CFPB Makes Temporary HELOC Reporting Threshold Official

Posted To: MND NewsWire

In July, the Consumer Financial Protection Bureau (CFPB) said it was rethinking implementation of its rules changing reporting requirements for the Home Mortgage Disclosure Act (HMDA). The new rule was authorized in 2015, and will, for the first time , require community banks and credit unions to report information on home equity lines of credit (HELOC) lending. The rule promulgated by CFPB put a threshold on the reporting requirements, exempting institutions if they had originated fewer than 100 HELOCS during each of the previous two years. The new rule is scheduled to take effect in January 2018. In last month's announcement CFPB said it was proposing a two-year test run of a higher threshold, increasing it to 500 loans in each of the previous two years, while stressing the importance of...(read more)

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