WASHINGTON—The CFPB has finalized annual changes to asset-size exemption thresholds under the Home Mortgage Disclosure Act (HMDA) and Regulation Z based on the 8.6% increase in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November 2022.
Under HMDA, the Bureau increased the exemption threshold to $54 million from $50 million. Credit unions with assets of $54 million or less as of Dec. 31, 2022, are exempt from collecting data in 2023. However, an institution's exemption from collecting data in 2023 does not affect its responsibility to report data it was required to collect in 2022.
The changes to Regulation Z exempt creditors with assets of less than $2.537 billion as of Dec. 31, 2022, and that meet certain other requirements from establishing escrow accounts for higher-priced mortgage loans in 2023. This asset limit will also apply during a grace period in 2024, in certain circumstances, with respect to transactions with applications received before April 1, 2024, NAFCU said in its analysis.
Just in Time for the New Year, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com