REGULATORY ALERT |
NATIONAL CREDIT
UNION ADMINISTRATION
|
DATE: June 2002 NO: 02-RA-06 TO: All Federally-Insured Credit Unions SUBJECT: Home Mortgage Disclosure Act – Data Reporting Additions The Federal Reserve Board (FRB) recently published some proposed and final amendments to Regulation C that will affect certain credit unions, generally those with more than $32 million in assets, required to report Home Mortgage Disclosure Act (HMDA) data. Credit unions should examine the amendments so they can make any necessary changes in their data reporting process and/or systems. The most significant final amendments are:
Final Amendment on Use of 2000 Census Data (effective January 1, 2003) Many of the output tables that comprise credit unions’ HMDA disclosures rely on population and other characteristics for given census tracts. Using the 2000 census tracts and demographics will produce more accurate and useful data. Final Amendment on Additional Reporting Items (effective January 1, 2004) The FRB requires reporting of the following data items beginning January 1, 2004:
Other Final Amendments (effective January 1, 2003) The FRB made other final amendments, including revised definitions of reportable loans, application, home improvement loan, home purchase loan, refinancing, etc. FRB Request for Comments on Proposed Amendments The FRB recently requested comment on:
Credit unions may access the rule and staff interpretation on the additional reporting items and revised definitions at: http://www.federalreserve.gov/boarddocs/press/boardacts/2002/20020207/ The rule and staff
interpretation on the use of 2000 census data are located at: http://www.federalreserve.gov/boarddocs/press/boardacts/2002/20020502/ Sincerely, /S/
Dennis Dollar |