PROPOSED HMDA CHANGES – COMMENT PERIOD EXTENDED

On August 2, 2019 the Consumer Financial Protection Bureau (CFPB) extended the comment period for specific aspects of the proposed Regulation C rule published in the Federal Register on May 13, 2019 (May 2019 Proposal) from June 12, 2019 to October 15, 2019.

The May 2019 Proposal proposed amendments to Regulation C relating to the coverage thresholds for reporting data on closed-end mortgage loans and open-end lines of credit and partial exemptions under the Home Mortgage Disclosure Act (HMDA). To facilitate the potential revisions of the thresholds that the CFPB proposed to take effect on January 1, 2020, the CFPB used a 30-day comment period, which ended on June 12, 2019.

Later this summer, the national loan level dataset for 2018 and the CFPB’s annual overview of residential mortgage lending based on that data (collectively, the 2018 HMDA Data) will be released.  Stakeholders have asked to submit comments on the May 2019 Proposal that reflect the 2018 HMDA Data. To allow for the submission of such comments, the CFPB now reopens the comment period on certain aspects of the proposal until October 15, 2019.

The CFPB requests comment specifically on:

(1) the CFPB’s proposed changes to the permanent coverage threshold for closed-end mortgage loans;

(2) the CFPB’s proposed changes to the permanent coverage threshold for open-end lines of credit; and

(3) the appropriate effective date for any change to the closed-end coverage threshold.

A copy of the revised proposal is available here.

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