Compliance: CFPB updates HMDA reporting threshold for 2020
The Consumer Financial Protection Bureau (CFPB) announced 2020 asset-size exemption thresholds for the Home Mortgage Disclosure Act (HMDA).
According to the bureau, the annual adjustments are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
For HMDA, the threshold was raised by $1 million, to $47 million for 2020, based on the 1.6% increase in the average of the CPI-W for the 12 months ending in November 2019.
Credit unions with assets of $47 million or less are exempt from collecting HMDA data in 2020.
For a list of other rules effective as of Jan. 1, 2020, click here.