The Consumer Financial Protection Bureau (CFPB) on Thursday issued a final rule making several technical corrections and clarifications to the expanded data collection under Regulation C, which implements the Home Mortgage Disclosure Act, as well as temporarily raising the threshold at which banks and credit unions are required to report data on home equity lines of credit (HELOC).
Under the rule as originally written, banks and credit unions originating more than 100 HELOCs would have been generally required to report under HMDA, but the final rule temporarily raises that threshold to 500 HELOCS for calendar years 2018 and 2019, allowing the bureau time to assess whether to make the adjusted threshold permanent.
The final rule contains a number of clarifications, technical corrections, and minor changes to the HMDA regulation. In finalizing the technical corrections, the CFPB backtracked on a proposal to define multifamily dwellings as including properties in multiple locations. The CFPB also clarified certain key terms, such as “temporary financing” and “automated underwriting system.”
Read the press release.
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