ICBA called on the Consumer Financial Protection Bureau to maximize relief from Home Mortgage Disclosure Act reporting mandates under a proposed rule.
The CFPB proposal would increase the threshold for reporting HMDA data about closed-end mortgage loans from 25 loans to either 50 or 100. It would also extend the 500 open-end lines of credit reporting threshold to January 1, 2022, and then set the threshold to 200 following that expiration.
In a comment letter to the bureau, ICBA advocated setting the closed-end mortgage threshold to at least 100 or an even larger number to provide additional relief.
ICBA also supported making permanent the 500 open-end lines of credit threshold instead of reverting to a 200 threshold in 2022. ICBA cited the importance of HELOCs for banks and their customers and how these data points ultimately contribute little to HMDA’s original purpose.
ICBA’s comment letter joins more than 150 grassroots letters from community bankers to the bureau advocating these changes. ICBA thanks community bankers for contacting the CFPB via its Be Heard grassroots action center.