CFPB issues proposed rule on HMDA

On May 2, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule aimed at exempting more lenders from HMDA reporting requirements. The rule would raise the HMDA reporting threshold to lenders originating either 50 or 100 closed-end mortgages in a two-year period.  Currently, lenders originating 25 mortgages have to report. Also, the current temporary […]

On May 2, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule aimed at exempting more lenders from HMDA reporting requirements. The rule would raise the HMDA reporting threshold to lenders originating either 50 or 100 closed-end mortgages in a two-year period.  Currently, lenders originating 25 mortgages have to report.

Also, the current temporary reporting requirement for 500 open-ended lines of credit is extended for two years.  The proposal would also extend the current temporary threshold of 500 open-ended lines of credit for two years.

There will be a 30-day comment period once this proposal is published in the Federal Register.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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