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 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.