In a comment letter today, ABA supported a CFPB proposal to raise the threshold at which banks are required to report data on home equity lines of credit. Currently, banks originating more than 100 HELOCs are generally required to report under the Home Mortgage Disclosure Act. The proposal would temporarily raise that threshold to 500 HELOCS for the calendar years 2018 and 2019, allowing the bureau time to assess whether to make the adjusted threshold permanent.
ABA has advocated for a higher reporting threshold and urged the CFPB to make the increase permanent. The association also opposed a change in language that would trigger reporting if a lender exceeded the threshold in only one of the two preceding years. Additionally, ABA noted that there are still a number of unresolved issues surrounding HMDA, and it called on the bureau to postpone the rule’s effective date to allow more time for those issues to be addressed. For more information, contact ABA’s Rob Rowe.
