"Today's Consumer Financial Protection Bureau final rule raising thresholds for reporting data under the Home Mortgage Disclosure Act will provide needed relief to community banks.
"The final rule quadruples the threshold for reporting HMDA data about closed-end mortgage loans from 25 loans to 100. It also doubles the loan threshold for reporting open-end lines of credit from 100 to 200 after the temporary 500-loan threshold expires Jan. 1, 2022.
"While ICBA has advocated instituting a higher threshold for closed-end mortgages and making permanent the 500-loan threshold for open-end lines of credit, today's final rule offers relief that will help community banks, particularly those in rural and small markets, continue to meet the needs of local customers and communities.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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