Home Mortgage Disclosure, 78616 [E8-30361]

Download as PDF 78616 Federal Register / Vol. 73, No. 247 / Tuesday, December 23, 2008 / Rules and Regulations forms; shall permit verification thereof by the International Atomic Energy Agency (IAEA); and shall take other action as may be necessary to implement the US/IAEA Safeguards Agreement, as described in Part 75 of this chapter. Dated at Rockville, Maryland, this 8th day of December 2008. For the Nuclear Regulatory Commission. Martin J. Virgilio, Acting Executive Director for Operations. [FR Doc. E8–30054 Filed 12–19–08; 11:15 am] BILLING CODE 7590–01–P FEDERAL RESERVE SYSTEM 12 CFR Part 203 [Regulation C; Docket No. 1341] Home Mortgage Disclosure AGENCY: Board of Governors of the Federal Reserve System. ACTION: Final rule; staff commentary. The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). The staff commentary is amended to increase the asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The adjustment from $37 million to $39 million reflects the increase of that index by 4.49% percent during the twelve-month period ending in November 2008. Thus, depository institutions with assets of $39 million or less as of December 31, 2008, are exempt from collecting data in 2009. DATES: Effective January 1, 2009. FOR FURTHER INFORMATION CONTACT: John C. Wood, Counsel, Division of Consumer and Community Affairs, at (202) 452–3667; for users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: The Home Mortgage Disclosure Act (HMDA; 12 U.S.C. 2801 et seq.) requires most mortgage lenders located in metropolitan areas to collect data about their housing-related lending activity. Annually, lenders must report those data to their federal supervisory agencies and make the data available to the public. The Board’s Regulation C (12 CFR part 203) implements HMDA. Prior to 1997, HMDA exempted depository institutions with assets totaling $10 million or less, as of the SUMMARY: VerDate Aug<31>2005 15:41 Dec 22, 2008 Jkt 217001 preceding year-end. Provisions of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (codified at 12 U.S.C. 2808(b)) amended HMDA to expand the exemption for small depository institutions. The statutory amendment increased the asset-size exemption threshold by requiring a one-time adjustment of the $10 million figure based on the percentage by which the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW) for 1996 exceeded the CPIW for 1975, and provided for annual adjustments thereafter based on the annual percentage increase in the CPIW. The one-time adjustment increased the exemption threshold to $28 million for 1997 data collection. Section 203.2(e)(1)(i) of Regulation C provides that the Board will adjust the threshold based on the year-to-year change in the average of the CPIW, not seasonally adjusted, for each twelvemonth period ending in November, rounded to the nearest million. Pursuant to this section, the Board has adjusted the threshold annually, as appropriate. For 2008, the threshold was $37 million. During the twelve-month period ending in November 2008, the CPIW increased by 4.49% percent; as a result, the exemption threshold is raised to $39 million. Thus, depository institutions with assets of $39 million or less as of December 31, 2008, are exempt from collecting data in 2009. An institution’s exemption from collecting data in 2009 does not affect its responsibility to report data it was required to collect in 2008. ■ Final Rule [Regulation D; Docket No. R–1334] Under the Administrative Procedure Act, notice and opportunity for public comment are not required if the Board finds that notice and public comment are unnecessary. 5 U.S.C. 553(b)(B). The amendment in this notice is technical. Comment 2(e)–2 to § 203.2 of the regulation is amended to implement the increase in the exemption threshold. This amendment merely applies the formula established by Regulation C for determining adjustments to the exemption threshold. For these reasons, the Board has determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary. Therefore, the amendment is adopted in final form. Reserve Requirements of Depository Institutions List of Subjects in 12 CFR Part 203 Banks, Banking, Federal Reserve System, Mortgages, Reporting and recordkeeping requirements. PO 00000 Frm 00018 Fmt 4700 Sfmt 4700 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. 2. In Supplement I to part 203, under Section 203.2 Definitions, 2(e) Financial Institution, paragraph 2(e)–2 is revised to read as follows: ■ Supplement I to Part 203—Staff Commentary * * * * * Section 203.2 Definitions 2(e) Financial Institution. * * * * * 2. Adjustment of exemption threshold for depository institutions. For data collection in 2009, the asset-size exemption threshold is $39 million. Depository institutions with assets at or below $39 million as of December 31, 2008 are exempt from collecting data for 2009. * * * * * By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division of Consumer and Community Affairs under delegated authority, December 17, 2008. Jennifer J. Johnson, Secretary of the Board. [FR Doc. E8–30361 Filed 12–22–08; 8:45 am] BILLING CODE 6210–01–P FEDERAL RESERVE SYSTEM 12 CFR Part 204 AGENCY: Board of Governors of the Federal Reserve System. ACTION: Interim final rule. SUMMARY: The Board is amending Regulation D, Reserve Requirements of Depository Institutions, to revise the rate for earnings on required reserve balances and excess balances of eligible institutions and to provide that the rates may be revised by the Board from time to time. DATES: The amendments to Regulation D are effective on December 23, 2008. The applicability date for the revised rates for earnings on required reserve balances and excess balances is December 18, 2008. FOR FURTHER INFORMATION CONTACT: Sophia H. Allison, Senior Counsel (202/ 452–3565), or Dena L. Milligan, Staff E:\FR\FM\23DER1.SGM 23DER1

Agencies

[Federal Register Volume 73, Number 247 (Tuesday, December 23, 2008)]
[Rules and Regulations]
[Page 78616]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-30361]


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FEDERAL RESERVE SYSTEM

12 CFR Part 203

[Regulation C; Docket No. 1341]


Home Mortgage Disclosure

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; staff commentary.

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SUMMARY: The Board is publishing a final rule amending the staff 
commentary that interprets the requirements of Regulation C (Home 
Mortgage Disclosure). The staff commentary is amended to increase the 
asset-size exemption threshold for depository institutions based on the 
annual percentage change in the Consumer Price Index for Urban Wage 
Earners and Clerical Workers. The adjustment from $37 million to $39 
million reflects the increase of that index by 4.49% percent during the 
twelve-month period ending in November 2008. Thus, depository 
institutions with assets of $39 million or less as of December 31, 
2008, are exempt from collecting data in 2009.

DATES: Effective January 1, 2009.

FOR FURTHER INFORMATION CONTACT: John C. Wood, Counsel, Division of 
Consumer and Community Affairs, at (202) 452-3667; for users of 
Telecommunications Device for the Deaf (TDD) only, contact (202) 263-
4869.

SUPPLEMENTARY INFORMATION: The Home Mortgage Disclosure Act (HMDA; 12 
U.S.C. 2801 et seq.) requires most mortgage lenders located in 
metropolitan areas to collect data about their housing-related lending 
activity. Annually, lenders must report those data to their federal 
supervisory agencies and make the data available to the public. The 
Board's Regulation C (12 CFR part 203) implements HMDA.
    Prior to 1997, HMDA exempted depository institutions with assets 
totaling $10 million or less, as of the preceding year-end. Provisions 
of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 
(codified at 12 U.S.C. 2808(b)) amended HMDA to expand the exemption 
for small depository institutions. The statutory amendment increased 
the asset-size exemption threshold by requiring a one-time adjustment 
of the $10 million figure based on the percentage by which the Consumer 
Price Index for Urban Wage Earners and Clerical Workers (CPIW) for 1996 
exceeded the CPIW for 1975, and provided for annual adjustments 
thereafter based on the annual percentage increase in the CPIW. The 
one-time adjustment increased the exemption threshold to $28 million 
for 1997 data collection.
    Section 203.2(e)(1)(i) of Regulation C provides that the Board will 
adjust the threshold based on the year-to-year change in the average of 
the CPIW, not seasonally adjusted, for each twelve-month period ending 
in November, rounded to the nearest million. Pursuant to this section, 
the Board has adjusted the threshold annually, as appropriate.
    For 2008, the threshold was $37 million. During the twelve-month 
period ending in November 2008, the CPIW increased by 4.49% percent; as 
a result, the exemption threshold is raised to $39 million. Thus, 
depository institutions with assets of $39 million or less as of 
December 31, 2008, are exempt from collecting data in 2009. An 
institution's exemption from collecting data in 2009 does not affect 
its responsibility to report data it was required to collect in 2008.

Final Rule

    Under the Administrative Procedure Act, notice and opportunity for 
public comment are not required if the Board finds that notice and 
public comment are unnecessary. 5 U.S.C. 553(b)(B). The amendment in 
this notice is technical. Comment 2(e)-2 to Sec.  203.2 of the 
regulation is amended to implement the increase in the exemption 
threshold. This amendment merely applies the formula established by 
Regulation C for determining adjustments to the exemption threshold. 
For these reasons, the Board has determined that publishing a notice of 
proposed rulemaking and providing opportunity for public comment are 
unnecessary. Therefore, the amendment is adopted in final form.

List of Subjects in 12 CFR Part 203

    Banks, Banking, Federal Reserve System, Mortgages, Reporting and 
recordkeeping requirements.

0
For the reasons set forth in the preamble, the Board amends 12 CFR part 
203 as follows:

PART 203--HOME MORTGAGE DISCLOSURE (REGULATION C)

0
1. The authority citation for part 203 continues to read as follows:

    Authority: 12 U.S.C. 2801-2810.


0
2. In Supplement I to part 203, under Section 203.2 Definitions, 2(e) 
Financial Institution, paragraph 2(e)-2 is revised to read as follows:

Supplement I to Part 203--Staff Commentary

* * * * *
Section 203.2 Definitions

    2(e) Financial Institution.
* * * * *
    2. Adjustment of exemption threshold for depository 
institutions. For data collection in 2009, the asset-size exemption 
threshold is $39 million. Depository institutions with assets at or 
below $39 million as of December 31, 2008 are exempt from collecting 
data for 2009.
* * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Director of the Division of Consumer and 
Community Affairs under delegated authority, December 17, 2008.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. E8-30361 Filed 12-22-08; 8:45 am]
BILLING CODE 6210-01-P