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CFPB Gives Lenders a Break on Mortgage Data Reporting

Oct. 10, 2019, 6:46 PM

More small banks and lenders will be able to escape reporting mortgage data to the Consumer Financial Protection Bureau.

The CFPB on Oct. 10 finalized a rule that raises the threshold for banks, credit unions and other lenders to report data under the Home Mortgage Disclosure Act (HMDA). The new rule allows lenders that issue fewer than 50 or 100 closed-end mortgages over a two-year period to avoid reporting HMDA data. The previous threshold had been 25 closed-end mortgage loans over a two-year period.

Lenders that issue fewer than 500 open-ended lines of credit, like home equity lines of credit,...

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