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WBK Industry News - Federal Regulatory Developments

CFPB Announces Asset-Size Exemption Threshold Adjustments Under HMDA and TILA

The CFPB recently adjusted the asset-size exemption threshold for banks, savings associations, and credit unions collecting data in 2020 and amended the official commentary that interprets the requirements of HMDA (Regulation C).  The new asset-size exemption threshold is $47 million—an increase from $46 million in 2019.  Banks, savings associations, and credit unions with assets at or below $47 million are exempt from collecting data for 2020.

Similarly, the CFPB amended the commentary interpreting the requirements of TILA (Regulation Z) and adjusted the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.  The exemption threshold adjusted to $2.202 billion for 2020, from $2.167 billion in 2019.