The CFPB requested comment on a proposal to increase the reporting data threshold for closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act ("HMDA") rules. The proposal is designed to provide relief to smaller lenders and clarify certain exemptions pursuant to the Economic Growth, Regulatory Relief, and Consumer Protection Act. Comments must be submitted within 30 days of publication in the Federal Register.
The CFPB also requested information concerning the costs and benefits of certain data reporting points under the HMDA. Comments must be submitted within 60 days of publication in the Federal Register.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
