[Federal Register Volume 62, Number 16 (Friday, January 24, 1997)]
[Rules and Regulations]
[Pages 3603-3604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1670]
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FEDERAL RESERVE SYSTEM
12 CFR Part 203
[Regulation C; Docket No. R-0951]
Home Mortgage Disclosure
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Interim rule.
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SUMMARY: The Board is publishing an interim rule that amends Regulation
C (Home Mortgage Disclosure). The amendment increases the asset-size
exemption threshold for depository institutions from $10 million to $28
million.
DATES: Effective date: February 1, 1997.
Applicability date: This rule applies to all data collection in
1997.
FOR FURTHER INFORMATION CONTACT: Manley Williams, Staff Attorney,
Division of Consumer and Community Affairs, Board of Governors of the
Federal Reserve System, at (202) 452-3667; for the hearing impaired
only, Dorothea Thompson, Telecommunications Device for the Deaf, at
(202) 452-3544.
SUPPLEMENTARY INFORMATION: Amendments to the Home Mortgage Disclosure
Act (HMDA) contained in the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 (Pub. L. 104-208, 110 Stat. 3009) increased the
asset-size exemption threshold for depository institutions, which in
the past were exempt from HMDA if they had assets of $10 million or
less. The amendments adjust the $10 million figure based on the
percentage by which the Consumer Price Index for Urban Wage Earners and
Clerical Workers (CPIW) for 1996 exceeds the CPIW for 1975--rounded to
the nearest million. The new threshold is $28 million. Thus depository
institutions with assets of $28 million or less as of December 31,
1996, are exempt from data collection in 1997.
In December, the Board published proposed amendments to Regulation
C (61 FR 68168, December 27, 1996) to implement the new exemption
threshold for depository institutions and other statutory changes. The
comment period for those amendments ends February 25, 1997.
The Board is publishing an interim rule with respect to the new
threshold, which is applicable as of January 1, 1997, so that
institutions that are no longer covered can avoid collecting data
unnecessarily. The Board expects to publish a final rule in March that
will also address changes to the threshold in future years.
Regulatory Flexibility Analysis
This interim rule reduces the burden on small entities by
increasing the exemption threshold for depository institutions. A final
regulatory flexibility analysis of the final rule will be prepared
after consideration of comments received during the comment period.
Paperwork Reduction Act Analysis
In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C.
3506; 5 CFR 1320 Appendix A.1), the Board reviewed the interim rule
under the authority delegated to the Board by the Office of Management
and Budget. No collection of information pursuant to the Paperwork
Reduction Act is contained in the interim rule.
List of Subjects in 12 CFR Part 203
Banks, Banking, Consumer protection, Federal Reserve System,
Mortgages, Reporting and recordkeeping requirements.
For the reasons set forth in the preamble, the Board amends 12 CFR
part 203 as follows:
PART 203--HOME MORTGAGE DISCLOSURE (REGULATION C)
1. The authority citation for part 203 continues to read as
follows:
Authority: 12 U.S.C. 2801-2810.
Sec. 203.3 [Amended]
2. In section 203.3, paragraph (a)(1)(ii) is amended by revising
the figure ``$10 million'' to read ``$28 million''.
[[Page 3604]]
Appendix A to Part 203 [Amended]
3. Appendix A to Part 203 is amended as follows:
a. Paragraph I.A.1. is amended by revising the figure ``$10
million'' to read ``$28 million''; and
b. The undesignated paragraph EXAMPLE at the end of paragraph I.A.
is amended by revising the figure ``$10 million'' to read ``$28
million''.
Supplement I to Part 203 [Amended]
4. In Supplement I to Part 203, under Section 203.3--Exempt
Institutions, under 3(a) Exemption based on location, asset size, or
number of home-purchase loans, the second sentence of paragraph 1.,
General is amended by revising the figure ``$10 million'' to read ``$28
million''.
By order of the Board of Governors of the Federal Reserve
System, January 16, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-1670 Filed 1-23-97; 8:45 am]
BILLING CODE 6210-01-P
