WASHINGTON—The clock is ticking: credit unions have until Oct. 15 to comment on Home Mortgage Disclosure Act (HMDA) reporting thresholds.
CUNA noted that CUs can use the trade association’s Grassroots Action Center to submit their comments.
CUNA filed its initial comments on HMDA thresholds in June, and the Consumer Financial Protection Bureau re-opened the comment deadline in July.
The CFPB’s proposal calls for increasing HMDA reporting thresholds for closed-end mortgages to 50 or 100 loans (up from the current 25) and extending the current temporary thresholds of 500 open-end lines of credit until Jan. 1, 2022.
CUNA said it recommends the CFPB increase its HMDA reporting threshold to 500 closed-end mortgage loans in each of the prior two calendar years, which CUNA believes would reduce HMDA compliance burdens for more than 1,500 credit unions.