Year 2000 Compliance; Technical Changes
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has published a final rule amending Regulation C, Home Mortgage Disclosure. The rule requires a lender to report dates on the loan-application register using four digits for the year, rather than two, to bring HMDA reporting into compliance with Year 2000 data system standards.
Other amendments make several technical changes to the regulation, including clarifying the coverage of nondepository institutions and deleting the requirement to provide the name and address of the reporting institution's parent company on the transmittal sheet.
A copy of the amendments to Regulation C, as published in the Federal Register of September 30 is available as a file (pdf - 124kb). The effective date is September 24, 1998. The amendments apply to data collected for calendar year 1998, to be reported by March 1, 1999.
Questions on this matter may be directed, at this Bank, to Janice A. Oser, Examining Officer, Compliance Examinations Department.