The Consumer Financial Protection Bureau (CFPB) published its asset- size exemption threshold for 2012 Home Mortgage Disclosure Act (HMDA) collection and reporting on February 15, 2012. This created an issue for credit unions which were near the threshold. The majority of these credit unions elected to collect HMDA data beginning January 1st, to ensure the information was available should they be required to report the data. Heading into 2013, credit unions will not have such an issue, as the CFPB published the 2013 threshold on December 31, 2012.
The 2013 exemption threshold has been set at $42 million. Credit unions with assets equal to, or less than $42 million as of December 31, 2012 are exempt from HMDA requirements for 2013. Click here to view the Final Rule in the Federal Register.
The Federal Financial Institution Examination Council (FFIEC) has also made its 2013 HMDA data entry software available for free download on its website. Click here to view the download page.