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Subject: Home Mortgage Disclosure Act
Date: February 6, 2013
To: Chief Executive Officers and Compliance Officers of All National Banks and Federal Savings Associations, Department and Division Heads, All Examining Personnel, and Other Interested Parties
Description: Consumer Financial Protection Bureau Final Rule for Reporting Thresholds
On December 31, 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 raised the asset size exemption threshold to $42 million for depository institutions. Thus, institutions with assets of $42 million or less as of December 31, 2012, will not be required to collect Home Mortgage Disclosure Act (HMDA) data in 2013. The previous exemption threshold was $41 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 2012.
The adjustment is effective for data collection in 2013. An institution’s exemption from collecting data in 2013 does not affect the institution’s responsibility to report data it was required to collect in 2012.
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 firstname.lastname@example.org. Questions also may be addressed to your supervisory office or to the Compliance Policy Division at (202) 649-5470.
Grovetta N. Gardineer