ICBA continues calling on community bankers to submit comment letters supporting the Consumer Financial Protection Bureau’s proposal to increase Home Mortgage Disclosure Act thresholds. The CFPB plan would raise coverage thresholds for collecting and reporting data about closed-end mortgage loans to 100 loans.
Community bankers can use ICBA’s Be Heard Grassroots Action Center to tell the bureau that increasing the threshold will help offset the significant cost and time required for smaller institutions to collect and report HMDA data.
The sample comment letter also urges the CFPB to make permanent the 500 open-end lines of credit threshold instead of reverting back to the older threshold of 200 in 2022.
This is a once-in-a-generation opportunity for smaller institutions to get a complete exemption from collecting and reporting HMDA data, so comments are needed from community bankers nationwide.
Submit Comments Today