On December 28th the Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
The revised asset-size exemption for banks, savings associations, and credit unions has increased to $42 million. As a result, institutions with assets of $42 million or less as of December 31, 2012, are exempt from collecting HMDA data in 2013. HMDA requires that the CFPB adjust this threshold yearly by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The rule is effective immediately upon publication in the Federal Register and applies to data collection in 2013. The final rule is available at: https://www.consumerfinance.gov/f/201212_CFPB_Home-Mortgage-Disclosure-Adjustment-Asset-Size-Exemption-Threshold.pdf
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