Alert January 10, 2013

CFPB Amends Asset-Size Exemption under the Home Mortgage Disclosure Act

The CFPB issued a final rule increasing the asset-size exemption threshold for banks, savings associations and credit unions from $41 million to $42 million, based on the annual percentage change in the Consumer Price Index.  The Home Mortgage Disclosure Act and its implementing regulation, Regulation C, require mortgage lenders in metropolitan areas to collect data about their housing-related lending activity and annually report the data to their federal regulator.  Depository institutions meeting asset-size limitations are exempt from the disclosure requirements. As of December 31, 2012, banks, savings associations and credit unions with assets of $42 million or less are exempt from collecting data in 2013.