Comments on HMDA Reporting Thresholds Due to CFPB By June 12

The Consumer Financial Protection Bureau (CFPB) is proposing two alternatives to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans. The proposed rule would permanently raise the closed-end institutional and transactional coverage threshold from 25 to either 50 or 100 closed-end mortgage loans in each of the preceding two calendar years. The increased threshold would be effective January 1, 2020.

The proposed rule would also adjust the threshold for reporting data about open-end lines of credit by extending to January 1, 2022 the current temporary threshold of 500 open-end lines of credit and setting the threshold at 200 open-end lines of credit upon the expiration of the proposed extension..

Lastly, the Bureau is proposing to incorporate into Regulation C the interpretive and procedural rule that the Bureau issued on August 31, 2018, and to implement further section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

All comments on these proposed changes are due June 12, 2019.

For more information and to submit a comment letter, click here.