[Federal Register Volume 59, Number 25 (Monday, February 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2648]
[[Page Unknown]]
[Federal Register: February 7, 1994]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Home Mortgage Disclosure Act; Census Data for Disclosure
Statements and Aggregate MSA Reports
agency: Federal Financial Institutions Examination Council.
action: Notice.
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summary: The Federal Financial Institutions Examination Council (FFIEC)
announces the availability for purchase of census data that the FFIEC
will use in preparing the Home Mortgage Disclosure Act (HMDA)
individual disclosure statements and aggregate reports for calendar
year 1994. The FFIEC's 1994 census data file, which reflects data from
the Bureau of the Census's 1990 decennial Census of Population and
Housing, includes information on the population, income, and housing
characteristics of census tracts that fall within the geographic
boundaries of metropolitan statistical areas (MSAs) that were
established by the Office of Management and Budget (OMB) in its
announcement of June 30, 1993. These census data are used by the FFIEC
to prepare tables for individual disclosure statements relating to the
disposition of mortgage loan applications based on the characteristics
(racial composition, income characteristics, and income and racial
composition) of the census tracts to which the loan applications
relate. The census data also are used to prepare two tables in the
aggregate reports. Lending institutions covered by HMDA do not need the
FFIEC's census data file to prepare their loan register data
submissions, but institutions may find the census data useful for
conducting analyses of their institution's lending activity.
for further information contact: Glenn B. Canner, Senior Economist,
202/452-2910, Board of Governors of the Federal Reserve System,
Washington, DC 20551.
supplementary information: The Home Mortgage Disclosure Act requires
lending institutions located in metropolitan areas to report annually
information on the geographic distribution of their home purchase and
home improvement loans, and also to provide certain information about
loan applicants and borrowers. Covered lenders submit a loan
application register to their supervisory agency (the Federal Reserve,
the Federal Deposit Insurance Corporation, the Office of Thrift
Supervision, the Office of the Comptroller of the Currency, the
National Credit Union Administration, or the Department of Housing and
Urban Development) on which they record the location of the property to
which the loan or application relates (MSA, state, county, and census
tract) for metropolitan areas in which they have an office, as well as
information about the race or national origin, sex, and income of
applicants and borrowers for such applications. The Federal Reserve
Board, on behalf of member agencies of the Federal Financial
Institutions Examination Council and HUD, processes the data and
prepares individual disclosure statements for reporting institutions
and also prepares aggregate reports for all lenders in each
metropolitan area. The individual disclosure statements are made
available to the public by each covered institution and by central data
depositories in each MSA; the aggregate reports are available at the
central data depositories.
The census data now available from the FFIEC are the data that the
FFIEC will use to prepare Tables 7-1 through 7-6, which are contained
both in the individual disclosure statements and in the aggregate
reports, and to prepare Table 9 and Table 10 of the aggregate reports.
Lending institutions do not need the FFIEC's census file in order to
prepare their HMDA-LAR for submission to their supervisory agencies,
but they may obtain the census data if they plan to conduct statistical
analyses examining the demographics of the census tracts in which they
make loans.
Included in the FFIEC's 1994 census file is information on the
median family income of each census tract together with an estimated
median family income for each MSA. These data were obtained by the
FFIEC from the 1990 decennial Census of Population and Housing, and
reflect information pertaining to the geographic boundaries for MSAs
that were established by the Office of Management and Budget in their
June 30, 1993, announcement of MSA designations. One consequence of
these new OMB designations is that the median family income estimates
for roughly 100 MSAs will have changed as a reflection of the addition
or deletion of geographic areas to these MSAs. It should be noted that
these revisions in estimates of median family income do not reflect
updated surveys of consumers, but rather the effects of the
redefinitions of MSA boundaries by OMB.
The FFIEC uses the median family income estimates contained in the
census data file for categorizing census tracts into one of three
income categories--low or moderate income, middle income and upper
income--when the FFIEC produces the HMDA disclosure reports. The FFIEC
notes that as a consequence of OMB's June 1993 changes in MSA
boundaries--and the resulting revised MSA median family income
estimates--some census tracts may no longer fall into the income
category that they were previously assigned. For example, some tracts
previously categorized as low or moderate income may now be categorized
as middle income. For the most part the changes are small, but for some
MSAs the revised income estimates are more significant.
For categorizing applicant income relative to the median income for
each MSA, the FFIEC uses estimates of median family income that are
published by HUD each year. The HUD figures are more current than the
income data from the Bureau of the Census. (A description of the
precise methodology used by HUD to calculate their estimates of current
MSA median family incomes can be obtained from the FFIEC.) The
estimates of median family income that will apply to the categorization
of the 1994 HMDA data are not yet available from HUD, and thus are not
contained on the FFIEC data tape. The HUD figures will affect Tables 3,
4-1 through 4-6, 5-1 through 5-6, 6-1 through 6-6, and 8-1 through 8-6.
The 1994 census data file is available for purchase on magnetic
tape for $250. A copy of the HMDA Data order form can be obtained from
the Federal Reserve Board by telephoning the Board's automated
answering system at (202) 452-2016, which can provide the order form by
mail or by fax transmission.
Dated: February 1, 1994.
Joe M. Cleaver,
Executive Secretary, Federal Financial Institutions Examination
Council.
[FR Doc. 94-2648 Filed 2-4-94; 8:45 am]
BILLING CODE 6210-01-M
