The Consumer Financial Protection Bureau
said it is extending the comment period on its advance notice of proposed rulemaking on the Home Mortgage Disclosure Act, including provisions on coverage thresholds under the HMDA rules.
The CFPB will extend the comment period on the additional HMDA data points required under its October 2015 rule from July 8 to Oct. 15. The bureau also will issue a Federal Register notice to reopen the threshold comment period, which closed June 12.
As part of its proposal, the CFPB is proposing to raise the coverage thresholds for collecting and reporting HMDA data. It would raise the coverage threshold for closed-end mortgage loans from 25 to either 50 or 100 loans. For open-end lines of credit, the proposal would extend for another two years the current temporary coverage threshold of 500 open-end lines of credit. Once that temporary extension expires, it would permanently set the threshold at 200.
In a comment letter
to the bureau earlier this month, ICBA advocated setting the closed-end mortgage threshold to at least 100 or an even larger number to provide additional relief. ICBA also supported making permanent the 500 open-end lines of credit threshold instead of reverting to a 200 threshold in 2022. ICBA will separately provide comments on the provisions with an Oct. 15 deadline.