Federal Financial Institutions Regulators Issue Statement on HMDA Changes

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) and other federal financial institutions regulators have issued a joint statement describing amendments to the Home Mortgage Disclosure Act that are required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The joint statement is available online here.

The Act provides partial exemptions from certain HMDA requirements that are generally available to insured depository institutions and insured credit unions:

  • For closed-end mortgage loans if the institution or the credit union originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years.
  • For open-end lines of credit if the institution or credit union originated fewer than 500 open-end lines of credit in each of the two preceding calendar years.

The Consumer Financial Protection Bureau expects to provide further guidance later this summer on how the Act will apply to HMDA data collected in 2018.

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