CFPB Issues Final Rule Raising Data Reporting Thresholds Under HMDA
On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
This new rule, effective July 1, 2020, will increase the permanent threshold for collecting and reporting data about closed-end mortgage loans from 25 to 100 loans. Likewise, the threshold for collecting and reporting data about open-end lines of credit has increased from 100 to 200, effective January 1, 2022.
For more information about these changes directly from the CFPB, please reference the links below:
The above statements do not reflect regulatory guidance from Asurity. Please consult your counsel for applicability of this guidance.
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