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ALEXANDRIA, Va. (June 29, 2020) – National Credit Union Administration Chairman Rodney E. Hood issued the following statement after the U.S. Supreme Court denied an appeal from the American Bankers Association to review the NCUA’s chartering and field of membership rules.

“Today’s decision by the Supreme Court ends nearly four years of uncertainty and will help the NCUA in its efforts to foster greater financial inclusion for all Americans. The NCUA will begin processing field-of-membership applications affected by this decision immediately.”

ALEXANDRIA, Va. (June 30, 2020) – National Credit Union Administration Chairman Rodney E. Hood issued the following statement today commending Bimal Patel, who is stepping down as Assistant Secretary of the Treasury for Financial Institutions.

“I got to know Bimal well during our confirmation hearing in 2019. He has committed his career to crafting and implementing effective financial and regulatory policies that allow financial institutions to provide quality services and products that meet the evolving needs of their customers and communities. Amid the COVID-19 public health emergency, Bimal’s insight and leadership were instrumental in the passage of the CARES Act, which provided significant support to American workers, communities, and small businesses. I thank Bimal for his service to his country. I wish him all the best in his future endeavors.”

ALEXANDRIA, Va. (June 26, 2020) – Due to the evolving nature of the COVID-19 pandemic, the National Credit Union Administration is delaying the start of its phased resumption of onsite operations.

The agency’s leadership determined, in consultation with public health professionals, that a delay was warranted based on a variety of factors, including recent trends in public health data and administrative considerations.

The NCUA’s top priority is ensuring the health, safety, and well-being of its staff while carrying out its mission. The agency will continue to monitor the pandemic’s developments and provide updated information on its plans to resume onsite examinations and operations as national, state, and local conditions permit.

The agency will continue to coordinate offsite examination and supervision efforts with state supervisory authorities.

Stakeholders that have any questions about this delay should contact the appropriate NCUA regional office.

Board Action Bulletin

NCUA to Distribute $171.3 Million to Southwest Corporate Capital Holders

ALEXANDRIA, Va. (June 25, 2020) – Using a live audio webcast, the National Credit Union Administration Board held its fifth open meeting of 2020 today and approved two items:

• A request for information on strategies for using digital technology to support the agency’s examination and supervision program; and
• A final rule that makes several of technical amendments and corrections to the agency’s rules and regulations.

The Office of Credit Union Resources and Expansion briefed the NCUA Board on the financial performance of minority credit unions and the agency’s efforts to preserve and promote the formation of minority depository institutions in 2019.

The NCUA Board also received a briefing from NGN Division staff and the President of the Asset Management and Assistance Center on the financial performance of the NCUA Guaranteed Notes and the asset management estates that comprise the agency’s Corporate System Resolution Program.

Report Details NCUA’s Efforts to Preserve and Support Minority Credit Unions

The NCUA Board was briefed (opens new window) on the financial condition of minority credit unions in 2019 and the agency’s efforts to preserve and promote the formation of minority depository institutions, as detailed in the agency’s annual report to Congress that was released on June 19.

“Financial inclusion is a long-standing priority for my chairmanship of the NCUA, and a key part of this effort is the NCUA’s work to help MDI credit unions grow and thrive,” NCUA Chairman Rodney E. Hood said. “The NCUA has and will continue to find more avenues of support for these institutions so much-needed capital can flow into overlooked or underserved areas. At its heart, financial inclusion means expanding access to safe and affordable financial services for unbanked and underserved people and communities as well as broadening employment and business opportunities. Each one of us has a stake in this outcome. Therefore, we must all work together.”

At the end of 2019, the NCUA regulated or supervised 514 federally insured credit unions with the MDI designation in 36 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. MDI credit unions served more than 3.9 million members and had assets of $40.5 billion. Approximately 10 percent of all federally insured credit unions are MDIs. These institutions are generally small, with 57 percent having less than $10 million in assets.

Through the NCUA’s MDI Preservation Program, MDI credit unions have access to grants and loans, training and technical assistance, and guidance from their examiners. In 2019, the NCUA:

• Chartered one new MDI credit union, Otoe-Missouria in Red Rock, Oklahoma;
• Provided 58 low-income-designated MDI credit unions with $738,000 in technical assistance grants; and
• Provided three MDI credit unions with $75,000 in grants under the agency’s MDI Mentoring Program.

The NCUA’s 2019 Annual Report to Congress on Preserving Minority Depository Institutions (opens new window) was submitted to Congress in accordance with Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and Section 367 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. It is available on the agency’s website (opens new window).

Feedback Requested to Assist Further Modernization of Examination Program

The NCUA Board unanimously approved a request for information on how the agency can take advantage of new and emerging data and technology to support a further modernization of the agency’s examination and supervision functions.

“I am pleased to hear that we are taking strides in researching ways to modernize our largest function here at the NCUA, the examination and supervision program,” Chairman Hood said. “While evaluating the safety and soundness of the credit unions we insure is a necessary process, reducing the burden on credit unions while maintaining our effectiveness, sounds like a win-win for all parties involved.”

Recent events, including the COVID-19 pandemic, have shown that adopting modern technology makes credit unions more resilient to financial and economic shocks and operational distributions. Additionally, these events have demonstrated that many rural, minority, and underserved communities have limited financial options available to them.

The NCUA will use stakeholder responses to:

• Refine a strategy for leveraging technology in the future examination and supervision process;
• Determine how much onsite activity would still be required with an examination done primarily offsite; and
• Develop an implementation strategy that reduces regulator and examination burdens while maintaining the agency’s ability to determine whether federally insured credit unions are operating in a safe and sound matter, and in compliance with all applicable laws and regulations.

Comments related to this request for information (opens new window) must be received 60 days after its publication in the Federal Register.

Southwest Corporate Capital Holders to Receive Distribution in July

The President of the NCUA’s Asset Management and Assistance Center and staff from the agency’s NGN Division briefed the NCUA Board (opens new window) on the financial performance of the NGN program and the asset management estates of five corporate credit unions that failed in 2009 and 2010 during the financial crisis.

During the briefing, the AMAC President stated that the performance of the asset management estates means that the liquidating agent for Southwest Corporate Federal Credit Union will be able to distribute $171.3 million to member capital account holders in July.

“Today’s briefing is a success story culminating from the efforts of NCUA and credit union leadership in those times,” Hood said. “This is really a shared victory. The credit union movement can be proud of its resilience and commitment demonstrated to the system of cooperative credit, while NCUA leadership and staff can take pride in efficiently managing these assets to maximize recoveries.”

The Southwest Corporate asset management estate has 1,120 member capital account holders, including 1,092 credit unions, with a total claim of $403.5 million. After accounting for mergers, purchases and acquisitions, and liquidations, almost 900 active credit unions will receive a distribution.

The NCUA plans to send letters to distribution recipients notifying them of their amount and other payment details. The distribution will be made to credit unions generally through an electronic funds transfer. The payout is planned for July. The NCUA will work with each non-credit union recipient to ensure timely receipt of the payout.

Additional information on the distribution is available on the NCUA’s website.

Board Approves Technical Amendments to NCUA’s Rules and Regulations

The Board unanimously approved several technical amendments to the NCUA’s regulations. These amendments include several changes to correct minor errors and inaccurate citations throughout the NCUA’s regulations.

Because these changes are technical and do not substantively affect federally insured credit unions, they are being issued as final rules.

The final rule (opens new window) is effective upon publication in the Federal Register, except for the amendments to the final rule published at 80 FR 66626, which are effective on January 1, 2022.

The NCUA tweets all open Board meetings live. Follow @TheNCUA (opens new window) on Twitter, and access Board Action Memorandums and NCUA rule changes at www.ncua.gov. The NCUA also live streams, archives and posts videos of open Board meetings online.

(June 26, 2020) WASHINGTON—Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance (opens new window). The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011.

The agencies are proposing new questions and answers for inclusion in the Interagency Questions and Answers in light of changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas. This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

• The escrow of flood insurance premiums;
• The detached structure exemption to the mandatory purchase of flood insurance requirement; and
• Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws.

Separately, the agencies plan to propose new questions and answers at a later date on the private flood insurance requirements implemented by their February 2019 final rule.

The agencies invite comment on this proposal. Comments will be accepted for 60 days after publication in the Federal Register.

The Federal Register notice is attached (opens new window).

Agency	Contact	Phone
Federal Reserve Board	Susan Stawick	202.452.2955
FCA	Emily Yaghmour	703.883.4056
FDIC	Brian Sullivan	202.898.6534
NCUA	Ben Hardaway	703.518.6333
OCC	Bryan Hubbard	202.649.6870

(June 26, 2020) WASHINGTON—Five federal regulatory agencies today requested public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance (opens new window). The Interagency Questions and Answers, which provide information addressing technical flood insurance-related compliance issues, were last updated in 2011.

The agencies are proposing new questions and answers for inclusion in the Interagency Questions and Answers in light of changes to flood insurance requirements under the agencies’ joint rule regarding loans in special flood hazard areas. This rule was promulgated in 2015 to implement provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 and the Homeowner Flood Insurance Affordability Act of 2014.

The proposal incorporates new questions and answers in several areas, including:

• The escrow of flood insurance premiums;
• The detached structure exemption to the mandatory purchase of flood insurance requirement; and
• Force-placement procedures.

The proposal also revises existing questions and answers to improve clarity and reorganizes questions and answers by topic to make it easier for users to find and review information related to technical flood insurance topics. The proposal is intended to help reduce the compliance burden for lenders related to the federal flood insurance laws.

Separately, the agencies plan to propose new questions and answers at a later date on the private flood insurance requirements implemented by their February 2019 final rule.

The agencies invite comment on this proposal. Comments will be accepted for 60 days after publication in the Federal Register.

The Federal Register notice is attached (opens new window).

Agency	Contact	Phone
Federal Reserve Board	Susan Stawick	202.452.2955
FCA	Emily Yaghmour	703.883.4056
FDIC	Brian Sullivan	202.898.6534
NCUA	Ben Hardaway	703.518.6333
OCC	Bryan Hubbard	202.649.6870

(June 24, 2020) – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

The HMDA data are the most comprehensive publicly available information on mortgage market activity. They are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.

The FFIEC releases today several data products to serve a variety of data users. The HMDA Dynamic National Loan-Level Dataset (opens new window) is updated, on a weekly basis, to reflect late submissions and resubmissions. Aggregate and Disclosure Reports (opens new window) provide summary information on individual financial institutions and geographies. The HMDA Data Browser (opens new window) allows users to create custom tables and download datasets that can be further analyzed. In addition, beginning in late March 2020, the FFIEC made available Loan/Application Registers (opens new window) for each HMDA filer of 2019 data, modified to protect borrower privacy.

Understanding the Data

The data include a total of 48 data points providing information about the applicants, the property securing the loan or proposed to secure the loan in the case of non-originated applications, the transaction, and identifiers. A complete list of HMDA data points and the associated data fields is found in Appendix A (opens new window) of the FFIEC’s Filing Instructions Guide for HMDA Data Collected in 2019. Certain smaller-volume financial institutions are not required to report all of these data, pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).¹

The 2019 HMDA data use the census tract delineations, population, and housing characteristic data from the 2011–2015 American Community Survey (ACS). In addition, the data reflect metropolitan statistical area (MSA) definitions released by the Office of Management and Budget in 2018 that became effective for HMDA purposes in 2019.

HMDA data comparisons across multiple years are limited by changes in HMDA definitions, values, and thresholds. Also, comparisons for certain geographic areas are limited due to the changes in MSA and census tract boundaries and updates to the population and housing characteristics of census tracts, especially those that follow the decennial census and five-year updates based on the ACS data.

Among other uses, the data help the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations. For example, when these regulators evaluate an institution’s fair lending risk, they analyze HMDA data in conjunction with other information and risk factors, in accordance with the Interagency Fair Lending Examination Procedures (opens new window).

HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Therefore, when regulators conduct fair lending examinations, they analyze additional information before reaching a determination about an institution’s compliance with fair lending laws.

Observations from the 2019 Data²

For 2019, the number of reporting institutions declined by about 3 percent from the previous year to 5,508. The 2019 data include information on 15.1 million home loan applications. Among them, 12.5 million were closed-end, 2.1 million were open-end, and, for another 442,000 records, pursuant to the EGRRCPA’s partial exemptions, financial institutions did not indicate whether the records were closed-end or open-end. The number of closed-end loan applications increased by 21 percent, and the number of open-end line of credit applications decreased by 9 percent. A total of 9.3 million applications resulted in loan originations. Among them, 7.9 million were closed-end mortgage originations, 1.1 million were open-end line of credit originations, and, pursuant to the EGRRCPA’s partial exemptions, 335,000 were originations for which financial institutions did not indicate whether they were closed-end or open-end. The 2019 data include 2.3 million purchased loans, for a total of 17.5 million records. The data also include information on approximately 151,000 preapproval requests that were denied or approved but not accepted.

The total number of originated closed-end loans increased by about 2 million between 2018 and 2019, or 26 percent. Refinance originations for 1-4 family properties increased by 78 percent from 1.9 million, and home purchase lending increased by 4 percent from 4.3 million.³

A total of 2,494 reporters made use of the EGRRCPA’s partial exemptions for at least one of the 26 data points eligible for the exemptions. In all, they account for about 641,000 records and 330,000 originations.

From 2018 to 2019, the share of home purchase loans for first lien, 1-4 family, site-built, owner-occupied properties made to low- or moderate-income borrowers (those with income of less than 80 percent of area median income) increased slightly from 28.1 percent to 28.6 percent, and the share of refinance loans to low- and moderate-income borrowers for first lien, 1-4 family, site-built, owner-occupied properties decreased from 30 percent to 23.8 percent.⁴

In terms of borrower race and ethnicity, the share of home purchase loans for first lien, 1-4 family, site-built, owner-occupied properties made to Black borrowers rose from 6.7 percent in 2018 to 7.0 percent in 2019, the share made to Hispanic-White borrowers increased slightly from 8.9 percent to 9.2 percent, and those made to Asian borrowers decreased from 5.9 percent to 5.7 percent. From 2018 to 2019, the share of refinance loans for first lien, 1-4 family, site-built, owner-occupied properties made to Black borrowers decreased from 6.2 percent to 5.3 percent, the share made to Hispanic-White borrowers decreased from 6.8 percent to 6.2 percent, and the share made to Asian borrowers increased from 3.7 percent to 5.4 percent.

In 2019, Black and Hispanic-White applicants experienced higher denial rates for first lien, 1-4 family, site-built, owner-occupied conventional home purchase loans than non-Hispanic-White applicants. The denial rate for Asian applicants is more comparable to the denial rate for non-Hispanic-White applicants. These relationships are similar to those found in earlier years and, due to the limitations of the HMDA data mentioned above, cannot take into account all legitimate credit risk considerations for loan approval and loan pricing.

The Federal Housing Administration (FHA)-insured share of first-lien home purchase loans for 1-4 family, site-built, owner-occupied properties increased from 19.3 percent in 2018 to 20.2 percent in 2019. The Department of Veterans Affairs (VA)-guaranteed share of such loans increased slightly to 10.6 percent in 2019. The overall government-backed share of such home purchase loans, including FHA, VA, Rural Housing Service, and Farm Service Agency loans, was 33.4 percent in 2019, up from 33 percent in 2018.

The FHA-insured share of refinance mortgages for first lien, 1-4 family, site-built, owner-occupied properties decreased slightly to 12.0 percent in 2019 from 12.8 percent in 2018, while the VA-guaranteed share of such refinance loans increased from 10.2 percent in 2018 to 13.5 percent in 2019.

The share of mortgages originated by nondepository, independent mortgage companies has increased in recent years. In 2019, this group of lenders accounted for 56.4 percent of first lien, 1-4 family, site-built, owner-occupied home-purchase loans, slightly down from 57.2 percent in 2018. Independent mortgage companies also originated 58.1 percent of first lien, 1-4 family, site-built, owner-occupied refinance loans, an increase from 56.1 percent in 2018.

The HMDA data also identify loans that are covered by the Home Ownership and Equity Protection Act (HOEPA). Under HOEPA, certain types of mortgage loans that have interest rates or total points and fees above specified levels are subject to certain requirements, such as additional disclosures to consumers, and also are subject to various restrictions on loan terms. For 2019, 6,507 loan originations covered by HOEPA were reported: 3,253 home purchase loans for 1-4 family properties; 442 home improvement loans for 1-4 family properties; and 2,812 refinance loans for 1-4 family properties.

Additional HMDA Information

More information about HMDA data reporting requirements is also available at https://ffiec.cfpb.gov/ (opens new window).

Questions about HMDA supervision should be directed to the institution’s supervisory agency at the following phone numbers:

• Federal Deposit Insurance Corporation: 877.275.3342; hearing impaired — 800.925.4618
• Board of Governors of the Federal Reserve System, HMDA Assistance Line: 202.452.2016
• National Credit Union Administration, Office of Consumer Financial Protection: 703.518.1140
• Office of the Comptroller of the Currency, Compliance Risk Policy Division: 202.649.5470
• Consumer Financial Protection Bureau: 202.435.7000
• Department of Housing and Urban Development, Office of Housing: 202.708.0685

Agency	Contact	Phone
CFPB	Marisol Garibay	202.384.8538
FDIC	LaJuan Williams-Young	202.898.3876
Federal Reserve	Susan Stawick	202.452.2955
NCUA	Ben Hardaway	703.518.6333
OCC	Stephanie Collins	202.649.6870

(June 24, 2020) – The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies.

The HMDA data are the most comprehensive publicly available information on mortgage market activity. They are used by industry, consumer groups, regulators, and others to assess potential fair lending risks and for other purposes.

The FFIEC releases today several data products to serve a variety of data users. The HMDA Dynamic National Loan-Level Dataset (opens new window) is updated, on a weekly basis, to reflect late submissions and resubmissions. Aggregate and Disclosure Reports (opens new window) provide summary information on individual financial institutions and geographies. The HMDA Data Browser (opens new window) allows users to create custom tables and download datasets that can be further analyzed. In addition, beginning in late March 2020, the FFIEC made available Loan/Application Registers (opens new window) for each HMDA filer of 2019 data, modified to protect borrower privacy.

Understanding the Data

The data include a total of 48 data points providing information about the applicants, the property securing the loan or proposed to secure the loan in the case of non-originated applications, the transaction, and identifiers. A complete list of HMDA data points and the associated data fields is found in Appendix A (opens new window) of the FFIEC’s Filing Instructions Guide for HMDA Data Collected in 2019. Certain smaller-volume financial institutions are not required to report all of these data, pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).¹

The 2019 HMDA data use the census tract delineations, population, and housing characteristic data from the 2011–2015 American Community Survey (ACS). In addition, the data reflect metropolitan statistical area (MSA) definitions released by the Office of Management and Budget in 2018 that became effective for HMDA purposes in 2019.

HMDA data comparisons across multiple years are limited by changes in HMDA definitions, values, and thresholds. Also, comparisons for certain geographic areas are limited due to the changes in MSA and census tract boundaries and updates to the population and housing characteristics of census tracts, especially those that follow the decennial census and five-year updates based on the ACS data.

Among other uses, the data help the public assess how financial institutions are serving the housing needs of their local communities and facilitate federal financial regulators’ fair lending, consumer compliance, and Community Reinvestment Act examinations. For example, when these regulators evaluate an institution’s fair lending risk, they analyze HMDA data in conjunction with other information and risk factors, in accordance with the Interagency Fair Lending Examination Procedures (opens new window).

HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Therefore, when regulators conduct fair lending examinations, they analyze additional information before reaching a determination about an institution’s compliance with fair lending laws.

Observations from the 2019 Data²

For 2019, the number of reporting institutions declined by about 3 percent from the previous year to 5,508. The 2019 data include information on 15.1 million home loan applications. Among them, 12.5 million were closed-end, 2.1 million were open-end, and, for another 442,000 records, pursuant to the EGRRCPA’s partial exemptions, financial institutions did not indicate whether the records were closed-end or open-end. The number of closed-end loan applications increased by 21 percent, and the number of open-end line of credit applications decreased by 9 percent. A total of 9.3 million applications resulted in loan originations. Among them, 7.9 million were closed-end mortgage originations, 1.1 million were open-end line of credit originations, and, pursuant to the EGRRCPA’s partial exemptions, 335,000 were originations for which financial institutions did not indicate whether they were closed-end or open-end. The 2019 data include 2.3 million purchased loans, for a total of 17.5 million records. The data also include information on approximately 151,000 preapproval requests that were denied or approved but not accepted.

The total number of originated closed-end loans increased by about 2 million between 2018 and 2019, or 26 percent. Refinance originations for 1-4 family properties increased by 78 percent from 1.9 million, and home purchase lending increased by 4 percent from 4.3 million.³

A total of 2,494 reporters made use of the EGRRCPA’s partial exemptions for at least one of the 26 data points eligible for the exemptions. In all, they account for about 641,000 records and 330,000 originations.

From 2018 to 2019, the share of home purchase loans for first lien, 1-4 family, site-built, owner-occupied properties made to low- or moderate-income borrowers (those with income of less than 80 percent of area median income) increased slightly from 28.1 percent to 28.6 percent, and the share of refinance loans to low- and moderate-income borrowers for first lien, 1-4 family, site-built, owner-occupied properties decreased from 30 percent to 23.8 percent.⁴

In terms of borrower race and ethnicity, the share of home purchase loans for first lien, 1-4 family, site-built, owner-occupied properties made to Black borrowers rose from 6.7 percent in 2018 to 7.0 percent in 2019, the share made to Hispanic-White borrowers increased slightly from 8.9 percent to 9.2 percent, and those made to Asian borrowers decreased from 5.9 percent to 5.7 percent. From 2018 to 2019, the share of refinance loans for first lien, 1-4 family, site-built, owner-occupied properties made to Black borrowers decreased from 6.2 percent to 5.3 percent, the share made to Hispanic-White borrowers decreased from 6.8 percent to 6.2 percent, and the share made to Asian borrowers increased from 3.7 percent to 5.4 percent.

In 2019, Black and Hispanic-White applicants experienced higher denial rates for first lien, 1-4 family, site-built, owner-occupied conventional home purchase loans than non-Hispanic-White applicants. The denial rate for Asian applicants is more comparable to the denial rate for non-Hispanic-White applicants. These relationships are similar to those found in earlier years and, due to the limitations of the HMDA data mentioned above, cannot take into account all legitimate credit risk considerations for loan approval and loan pricing.

The Federal Housing Administration (FHA)-insured share of first-lien home purchase loans for 1-4 family, site-built, owner-occupied properties increased from 19.3 percent in 2018 to 20.2 percent in 2019. The Department of Veterans Affairs (VA)-guaranteed share of such loans increased slightly to 10.6 percent in 2019. The overall government-backed share of such home purchase loans, including FHA, VA, Rural Housing Service, and Farm Service Agency loans, was 33.4 percent in 2019, up from 33 percent in 2018.

The FHA-insured share of refinance mortgages for first lien, 1-4 family, site-built, owner-occupied properties decreased slightly to 12.0 percent in 2019 from 12.8 percent in 2018, while the VA-guaranteed share of such refinance loans increased from 10.2 percent in 2018 to 13.5 percent in 2019.

The share of mortgages originated by nondepository, independent mortgage companies has increased in recent years. In 2019, this group of lenders accounted for 56.4 percent of first lien, 1-4 family, site-built, owner-occupied home-purchase loans, slightly down from 57.2 percent in 2018. Independent mortgage companies also originated 58.1 percent of first lien, 1-4 family, site-built, owner-occupied refinance loans, an increase from 56.1 percent in 2018.

The HMDA data also identify loans that are covered by the Home Ownership and Equity Protection Act (HOEPA). Under HOEPA, certain types of mortgage loans that have interest rates or total points and fees above specified levels are subject to certain requirements, such as additional disclosures to consumers, and also are subject to various restrictions on loan terms. For 2019, 6,507 loan originations covered by HOEPA were reported: 3,253 home purchase loans for 1-4 family properties; 442 home improvement loans for 1-4 family properties; and 2,812 refinance loans for 1-4 family properties.

Additional HMDA Information

More information about HMDA data reporting requirements is also available at https://ffiec.cfpb.gov/ (opens new window).

Questions about HMDA supervision should be directed to the institution’s supervisory agency at the following phone numbers:

• Federal Deposit Insurance Corporation: 877.275.3342; hearing impaired — 800.925.4618
• Board of Governors of the Federal Reserve System, HMDA Assistance Line: 202.452.2016
• National Credit Union Administration, Office of Consumer Financial Protection: 703.518.1140
• Office of the Comptroller of the Currency, Compliance Risk Policy Division: 202.649.5470
• Consumer Financial Protection Bureau: 202.435.7000
• Department of Housing and Urban Development, Office of Housing: 202.708.0685

Agency	Contact	Phone
CFPB	Marisol Garibay	202.384.8538
FDIC	LaJuan Williams-Young	202.898.3876
Federal Reserve	Susan Stawick	202.452.2955
NCUA	Ben Hardaway	703.518.6333
OCC	Stephanie Collins	202.649.6870

ALEXANDRIA, Va. (June 23, 2020) – Credit unions eligible to apply for the National Credit Union Administration’s minority depository institutions mentoring grants now have until Friday, July 31, to submit their applications, the agency announced today.

The NCUA will make grants of up to $25,000 to help small institutions establish mentoring programs with larger, low-income-designated credit unions to provide expertise and guidance in serving low-income and underserved populations. 

Interested credit unions can apply through the agency’s CyberGrants online portal (opens new window). Application guidelines are available online here (opens new window). Staff from the NCUA’s Office of Credit Union Resources and Expansion will be available to answer questions about the program through Wednesday, July 29. Credit unions should submit questions to staff by email to [email protected].

(June 23, 2020) – The four federal agencies in conjunction with the state bank and credit union regulators today issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic. No action on the part of supervised institutions is required.

Stresses caused by the spread of COVID-19 have led to significant economic strain and adversely affected global financial markets. The interagency guidance instructs examiners to consider the unique, evolving, and potentially long-term nature of the issues confronting institutions due to the COVID-19 pandemic and to exercise appropriate flexibility in their supervisory response.

Attachment: Examiner Guidance Considering the Effect of the COVID-19 Pandemic on Institutions (opens new window)

Agency	Contact	Phone
Federal Reserve Board	Darren Gersh	202.452.2955
FDIC	Julianne Fisher Breitbeil	202.898.6895
NCUA	Laura Todor	703.518.1149
OCC	Stephanie Collins	202.649.6870
CSBS	Jim Kurtzke	202.728.5733