Two March 1st Deadlines: Electronic Payments & HMDA Data
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.
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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.
*And, I'm not just saying this because I didn't wish her a Happy Valentine's Day on the blog (unlike a certain other veteran NAFCU blogger).  Â
Listen for yourself, I'll say it again - great job! Â