With 2021 still feeling pretty new, do you ever start to think, “what did I forget”? Something that can slip through the cracks are the regulatory threshold changes that generally take effect on January 1st each year. These thresholds are used to determine whether certain compliance requirements apply to your financial institution.
Here’s a quick list (not all-inclusive) of some common ones:
Loan Amount Exemption to determine if a loan is subject to Regulation Z
High-Cost Mortgage (Points & Fees)
Loan Amount Exemption for special appraisal requirements on Higher-Priced Mortgage Loans
Qualified Mortgage (Points & Fees)
Qualified Mortgage (Small Creditor Asset Size)
The asset-size threshold is one piece to determining if your financial institution is subject to HMDA.
Asset-size thresholds for small, intermediate small and large banks/savings institutions.
For more information on these threshold changes, refer to the January edition of our Banking on BCC Magazine.