CFPB recently proposed amendments to HMDA's Regulation C to increase the threshold for reporting data about closed-end mortgage loans to either 50 or 100 transactions, to extend the temporary threshold for reporting data on open-end lines of credit, and decrease from 500 to 200 the open-end credit threshold on the expiration of the proposed extension. WBA submitted comments supporting regulatory relief by urging CFPB to increase the closed-end credit to 500 or, if unwilling to do so, increase the threshold to at least 100. In addition, WBA urged CFPB to remove any requirement to report open-end transactions under HMDA or, if unwilling to do so, then at minimum, immediately relieve burden from community banks by extending permanently the current threshold of 500 open-end lines of credit rather than the proposed threshold of 200.

View WBA's comment letter.