The Consumer Financial Protection Bureau has finalized a rule temporarily raising the origination threshold for home equity lines of credit, which affects whether financial institutions are subject to compliance with its expanded Home Mortgage Disclosure Act (HMDA) reporting requirements.
The rule also clarifies data collection and reporting requirements for mortgage lending, making several technical corrections to HMDA updates that became effective in 2015.
Stay informed about what this rule entails and how long its effects will be felt throughout the financial industry.