Consumer Financial Protection Bureau Final Rule for Reportin

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Consumer Financial Protection Bureau Final Rule for Reporting Thresholds
On February 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register the attached final rule amending the official commentary that interprets the requirements of Regulation C. By this amendment, the CFPB has raised the asset size exemption threshold to $41 million for depository institutions. Thus, institutions with assets of $41 million or less as of December 31, 2011, will not be required to collect Home Mortgage Disclosure Act (HMDA) data in 2012. The previous exemption threshold was $40 million. This revision is mandated by provisions of the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The adjustment reflects changes based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending in November 2011.
The adjustment is effective for data collection in 2012. An institution’s exemption from collecting data in 2012 does not affect its responsibility to report the data that it was required to collect in 2011.
If you have questions on this adjustment or any other HMDA-related issue, please contact the HMDA assistance line at (202) 452-2016 or send an e-mail to hmdahelp@frb.gov. Questions also may be addressed to your supervisory office or to the Compliance Policy Division at (202) 874-4428.
Grovetta N. Gardineer
Deputy Comptroller for Compliance
Related Link
Final Rule http://www.occ.gov/news-issuances/feder ... fr8721.pdf