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Monday, December 31, 2012

CFPB Announces New HMDA Threshold

The CFPB has issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

Based on the adjustments, banks, savings associations, and credit unions with assets of $42 million or less as of December 31, 2012, will be exempt from collecting HMDA data in 2013.

The CFPB is required to adjust this threshold yearly by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The rule will be effective immediately upon publication in the Federal Register.

Read the final rule.

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