Removing Barriers Blog

It’s Official – CFPB Proposes to Change HELOC Reporting Requirements
Posted July 17, 2017 by CUNA Advocacy

The CFPB officially issued their Notice of Proposed Rulemaking to change the HMDA HELOC reporting requirements from 100 to 500 open-end mortgages for 2018 and 2019.  They also stated that these two years will give them more time and opportunity to reconsider the HELOC threshold currently in the Final Rule.  

Last week CUNA was informed that the CFPB intended to issue a Notice of Proposed Rulemaking that would change the reporting requirements.   

The public comment period will be open until July 31, 2017. The CFPB said they will issue a separate proposal with a longer notice and comment process to consider adjustments to the permanent threshold at a later date. 

CUNA and the Leagues have been actively engaged urging the CFPB to adjust the reporting requirements and other concerns with the final HMDA rule.  CUNA and America’s credit unions greatly appreciate the CFPB’s recognition that the current HELOC reporting requirements are an unnecessary burden on credit unions and the members they serve.  As the CFPB continues to evaluate this and other rules, CUNA will continue to advocate for meaningful regulatory relief. 

Read the proposed rule here