It's official, the $250,000 share insurance protection level has been extended until the end of 2013. Read NCUA's presser on the development here. (Technically, it was official when President Obama recently signed legislation into law.) But some folks like to see the NCUA logo on the announcement. Members, for example.
***
The FFIEC has updated their HMDA, Getting It Right! Manual. Access it here. If you want to know what changed, check out this document. A few thoughts about this manual.
- This manual is an example of good guidance. It is updated regularly. It provides visual charts, plain English explanations, the reg itself, and model forms. If I ever meet the person who decided to create this manual, I'll buy him or her lunch.
- If you deal with HMDA/Reg C - this manual is a must read. When I get a question about HMDA, it is the first place I look.
The FFIEC's updated guidance on HMDA could not be more timely. As the number rejected mortgage loan applicants increase from tightening credit markets and increased underwriting scrutiny, regulators and plaintiffs' attorneys will return to the days of utilizing HMDA data to evaluate potential discriminatory lending patterns as a basis to initiate litigation. Lenders are wise to ensure their HMDA data is accurate, and to proactively review for trends.
Posted by: Fred Rivera | May 28, 2009 at 10:16 PM