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Home » CFPB finalizes closed-end, open-end HMDA reporting thresholds
Policy & Issues

CFPB finalizes closed-end, open-end HMDA reporting thresholds

April 16, 2020
HMDA

The Consumer Financial Protection Bureau (CFPB) Thursday finalized its Home Mortgage Disclosure Act (HMDA) rule permanently increasing the threshold for collecting and reporting data on closed-end mortgages and open-end lines of credit.

Specifically, the final rule increases the reporting threshold for closed-end mortgage loans to 100 loans in each of the two preceding calendar years (up from the current 25). This change is effective on July 1, 2020. CUNA supported an increased to 100 lines but had recommended the Bureau set an even higher threshold in its comment letter last October.

The rule also amends Regulation C to increase the permanent reporting threshold for collecting and reporting data for open-end lines of credit to 200 in each of the preceding calendar years.

The permanent threshold is currently set at 100, but the CFPB put in place a temporary threshold of 500 open-end lines of credit that expires Jan. 1, 2022.

CUNA raised concern with reducing the open-end lines of credit threshold and request the Bureau return to voluntary reporting of this data, as was the case prior to the 2015 HMDA Rule.

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