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 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.