BCFP issues HMDA guidance and clarification

On Friday, the Bureau of Consumer Financial Protection issued a clarification of changes to HMDA for credit unions and small banks.  This was mandated in the Dodd-Frank reform bill from earlier this year. That legislation granted partial exemptions under HMDA.  The bulletin states that “only loans and lines of credit that are otherwise HMDA reportable […]

On Friday, the Bureau of Consumer Financial Protection issued a clarification of changes to HMDA for credit unions and small banks.  This was mandated in the Dodd-Frank reform bill from earlier this year.

That legislation granted partial exemptions under HMDA.  The bulletin states that “only loans and lines of credit that are otherwise HMDA reportable count toward the thresholds for the partial exemptions.

“At a later date, the Bureau anticipates that it will initiate a notice-and-comment rulemaking to incorporate these interpretations and procedures into Regulation C and further implement” the law.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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