Credit unions with assets of $40 million or less will in 2011 be exempt from the collection and reporting requirements under the Home Mortgage Disclosure Act, as a result of a rule issued by the Federal Reserve Board.
The Fed adjusted the asset size from $39 million to $40 million based on a change in the Consumer Price Index.
The change means that those institutions in certain urban areas won't have to collect, report, and disclose data about applications for, and originations and purchases of, home purchase loans, home improvement loans, and refinancings.
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