Release Date: December 29, 2006
For immediate release
The Federal Reserve Board on Friday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).
The asset-size exemption for depository institutions will increase from $35 million to $36 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2006. As a result, depository institutions with assets of $36 million or less as of December 31, 2006, are exempt from collecting data in 2007. An institution’s exemption from collecting data in 2007 does not affect its responsibility to report the data it was required to collect in 2006.
The adjustment is effective January 1, 2007.
HMDA and the Board’s Regulation C require most mortgage lenders located in metropolitan areas to collect, report, and disclose data about applications for, and originations and purchases of, home purchase loans, home improvement loans, and refinancings. Data reported include the type, purpose, and amount of the loan; the race, ethnicity, sex, and income of the loan applicant; the location of the property; and loan price information for some loans. The purposes of HMDA include helping to determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement.
The Board’s notice is attached.