CFPB requests comments on HELOC

The CFPB is requesting comments on its proposed rule to temporarily increase the exemption threshold for data reporting under HMDA on HELOCs, open-ended lines of credit secured by property, from 100 to 500. While the increase in the threshold is welcome, it is only temporary, and the CFPB states that the additional costs to smaller intuitions is […]

The CFPB is requesting comments on its proposed rule to temporarily increase the exemption threshold for data reporting under HMDA on HELOCs, open-ended lines of credit secured by property, from 100 to 500. While the increase in the threshold is welcome, it is only temporary, and the CFPB states that the additional costs to smaller intuitions is justified to provide consumer groups granular data in analyzing equal housing and discrimination patterns in some communities.

The CFPB gave a short window in responding to its request; comments are due by July 31. LSCU’s brief comment letter can be found here. If you have any questions or comments, please contact Mike Lee, LSCU Director of Regulatory Advocacy, Governmental Affairs at 866.231.0545 ext. 2165.

Written by
admin
View all articles

About Us

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.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

Social Channels

Follow us on all major social media platforms.