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ABA: The American Bankers Association
Compliance News

CFPB Proposes to Raise HMDA Reporting Thresholds

The Consumer Financial Protection Bureau on May 2 issued a proposal to provide relief for smaller institutions from the Home Mortgage Disclosure Act (HMDA) 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.