The Consumer Financial Protection Bureau’s (CFPB) Fall 2022 Semi-Annual Agenda includes10 items – one in the final rule stage, five in the proposed rule category, and four items in the prerule stage. Final Rule Stage – The final rule item is the Small Business Lending Data Collection under the Equal Credit Opportunity Act. The CFPB’s next action for the section 1071 rulemaking is the issuance of a final rule, which is expected in January 2023. […]
Tag: CFPB
FINAL THRESHOLD UPDATE FOR 2022
I bet you thought that you were all wrapped up on your compliance news for 2022, huh? Well…not so fast! On December 28, 2022, The CFPB released the final HMDA threshold and the remaining Regulation Z thresholds. The HMDA threshold was increased from $50 million in 2022 to $54 million in 2023. The HPML Small Creditor Threshold was increased from $2.336 billion to $2.537 billion in 2023. The HPML Intermediate Creditor Threshold was increased from […]
Are you one of the 1,700 new HMDA reporting institutions? Here’s where to start.
On December 6, 2022, the CFPB issued a Notice rescinding its 2020 Home Mortgage Disclosure Act (HMDA) Final Rule changing the loan volume reporting threshold for closed-end mortgage loans. This was in response to a ruling by the United States District Court for the District of Columbia, in September of this year which stated that the CFPB did not have the authority to change the original reporting threshold from 25 to 100. In the notice the CFPB […]
HAPPY HOLIDAYS AND A THRESHOLD UPDATE
We hope you enjoyed Christmas or the holiday you enjoy with your family. And, we hope the New Year holds great promise for you all. Annual Thresholds On December 22, 2022, we published a blog article entitled Final Regulation Z Thresholds. We had an error when loading the article to our website. The Qualified Mortgage thresholds for the spread between the annual percentage rate (APR) and the average prime offer rate (APOR) were misstated. The corrected […]
FINAL REGULATION Z THRESHOLDS
On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) will issue a final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2022. The revisions include: For open-end consumer credit plans under TILA, the threshold that triggers requirements […]