Interim Rule Increasing Asset-Size Exemption Threshold to $28 Million
To All Depository Institutions, and Others Concerned, in the Second Federal Reserve District:
The Board of Governors of the Federal Reserve System has published an interim rule that amends its Regulation C, Home Mortgage Disclosure. The amendment increases the asset-size Home Mortgage Disclosure Act (HMDA) exemption threshold for depository institutions from $10 million to $28 million. As a result, depository institutions with assets of $28 million or less as of December 31, 1996 are exempt from HMDA data collection in 1997.
The Board expects to publish a final rule in March that will also address changes to the threshold in future years. Thus, comments are still invited, by February 25, on the Board's original proposal on this matter, which was contained in our Circular No. 10906, dated January 7, 1997.
A copy of the Board's interim rule, as published in the Federal Register of January 24 is available as a PDF file. Questions on this matter may be directed, at this Bank, to Janice A. Oser, Supervising Examiner, Compliance Examinations Department.