On December 22, 2020 the Consumer Financial Protection Bureau published a final rule amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure Act) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). For 2021, the exemption threshold is increased to $48 million from $47 […]
Tag: HMDA
UPDATE TO THE 2021 HMDA FIG
On November 23, 2020, the Consumer Financial Protection Bureau (CFPB) published minor edits to the Filing Instructions Guide for HMDA Data Collected in 2021 (FIG). The 2021 version of the FIG was initially published in August 2020. Subsequent changes were made in: August 2020 Section 3.4, Table 2 – Updated Automated Underwriting System valid values; September 2020 Section 3.4, Table 2 – Added and updated Automated Underwriting System valid values; Section 4.2.2 – Corrected date listed […]
2021 HMDA FILING INSTRUCTION GUIDES RELEASED
On August 21, 2020, the Consumer Financial Protection Bureau released the: The Filing Instructions Guide for HMDA Data Collected in 2021; and The Supplemental Guide for Quarterly Filers for 2021. The required data fields for the 2021 data have not changed from the 2020 data collection and reporting requirements. HMDA requires the quarterly reporting of data only for financial institutions that reported for the preceding calendar year at least 60,000 covered loans and applications, combined, […]
CFPB SPRING 2020 AGENDA
On June 30, 2020, the Consumer Financial Protection Bureau (CFPB) published its Spring 2020 Agenda. The agenda lists the regulatory matters that the CFPB expects to focus on between May 1, 2020 and April 30, 2021. Those matters include: A final rule amending the CFPB’s Remittance Rule to provide tailored exceptions that permit certain insured institutions to disclose estimates instead of exact amounts to consumers in certain circumstances. The final rule also increases (from 100 remittance […]
CLARIFICATION OF REVISED HMDA CLOSED-END THRESHOLD
As of January 1, 2020 the threshold for reporting closed-end loans for purposes of HMDA was 25 loans. As announced last Friday, on July 1, 2020 the threshold increases to 100 closed-end loans. As a result, institutions that originate: Fewer than 25 closed-end loans continue to be exempt from reporting closed-end loans for HMDA; 25 or more, but fewer than 100, closed-end loans become exempt from reporting closed-end loans for HMDA effective July 1, 2020 […]