Comments due on Bureau Reg C ANPR
The CFPB has issued a Notice of Proposed Rulemaking (NPRM) that would amend Regulation C, raising the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the HMDA rules. The proposal would provide relief to smaller lenders from HMDA's data reporting requirements, and would clarify partial exemptions from certain HMDA requirements that Congress added in the EGRRCPA. The Bureau also issued an Advance Notice of Proposed Rulemaking (ANPR) requesting information on the costs and benefits of reporting certain data points under HMDA.
The NPRM (275-page PDF)
For closed-end mortgage loans, the Bureau proposes two alternatives that would permanently increase the coverage threshold from 25 to either 50 or 100 closed-end mortgage loans. For open-end lines of credit, the proposal would extend for another two years the current temporary coverage threshold of 500 open-end lines of credit. Once that temporary extension expires, the proposal would set the open-end threshold permanently at 200 open-end lines of credit. Comments will be accepted for 30 days following publication (60 days for comments on the Paperwork Reduction Act analysis).
The ANPR (16-page PDF)
The Bureau's request for information solicits comments about the costs and benefits of collecting and reporting the data points the 2015 HMDA Rule added to Regulation C and certain preexisting data points that the 2015 HMDA Rule revised. The ANPR also seeks comments about the costs and benefits of requiring that institutions report certain commercial-purpose loans made to a non-natural person and secured by a multifamily dwelling. Comments and information will be accepted for 60 days following publication. UPDATE: The ANPR is scheduled for publication on 5/8/19, with a 61-day comment period ending 7/8/19. UPDATE: The comment deadline has been extended to 10/15/2019.