The CFPB has proposed a rule that aims to simplify the Home Mortgage Disclosure Act reporting requirements for financial institutions. Institutions that produce fewer than 25 mortgages a year would be exempted from reporting requirements.
"For small banks with few staff members, this change could make a significant impact in easing compliance costs," said the CFPB in a July 24 press release.
The new threshold would reduce the overall number of banks required to report HMDA data by 25%, but, because those lenders receive a low volume of applications and originate a low volume of mortgage loans, the change would not compromise the usefulness of the dataset, the bureau said.
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