The Consumer Financial Protection Bureau (CFPB) has reopened the comment period for its proposal on Home Mortgage Disclosure Act (HMDA) reporting thresholds, with feedback due by Oct. 15. This aligns the new HMDA reporting thresholds comment deadline with the CFPB’s advance notice of proposed rulemaking on HMDA data points, which also has comments due Oct. 15.
CUNA filed its initial comments on HMDA thresholds in June, noting that the objectives of HMDA reporting requirements should be balanced by an appropriately tailored regulation.
The CFPB’s proposal calls for increasing HMDA reporting thresholds for closed-end mortgages to 50 or 100 loans (up from the current 25) and extending the current temporary thresholds of 500 open-end lines of credit until Jan. 1, 2022.
Specifically, CUNA recommended the CFPB increase its HMDA reporting threshold to 500 closed-end mortgage loans in each of the prior two calendar years, which CUNA believes would reduce HMDA compliance burdens for more than 1,500 credit unions.