Comments Invited by February 25 on Proposed Revisions
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement issued by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has published for public comment proposed revisions to its Regulation C, Home Mortgage Disclosure.
Comment is requested by February 25, 1997.
The proposed revisions, which implement recent amendments to the Home Mortgage Disclosure Act (HMDA) contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996, would increase the exemption threshold for depository institutions.
Currently, lenders are exempt from HMDA if their assets are $10 million or less. Based on the increase in the Consumer Price Index for Urban Wage and Clerical Workers (CPIW) from December 1975 to date, the adjusted threshold is expected to be $28 million. To ensure that the public is informed of the new threshold promptly, the Board will publish a notice with the adjusted threshold as soon as the December 1996 CPIW data become available in early January.
Other proposed changes modify the disclosure requirements. In place of making disclosures available at branch offices, an institution may post a notice and provide the information upon written request.
The text of the Board's proposal, as published in the Federal Register of December 27, is available. Comments thereon should be submitted by February 25, 1997 and may be sent to the Board, as specified in the notice, or to this Bank's Compliance Examinations Department.