HMDA Exemption Threshold Revised
December 22, 2003
Circular No. 11562

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

In a press release, the Federal Reserve Board issued its annual notice of the asset-size exemption threshold for depository institutions under Regulation C (Home Mortgage Disclosure).

The asset-size exemption for depository institutions is raised to $33 million based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the twelve-month period ending in November 2003. As a result, depository institutions with assets of $33 million or less as of December 31, 2003 are exempt from data collection in 2004. An institution's exemption from collecting data in 2004 does not affect its responsibility to report the data it was required to collect in 2003.

The Board also is publishing technical amendments to Regulation C and the staff commentary to conform them to changes in the standards for defining metropolitan statistical area boundaries made by the U.S. Office of Management and Budget.

The adjustment and technical amendments are effective January 1, 2004.

The Home Mortgage Disclosure Act (HMDA) and the Board's Regulation C require most depository institutions and certain for-profit, nondepository institutions to collect, report, and disclose data about applications for, and originations and purchases of home purchase loans, refinancings, and home improvement loans. The HMDA data help determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement.

Press release OFFSITE
Board's notice OFFSITE PDF
12 pages / 50 kb

Felix Bustelo
Supervising Examiner
Legal and Compliance Risk Function