ARLINGTON, Va.–NAFCU has released a collection of compliance resources regarding recent changes to the Home Mortgage Disclosure Act (HMDA) rule – including NAFCU’s HMDA/Regulation C Final Rule Summary, webcasts and blog posts – to assist credit unions in meeting their growing HMDA regulatory compliance responsibilities.
“While most of the final rule won’t become effective until Jan. 1, 2018, implementing these changes will be time-consuming, which will require significant changes to a credit union’s systems and procedures,” said NAFCU Director of Regulatory Compliance Brandy Bruyere. “These resources will help credit unions begin to tackle the regulatory burden created by the expansion of HMDA.”
NAFCU’s said its HMDA compliance resources also include a HMDA scope-and-applicability chart, HMDA consolidated regulatory text and Consumer Finance Protection Bureau (CFPB) HMDA rule implementation guide.
HMDA is implemented by the CFPB's Regulation C, which was recently amended to cover home equity lines of credit, establish transactional thresholds for coverage and expand the number of HMDA data points collected from credit unions.
NAFCU’s HMDA resources page also highlights NAFCU’s upcoming Regulatory Compliance Seminar in New Orleans, set for Oct. 25-28. Certain compliance materials listed are available to NAFCU members only.
NAFCU said it will continue to add to these resources throughout the year.