This Spring has been busy with plenty of travels to credit unions and I can say things will only continue to get busier with Summer right around the corner. During these visits to credit unions I have been looking branch signs and notices that are required to be posted. One of the notices that I have seen missing at branch offices recently, is the HMDA Lobby Notice.
If your credit union is required to comply with HMDA, per Regulation C, you must post a general notice about the availability of your HMDA data in the lobby of your “home office and each branch office located in a Metropolitan Statistical Area (MSA).” Upon request, a credit union must promptly provide the location of the office where the statement is available for inspection and copying, or it may include the location on the notice.
Regulation C provides the following suggested, but not required, language:
Home Mortgage Disclosure Act Notice
The HMDA data about our residential mortgage lending are available for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, 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.
As a tip for some final Spring cleaning, please take the time to check to make sure that you have a HMDA Notice posted in the lobby of your main office and branch offices located in a MSA.