Banks, credit unions and other financial firms with assets of $42 million or less will be exempt from having to collect extensive loan data required under the Home Mortgage Disclosure Act, the Consumer Financial Protection Bureau said Friday.
The exemption takes effect Dec. 31 and does not change the financial firms' obligation to report HMDA data collected in 2012 when it was still required on the firms.
The HMDA, which is tied to Regulation C (Home Mortgage Disclosure), stipulates that lenders in metro areas have to collect and report data on loan applications, originations, home purchases, home improvement loans and refinancings. The data required includes loan type, purpose, loan amount, pricing, income data, race, ethnicity, sex and property location.
The rule will take effect when its published next week in the Federal Register.