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CFPB Sets 2014 HMDA Threshold, Variable Rate Ceiling, More
WASHINGTON (12/31/13)--The ceiling on allowable charges under the Fair Credit Reporting Act (FCRA) will remain unchanged in 2014, and Regulation Z and Home Mortgage Disclosure Act (HMDA) thresholds will increase, the Consumer Financial Protection Bureau announced.

The FCRA ceiling, which impacts allowable charges a consumer reporting agency may charge a consumer for making a disclosure, will remain unchanged at $11.50 for 2014.

Section 612(f)(1)(A) of FCRA provides that a consumer reporting agency may charge a consumer a "reasonable amount" for making a report disclosure to the consumer and sets that amount at $8. However, Section 612(f)(2) of the FCRA states that the CFPB shall increase the $8 maximum amount on Jan. 1 of each year, based proportionally on changes in the Consumer Price Index for All Urban Consumers, with fractional changes rounded to the nearest 50 cents.

The Regulation Z threshold for 2014 is contained in a final CFPB rule amending its official commentary to that regulation. The amendment reflects a change in the asset size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan. Effective Jan. 1, the threshold amount, which also affects eligibility for small creditor status under Regulation Z's Ability to Repay requirements, will be increased to $2.028 billion.

As for the HMDA threshold: A final rule will increase that exemption threshold for credit unions, banks and savings associations to $43 million from $42 million, effective Jan. 1. Under HMDA, financial institutions with total assets of more than $43 million that have home or branch offices in defined metropolitan statistical areas must collect certain mortgage loan data and report it to federal regulators.

The CFPB fee notices were published in the Federal Register.


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