Under current law, depository institutions are required to collect and periodically report to federal financial regulatory agencies information related to the number and dollar value of closed-end loans and open-end lines of credit that those institutions originate or purchase each year. Depository institutions now must itemize and disclose that information in numerous categories. The Consumer Financial Protection Bureau (CFPB) currently exempts some institutions from reporting information about closed-end loans or open-end lines of credit if the number of loans or accounts is below a threshold for each type of credit instrument. H.R. 2954 would modify the thresholds to qualify for an exemption from some of the reporting requirements.
Using information from CFPB, CBO estimates that enacting H.R. 2954 would cost the agency $1 million over the 2018-2027 period to complete a rulemaking and update its data collection systems. Those costs are recorded in the budget as direct spending. Because enacting H.R. 2954 would affect direct spending, pay-as-you-go procedures apply. Enacting the bill would not affect revenues.
CBO estimates that enacting H.R. 2954 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028.
H.R. 2954 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
Closed-end loans, such as mortgages and car loans, are acquired for a particular purpose and for a set period. Open-end lines of credit, such as credit card accounts, are not restricted to a specific use or duration.