The CFPB adopted a final rule designed to provide relief to smaller firms by extending the temporary reporting data threshold under the Home Mortgage Disclosure Act.
The final rule will exempt financial institutions with fewer than 500 open-end lines of credit from collection and data reporting requirements until January 1, 2022. The final rule also clarifies certain exemptions pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act.
The final rule is effective as of January 1, 2020. Certain amendments (including to CFPB Rules 1003.2 ("Home Mortgage Disclosure Definitions"), 1003.3 ("Exempt Institutions and Excluded Transactions") and Supplement I to Part 1003 ("Interpretations")) are effective on January 1, 2022.
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