OCC Proposes to Revise Home Mortgage Disclosures Under Regulation C
OCC is soliciting comment on the revision of the information collection under Regulation C on home mortgage disclosures. This consultation relates to the CFPB proposal, which was issued on May 13, 2019, to amend Regulation C to adjust the coverage thresholds for closed-end mortgage loans and open-end lines of credit. Among others, comments are sought on whether the collections of information are necessary for the proper performance of the functions of OCC, the accuracy of the OCC estimates of the information collection burden, and ways to enhance the quality, utility, and clarity of the information to be collected. Comment period on the consultation ends on December 16, 2019.
Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requires certain depository and non-depository institutions that make certain mortgage loans to collect, report, and disclose data about originations and purchases of mortgage loans as well as loan applications that do not result in originations. HMDA generates loan data that can be used to help determine whether financial institutions are serving the housing needs of their communities and to assist public officials in distributing public-sector investments to attract private investment to areas where it is needed. The data can also be used to assist in identifying possible discriminatory lending patterns and enforcing anti-discrimination statutes.
The Dodd-Frank Act transferred the authority to administer HMDA, including rule making authority, from FED to CFPB and transferred supervisory and enforcement authority for HMDA for depository institutions over USD 10 billion in consolidated assets from FED, FDIC, OCC, and NCUA to CFPB. Thus, on May 13, 2019, CFPB issued a proposed rule to amend Regulation C to adjust the coverage thresholds. The proposal sets out two alternatives to increasing the closed-end institutional and transitional coverage threshold—to either 50 or 100 closed-end mortgage loans in each of the preceding two calendar years. In addition, the temporary threshold of 500 open-end lines of credit for open-end institutional and transactional coverage would extend to January 01, 2022. After the temporary extension expires, the open-end threshold would be 200 open-end lines of credit in each of the preceding two calendar years.
Related Link: Federal Register Notice
Comment Due Date: December 16, 2019
Keywords: Americas, US, Banking, HMDA, Regulation C, Mortgage Disclosures, EGRRCP Act, Dodd-Frank Act, Information Collection, CFPB, OCC
Previous Article
HKMA Announces Measures to Support SME Lending by BanksRelated Articles
APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
FSB Sets Out Good Practices for Crisis Management Groups
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.
APRA Penalizes Heritage Bank for Incorrect Reporting of Capital
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
OSFI Releases Annual Report 2021-2022
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
OSFI Updates Timeline for Implementation of Certain Basel Rules
Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.
EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR
EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.
FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR
The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.
APRA Finalizes Capital Adequacy Standards for Banks
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.
