In today’s issue of the Federal Register (Vol. 77, No. 31) the Bureau of Consumer Financial Protection published a final rule amending the official staff commentary in Supplement I to Regulation C (12 CFR part 1003, formerly part 203), which implements the Home Mortgage Disclosure Act, to reflect a change in the asset-size exemption threshold for depository institutions. The exemption threshold has been adjusted to increase to $41 million from $40 million. The adjustment is based on the 3.43 percent increase in the average of the CPI-W (i.e., the Consumer Price Index for Urban Wage Earners and Clerical Workers) for the twelve-month period ending in November 2011. Therefore, depository institutions with assets of $41 million or less as of December 31, 2011 are exempt from collecting data in 2012.
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Bureau of Consumer Financial Protection Issues New Regulations
In our December 16, 2011, memorandum we advised you that the Bureau of Consumer Financial Protection (CFPB) had begun the process of republishing the regulations implementing the consumer financial protection laws for which Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) had transferred rulemaking authority to the CFPB from seven Federal agencies (i.e., FRB, FDIC, FTC, NCUA, OCC, OTS, and HUD) as of July 21, 2011. The CFPB is continuing this process of republishing the regulations implementing those laws by publishing in the Federal Register (Vol. 76, Issues 243, 244, 245, 246, 248 and 250) the following additional interim final regulations, effective December 30, 2011: