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CFPB Addresses Concerns about Reporting Thresholds for CUs
Wednesday, July 12, 2017 6:55 AM

The Consumer Financial Protection Bureau's Office of Financial Institutions issued an announcement by email on Tuesday regarding the HMDA final rule and HELOC reporting.

The email said that, based on feedback from community banks and credit unions regarding the burdens the new reporting regime imposes on them and their analysis of more recent data, the Bureau is proposing to reconsider the threshold in determining which institutions would be required to report on their HELOCs.

In a letter to U.S. Sens. Heitkamp and Rounds, CFPB Director Richard Cordray outlined the Bureau’s intent to issue a Notice of Proposed Rulemaking within the next two weeks that will propose, for 2018 and 2019, to increase the HELOC reporting threshold such that institutions that originate fewer than 500 such loans in either of the two preceding calendar years will not be required to submit HELOC data. Under the proposed threshold, the CFPB estimates that fewer than 300 financial institutions would be required to submit data about HELOCs.

"Temporarily increasing the HELOC threshold in this way will give small institutions additional relief and provide the Bureau ample opportunity to analyze HELOC data during the two-year interim period," the announcement said.