Home Mortgage Disclosure (Regulation C)

Title: Home Mortgage Disclosure (Regulation C)
Subject: HMDA
Agency: CFPB
Status: Proposed rule
Summary:

The Bureau of Consumer Financial Protection (Bureau) is reopening the comment period for specific aspects of the proposed rule published by the Bureau in the Federal Register on May 13, 2019. The May 2019 proposal offered amendments to Regulation C relating to the coverage thresholds for reporting data on closed-end mortgage loans and open-end lines of credit and partial exemptions under the Home Mortgage Disclosure Act (HMDA). To facilitate the potential revisions of the thresholds that the Bureau proposed to take effect on January 1, 2020, the Bureau used a 30-day comment period, which ended on June 12, 2019. Later this summer, the national loan level dataset for 2018 and the Bureau’s annual overview of residential mortgage lending based on that data (collectively, the 2018 HMDA Data) will be released. Stakeholders have asked to submit comments on the May 2019 Proposal that reflect the 2018 HMDA Data. To allow for the submission of such comments, the Bureau now reopens the comment period on certain aspects of the proposal until October 15, 2019.

The Bureau is proposing two alternatives to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans so that institutions originating fewer than either 50 closed-end mortgage loans, or alternatively 100 closed-end mortgage loans, in either of the two preceding calendar years would not have to report such data as of January 1, 2020. The proposed rule would also adjust the threshold for reporting data about open-end lines of credit by extending to January 1, 2022, the current temporary threshold of 500 open-end lines of credit and setting the threshold at 200 open-end lines of credit upon the expiration of the proposed extension of the temporary threshold. The Bureau is also proposing to incorporate into Regulation C the interpretations and procedures from the interpretive and procedural rule that the Bureau issued on August 31, 2018, and to implement further section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The reopened comment period is to facilitate comments on the proposed, permanent closed-end and open-end coverage thresholds and an appropriate effective date for the closed-end threshold.

FR Doc:
Date proposed: May 2, 2019
Comments due date:

Oct. 15, 2019 (comment period that ended June 12, 2019, is reopened)

Final rule effective date:
Rule compliance date:
Agency release:

Related Reg Report item(s):

Bureau proposes higher thresholds for HMDA data reporting; wants input also on costs, benefits of gathering certain data points

Comment period on permanent HMDA coverage thresholds reopened; comments due Oct. 15 to CFPB

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