CFPB Permanently Raises HMDA Reporting Thresholds

In a final rule issued today, the Consumer Financial Protection Bureau raised the reporting thresholds for banks reporting data under the Home Mortgage Disclosure Act. The final rule increased the threshold for closed-end mortgages from 25 to 100 loans, effective July 1. The bureau also raised the permanent threshold for open-end lines of credit from 100 to 200, effective Jan. 1, 2022, when the current temporary threshold of 500 open-end lines of credit expires. 

Acknowledging the challenges banks are currently facing due to the coronavirus pandemic, the bureau said it anticipates that “this final rule, once effective, will reduce regulatory burden on smaller institutions to help those institutions to focus on responding to consumers in need now and in the longer term.”