CFPB Proposed Rule to Amend HMDA Regulation C

In Client and Friends Memos, HMDA by BMG Memorandum

In the May 13, 2019, Federal Register (84 FR 20972, click here) the Consumer Financial Protection Bureau (CFPB) published a proposed rule to amend Regulation C to: (i) propose two alternatives to increase the threshold for reporting data about closed-end mortgage loans so that institutions originating fewer than either 50 closed end mortgage loans, or alternatively 100 closed-end mortgage loans, in either of the two preceding calendar years would not have to report such data as of January 1, 2020; (ii) 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 of the temporary threshold; (iii) incorporate into Regulation C the interpretations and procedures from the interpretive and procedural rule that the CFPB issued on August 31, 20181; and (iv) implement further section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Full Memorandum