE: If the credit union makes its disclosure statement available upon written request instead of at branch offices, the following sentence may be included in the notice: "To receive a copy of these data send a written request to [address]."QuestionsIf you have any questions regarding this information, please contact the Research and Information’s toll-free hotline at 877.243.5728.-9525041910Want to find more great information like this? Visit anytime to search related topics, download TIPS bulletins and access additional resources for League members only. 00Want to find more great information like this? Visit anytime to search related topics, download TIPS bulletins and access additional resources for League members only. ................
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