CFPB finalizes Home Mortgage Disclosure Act reporting relief

The Consumer Financial Protection Bureau issued a final rule raising thresholds for reporting data under the Home Mortgage Disclosure Act.

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.

In a statement, ICBA said that while it has advocated instituting a higher threshold for closed-end mortgages and making permanent the 500-loan threshold for open-end lines of credit, the final rule offers needed relief for community banks, particularly those in rural and small markets.