Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Friday, August 25, 2017

CFPB Finalizes HMDA Technical Corrections, HELOC Reporting Threshold

The CFPB issued a final rule making several technical corrections and clarifications to the expanded data collection under Regulation C, which implements the Home Mortgage Disclosure Act, as well as temporarily raising the threshold at which banks are required to report data on home equity lines of credit.

In finalizing the technical corrections, the bureau took note of at least one compliance challenge discussed in ABA’s comment letter and backtracked on a proposal to define multifamily dwellings as including properties in multiple locations. However, the bureau declined to adopt other ABA suggestions that would improve compliance and clarity and finalized the rules largely as proposed, including a provision ABA characterized as “significant and substantive” that would increase the number of institutions subject to HMDA.

Under the rule as originally written, banks originating more than 100 HELOCs would have been generally required to report under HMDA, but the final rule temporarily raises that threshold to 500 HELOCS for calendar years 2018 and 2019, allowing the bureau time to assess whether to make the adjusted threshold permanent. This provision takes effect on Jan. 1, along with compliance for most HMDA expansion provisions. 


Read the final rule.
Read ABA’s comment letter

2 comments:

Best Game for US said...

Well, this is my first visit to your blog! But I admire the arizona pest precious time and effort you put into it, especially into interesting articles you share here!

stanleylun said...

Assistance with such projects must be obtained only from professionals. and the help in writing to send to olt professional writing services is a professional service that will help you in writing essays and other assignments

Post a Comment

Please read our comment policy before making a comment.