Subject: |
Home Mortgage Disclosure Act |
|
Description:
|
Exemption Threshold for Depository Institutions under Regulation C |
|
Date: January 28, 2008 |
TO: |
Chief Executive Officers and Compliance Officers of All National Banks, Department and Division Heads, and All Examining Personnel
|
On December 20, 2007, the Board of Governors
of the Federal Reserve System (the Board) published in the
Federal Register the attached final rule amending the staff
commentary that interprets the requirements of Regulation C. By this
amendment, the Board has raised the asset size exemption threshold
to $37 million for depository institutions that are required to
report data under the Home Mortgage Disclosure Act (HMDA). The
previous exemption level was $36 million. Institutions with assets
of $37 million or less as of December 31, 2007, will not be required
to collect HMDA data in 2008. This revision is mandated by
provisions of the Economic Growth and Regulatory Paperwork Reduction
Act of 1996. The adjustment reflects changes in the Consumer Price
Index for Urban Wage Earners and Clerical Workers for the 12-month
period ending in November 2007.
An institution’s exemption from collecting
data in 2008 does not affect its responsibility to report the data
it was required to collect in 2007. The adjustment is effective
January 1, 2008.
If there are questions on this adjustment or any other HMDA-related issue, please contact the HMDA help line at
(202) 452-2016 or send an e-mail to hmdahelp@frb.gov. Questions may also be addressed to your supervisory office or to the Compliance Policy Department at (202) 874-4428.
/signed/
Ann F. Jaedicke
Deputy Comptroller for Compliance
|
Attachment: Final
Rule
[http://www.occ.treas.gov/fr/fedregister/72fr72234.pdf]
|
|