BCFP Announces Asset-size Threshold Adjustments Under HMDA (Regulation C) and TILA (Regulation Z) and an Annual Adjustment Under FCRA

Amending the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) the BCFP has adjusted the asset-size exemption threshold for banks, savings associations, and credit unions for collection of data collection in 2019.  The new asset exemption threshold is $46 million.  Banks, savings associations, and credit unions with assets at or below $46 million are exempt from collecting data for 2019.

The BCFP also amended the commentary interpreting the requirements of TILA (Regulation Z).  The amendment changes the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan.  According to the Final rule; official interpretation dated December 20, 2018 “For calendar year 2019, the asset threshold is $2,167,000,000. A creditor that together with the assets of its affiliates that regularly extended first-lien covered transactions during calendar year 2018 has total assets of less than $2,167,000,000 on December 31, 2018, satisfies this criterion for purposes of any loan consummated in 2019 and for purposes of any loan consummated in 2020 for which the application was received before April 1, 2020.”

The BCFP has also amended Regulation V which implements the Fair Credit Reporting Act (FCRA) by establishing a maximum allowable charge for disclosures by a consumer reporting agency.  An appendix has also been added that announces the maximum allowable charge for 2019, preserves a list of historical maximum allowable charges and sets forth the requirements for determination of the maximum allowable charge.  Effective January 1, 2019, the maximum allowable charges under 612(f) of the FCRA will be $12.50.