WASHINGTON — The Consumer Financial Protection Bureau on Friday slightly raised the asset threshold for banks that are required to collect certain mortgage disclosure data, increasing it by $1 million to $42 million.
Institutions with $42 million or less of assets are not required to report data through the Home Mortgage Disclosure Act next year.
The law requires the CFPB to adjust the asset-size threshold each year based on the annual percentage increase in the Consumer Price Index for the urban wage earners and clerical workers. This index increased by an average 2.23% for the 12 months ended in November.
The home mortgage disclosure law requires most mortgage lenders in metro areas to gather and report data on applications, originations and of purchases of homes as well as home improvements and refinancings. The data is then used to determine whether lenders are serving the housing needs of their communities and help identify possible discriminatory lending patterns, the CFPB said.
