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WBK Industry News - Federal Regulatory Developments

CFPB Reopens Comment Period for HMDA Rule

The CFPB recently announced that it is reopening the public comment period for certain aspects of its proposed amendments to the Home Mortgage Disclosure (HMDA) rule, Regulation C. The comment period is reopened until October 15, 2019.

The CFPB published proposed amendments to the rule on May 13, 2019, which relate to the coverage thresholds for reporting of data on closed-end mortgage loans, open-end lines of credits, and partial exemptions under HMDA. The comment period ended on June 12, 2019, and the proposed rule was to take effect on January 1, 2020.

Interested stakeholders requested the CFPB to reopen the comment period for the rule to take into consideration the 2018 loan level HMDA data and the Bureau’s annual overview of residential mortgage lending based on that data. This data will be released by the CFPB later this summer.

In reopening the comment period, the CFPB seeks comments specifically regarding:

  • The Bureau’s proposed changes to the permanent coverage threshold for closed-end mortgage loans;
  • The Bureau’s proposed changes to the permanent coverage threshold for open-end lines of credit; and

The appropriate effective date for any change to the closed-end coverage threshold.