ARLINGTON, Va.—While credit unions are confident they'll meet the Jan. 1, 2018, compliance deadline for key changes to reporting requirements under the Home Mortgage Disclosure Act (HMDA), only one-in-10 have received final updates from their vendors to implement the new data points, according to NAFCU's latest Economic & CU Monitor survey report.
One-third of respondents reported some difficulty or delay in receiving the new updates from their vendor and half expected final updates to be delivered to their credit union in installments, rather than all at once, NAFCU said.
But once those updates are received, the Monitorsurvey results indicate it'll be a timely and costly process to get staff up to speed. Credit unions on average expect to spend 19 hours and $39,000 on training, NAFCU said.
Also included in the Economic & CU Monitor are the results from the September Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden. The CUSI declined in September as three of the four component scores fell, with the largest decline in the earnings outlook. Respondents did indicate a stronger assessment of applicant quality and optimism that regulatory burden could slow in the coming months, NAFCU noted.