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
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
IOSCO Welcomes Work on Sustainability-Related Corporate Reporting
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
BoE Allows One-Day Delay in Statistical Data Submissions by Banks
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
ACPR Amends Reporting Module Timelines Under EBA Framework 3.2
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
APRA to Modernize Prudential Architecture, Reduces Liquidity Facility
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.
