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CFPB Proposes to Raise HMDA Reporting Thresholds

CFPB Proposes to Raise HMDA Reporting Thresholds

Posted: May 14 2019
The CFPB has issued a proposal to provide relief for smaller institutions from the Home Mortgage Disclosure Act data collection and reporting requirements. The proposal would increase the coverage threshold for closed-end mortgage loans from 25 loans to either 50 or 100. For open-end lines of credit, the CFPB is proposing to extend for another two years the current temporary coverage threshold of 500 open-end lines of credit. After that, the threshold would be permanently set at 200.  Comments are due 30 days after publication in the Federal Register.

In addition, the CFPB issued an advance notice of proposed rulemaking seeking feedback on the costs and benefits of the expanded HMDA data reporting requirements, as well as previously existing data points that were revised by the 2015 HMDA rule. Comments on the ANPR are due 60 days after publication in the Federal Register.

To view the proposal visit: https://files.consumerfinance.gov/f/documents/cfpb_nprm-hmda-regulation-c.pdf

To view the ANRP visit: https://files.consumerfinance.gov/f/documents/cfpb_anpr_home-mortgage-disclosure-regulation-c-data-points-and-coverage.pdf

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