Small Lenders Could See Relief from HMDA Reporting

On May 2, 2019, the CFPB invited public comment on possible amendments to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The new HMDA rules would increase the HMDA reporting threshold for mortgages, which means that smaller lenders would not need to complete the burdensome reporting requirements. This change would provide much-needed regulatory relief to small lenders. 

The Consumer Finance Protection Bureau explains the new proposal on its website; click the link to learn more and download copies of the full proposed changes. The public comment period will end on June 1, 2019.