CFPB Offers HMDA Reporting Relief for Smaller Institutions

The Consumer Financial Protection Bureau today issued a final rule providing relief for smaller institutions from the Home Mortgage Disclosure Act data collection and reporting requirements by extending until Jan. 1, 2022, the current temporary coverage threshold of 500 for open-end lines of credit. The CFPB said it would address permanent coverage thresholds for open-end lines of credit and closed-end mortgage loans in a separate final rule.

In addition, the final rule incorporates aspects of an interpretive rule the CFPB issued in 2018, and implements the partial exemptions from the HMDA requirements that were added as a result of the S. 2155 regulatory reform law.