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ARTICLE · 12 AUGUST 2020

NCRC Files Suit Against CFPB Over HMDA Reporting Thresholds

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On July 30, 2020, the National Community Reinvestment Coalition ("NCRC") and several other consumer advocacy organizations filed...

United StatesFinance and Banking
Stephanie Robinson
Stephanie Robinson
Tori K. Shinohara
Tori K. Shinohara
Kerri Elizabeth Webb
Kerri Elizabeth Webb
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On July 30, 2020, the National Community Reinvestment Coalition ("NCRC") and several other consumer advocacy organizations filed suit against the Consumer Financial Protection Bureau ("CFPB" or the "Bureau"), claiming that the Bureau's recent Home Mortgage Disclosure Act ("HMDA") rulemaking violates the Administrative Procedure Act ("APA"). The challenged rule increases the loan-volume reporting thresholds under Regulation C, which implements HMDA. Under the new rule, entities that originate fewer than 100 qualifying closed-end mortgage loans or fewer than 200 qualifying open-end lines of credit would not be required to collect and report data regarding their mortgage lending activities. The plaintiffs filed the complaint in the U.S. District Court for the District of Columbia and are requesting that the court vacate the new rule and require the Bureau to return to the prior thresholds.

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