Written by Steve Van Beek
Friday - March 1st - marks the deadline for two completely unrelated issues.
Mandatory Electronic Federal Payments. Starting March 1st, all federal benefit payments must be electronic. While this won't necessarily be a direct impact on your credit union - it will be a big change for some of your members. We blogged on this back in December and included links to numerous resources from Treasury's Go Direct campaign.
Home Mortgage Disclosure Act (HMDA) Deadline. Friday is also the deadline for credit unions to submit their 2012 HMDA data. NCUA previously issued Regulatory Alert 13-2 which highlights the March 1, 2013 deadline for submitting HMDA data.
Additionally, NCUA conducted a free HMDA webinar on January 24th that credit unions should be sure to check out. The webinar features discussion from NCUA's Office of Consumer Protection, the Federal Reserve's HMDA/CRA team (including my wife - who did a great job*) and representatives from the CFPB and OCC. The archived webinar is available here.
Listen for yourself, I'll say it again - great job!