Home Mortgage Disclosure Act (Regulation C)
The Bureau of Consumer Financial Protection is amending Regulation C to implement amendments to the Home Mortgage Disclosure Act made by section 1094 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1094 of the Dodd-Frank Act, the Bureau is adding several new reporting requirements and clarifying several existing requirements. The Bureau is also modifying the institutional and transactional coverage of Regulation C. The final rule also provides extensive guidance regarding compliance with both the existing and new requirements.
Corrections and other changes
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau’s Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule or the Final Rule), which was published in the Federal Register on Oct. 28, 2015. The Bureau is also amending Regulation C to increase the threshold for collecting and reporting data about open-end lines of credit for a period of two years so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until Jan. 1, 2020. The Bureau also is adopting a new reporting exclusion.
- On page 66256, in the second column, in the nineteenth line, “I. Effective Date” should read “VI. Effective Date.
- On page 66296, in the third column, in the fourteenth and fifteenth lines, “III. Final Regulatory Flexibility Act Analysis” should read “VIII. Final Regulatory Flexibility Act Analysis”.
- On page 66305, in the first column, in the 23rd line, “IV. Paperwork Reduction Act” should read “IX. Paperwork Reduction Act.”