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ABA: The American Bankers Association
Compliance News

ABA Supports Proposed Changes to HMDA Reporting Thresholds

In a comment letter to the Consumer Financial Protection Bureau, ABA concurred with the CFPB's proposed increase to the threshold for closed-end mortgage loans, recommending that the new threshold be set at 100 and possibly higher (up from 25). ABA also urged the CFPB to remove any requirements related to reporting open-end transactions under HMDA, “as this data lacks value in advancing relevant legislative objectives while imposing very high compliance costs.” At a minimum, the association called for the permanent extension of the temporary coverage threshold of 500 open-end lines of credit. For more information, contact ABA’s Rod Alba.