CFPB Amends HMDA Regulation C

In Client and Friends Memos, HMDA by BMG Memorandum

In the October 29, 2019, issue of the Federal Register (84 FR 57946) the Bureau of Consumer Financial Protection (CFPB) issued a final rule amending Regulation C (12 CFR Part 1003), which implements the Home Mortgage Disclosure Act (HMDA), to adjust the institutional and transactional coverage thresholds 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; incorporating into Regulation C the interpretations and procedures from the interpretive and procedural rule that the CFPB issued on August 31, 2018; and implementing further the HMDA amendments in section 104 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA; Pub. L. No. 115-174, 132 Stat. 1296 (2018)).

This final rule is effective on January 1, 2020, except for the amendments to §1003.2 in amendatory instruction 6, the amendments to §1003.3 in amendatory instruction 7, and the amendments to supplement I to part 1003 in amendatory instruction 8, which are effective on January 1, 2022. (See page 58003 of the above cited Federal Register.)

Full Memorandum