NCUA headquarters, Washington, D.C. (Source: NCUA).
A regulatory alert issued by the NCUA late last week notified credit unions that the Home Mortgage Disclosure Act (HDMA) threshold for reporting closed-end mortgage loans is now 25 loans in each of the two preceding calendar years. This represented a reduction from the 100 loan threshold that was set by the 2020 HMDA Final Rule.
The alert, signed by NCUA Board Chairman Todd Harper, stated, "The NCUA recognizes that credit unions affected by this change may need time to implement or adjust policies, procedures, systems and operations to achieve compliance with these reporting requirements."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
