As we reported last month, the CFPB decided this summer to reopen two comment periods relating to the Home Mortgage Disclosure Act (HMDA). On July 31, 2019, the CFPB announced the reopening of the comment period for specific aspects of the proposed rule published by the Bureau in the Federal Register on May 13, 2019 (84 FR 20972) (May 2019 Proposal). In their announcement, the Bureau explained that one of the main reasons for reopening the original 30-day comment period is to allow commenters to be able to review the national loan level dataset for 2018, which was not released at the time the initial comment period ended.
To allow for the submission of such comments, the Bureau is reopening the comment period on certain aspects of the proposal until October 15, 2019. The Bureau has requested comment specifically on the following:
The Bureau’s proposed changes to the permanent coverage threshold for closed-end mortgage loans,
The Bureau’s proposed changes to the permanent coverage threshold for open-end lines of credit, and
The appropriate effective date for any change to the closed-end coverage threshold.
The CFPB reopening announcement can be found here.
The May 2019 proposal can be found here.