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The Consumer Financial Protection Bureau (CFPB) has temporarily changed the home equity line of credit (HELOC) reporting threshold for community banks and credit unions from 100 loans, a requirement that was set to begin in January 2018, to 500 loans through 2018 and 2019. The change, proposed in July, allows the CFPB time to weigh the possibility of a permanent change.

The Home Mortgage Disclosure Act (HMDA) was set to mandate most community banks and credit unions report HELOCs if they made 100 or more loans in each of the prior two years starting in 2018.

The change comes in response to concerns from community banks and credit unions, which have considerably less resources at their disposal to ensure compliance with reporting requirements.

The change is part of a final rule that also issues clarifications and technical corrections to the HMDA, including clarifying terms such as “automated underwriting system” and “temporary financing.”

“The Home Mortgage Disclosure Act is a vital source of information on the health and fairness of the mortgage market,” says Richard Cordray, director of the CFPB. “[These] amendments show that the Consumer Bureau is committed to ensuring that financial institutions are able to comply with the rule, and to promoting transparency across the largest consumer financial market in the world.”

View the final rule.

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