Home Mortgage Disclosure, 80675 [2010-32210]
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80675
Rules and Regulations
Federal Register
Vol. 75, No. 246
Thursday, December 23, 2010
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents. Prices of
new books are listed in the first FEDERAL
REGISTER issue of each week.
FEDERAL RESERVE SYSTEM
12 CFR Part 203
[Regulation C; Docket No. 1398]
Home Mortgage Disclosure
Board of Governors of the
Federal Reserve System.
ACTION: Final rule; staff commentary.
AGENCY:
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 (CPIW).
The adjustment from $39 million to $40
million reflects the increase of that
index by 2.21 percent during the twelvemonth period ending in November
2010. Thus, depository institutions with
assets of $40 million or less as of
December 31, 2010 are exempt from
collecting data in 2011.
DATES: Effective January 1, 2011.
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
mstockstill on DSKH9S0YB1PROD with RULES
SUMMARY:
VerDate Mar<15>2010
15:59 Dec 22, 2010
Jkt 223001
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 CPIW for 1996
exceeded the CPIW for 1975, and it
provided for annual adjustments
thereafter based on the annual
percentage change 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 dollars.
Pursuant to this section, the Board has
adjusted the threshold annually, as
appropriate.
For 2010, the threshold was $39
million. During the twelve-month
period ending in November 2010, the
CPIW increased by 2.21 percent; as a
result, the exemption threshold will
increase to $40 million. Thus,
depository institutions with assets of
$40 million or less as of December 31,
2010 are exempt from collecting data in
2011. An institution’s exemption from
collecting data in 2011 does not affect
its responsibility to report data it was
required to collect in 2010.
Final Rule
Frm 00001
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
2011, the asset-size exemption threshold is
$40 million. Depository institutions with
assets at or below $40 million as of December
31, 2010 are exempt from collecting data for
2011.
*
*
*
*
*
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, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010–32210 Filed 12–22–10; 8:45 am]
BILLING CODE 6210–01–P
Under the Administrative Procedures
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 is amended to update
the exemption threshold. This
amendment merely applies the formula
established by Regulation C for
determining any 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.
PO 00000
List of Subjects in 12 CFR Part 203
Banks, Banking, 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:
Fmt 4700
Sfmt 4700
FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Regulation Z; Docket No. R–1394]
Truth in Lending
Board of Governors of the
Federal Reserve System.
ACTION: Interim final rule, correction.
AGENCY:
This document corrects
certain cross-references and
typographical errors in the regulation,
staff commentary to the regulation, and
the supplementary information of the
interim final rule published in the
SUMMARY:
E:\FR\FM\23DER1.SGM
23DER1
Agencies
[Federal Register Volume 75, Number 246 (Thursday, December 23, 2010)]
[Rules and Regulations]
[Page 80675]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32210]
========================================================================
Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
Prices of new books are listed in the first FEDERAL REGISTER issue of each
week.
========================================================================
Federal Register / Vol. 75, No. 246 / Thursday, December 23, 2010 /
Rules and Regulations
[[Page 80675]]
FEDERAL RESERVE SYSTEM
12 CFR Part 203
[Regulation C; Docket No. 1398]
Home Mortgage Disclosure
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Final rule; staff commentary.
-----------------------------------------------------------------------
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 (CPIW). The adjustment from $39 million to
$40 million reflects the increase of that index by 2.21 percent during
the twelve-month period ending in November 2010. Thus, depository
institutions with assets of $40 million or less as of December 31, 2010
are exempt from collecting data in 2011.
DATES: Effective January 1, 2011.
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 CPIW for
1996 exceeded the CPIW for 1975, and it provided for annual adjustments
thereafter based on the annual percentage change 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 dollars. Pursuant to this
section, the Board has adjusted the threshold annually, as appropriate.
For 2010, the threshold was $39 million. During the twelve-month
period ending in November 2010, the CPIW increased by 2.21 percent; as
a result, the exemption threshold will increase to $40 million. Thus,
depository institutions with assets of $40 million or less as of
December 31, 2010 are exempt from collecting data in 2011. An
institution's exemption from collecting data in 2011 does not affect
its responsibility to report data it was required to collect in 2010.
Final Rule
Under the Administrative Procedures 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 is amended to update the
exemption threshold. This amendment merely applies the formula
established by Regulation C for determining any 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 2011, the asset-size exemption
threshold is $40 million. Depository institutions with assets at or
below $40 million as of December 31, 2010 are exempt from collecting
data for 2011.
* * * * *
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, 2010.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 2010-32210 Filed 12-22-10; 8:45 am]
BILLING CODE 6210-01-P