Featured Product

    CFPB Proposes to Amend Regulation C on Home Mortgage Disclosures

    May 13, 2019

    CFPB is proposing two alternatives to amend Regulation C to increase the threshold for reporting data about closed-end mortgage loans. The proposal specifies that institutions originating fewer than either 50 closed-end mortgage loans, or alternatively 100 closed-end mortgage loans, in either of the two preceding calendar years would not have to report such data as of January 01, 2020. The proposed rule would also revise the information collection requirements in Regulation C. Comments on the proposed rule must be received on or before June 12, 2019, except that comments on the proposed revisions to the information collection requirements must be received on or before July 12, 2019.

    The proposed rule would adjust the threshold for reporting data about open-end lines of credit by extending to January 01, 2022, the current temporary threshold of 500 open-end lines of credit and setting the threshold at 200 open-end lines of credit on the expiration of the proposed extension of the temporary threshold. The proposed rule also implements the partial exemptions from the Home Mortgage Disclosure Act (HMDA) requirements that the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act recently added to HMDA. In August 2018, CFPB had issued an interpretive and procedural rule to implement and clarify the EGRRCP Act amendments to HMDA (2018 HMDA Rule). The proposed rule incorporates into Regulation C these interpretations and procedures, with minor adjustments, by adding new § 1003.3(d) related to the partial exemptions and making various amendments to the data compilation requirements in § 1003.4.

    The proposed rule further implements the EGRRCP Act by addressing certain additional interpretive issues related to the partial exemptions that the 2018 HMDA Rule did not specifically address, such as how to determine whether a partial exemption applies to a transaction after a merger or acquisition. With respect to the proposed revisions to the information collection requirements, the proposed rule would adjust the institutional and transactional coverage thresholds of Regulation C. The proposal would also implement the new, separate EGRRCP Act partial exemptions that apply to some HMDA reporting requirements. 

     

    Related Link: Federal Register Notice

    Comment Due Date: June 12, 2019 and July 12, 2019 (Information Collection)

    Keywords: Americas, US, Banking, Securities, HMDA, EGRRCP Act, Reporting, Regulation C, Information Collection, Disclosures, Home Mortgage, CFPB

    Featured Experts
    Related Articles
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    News

    ECB Issues Results of Sensitivity Analysis of Liquidity Risk for Banks

    ECB published results of 2019 stress test on sensitivity analysis of liquidity risk.

    October 07, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3958