HMDA Exemption Threshold Revised
December 22, 2004
Circular No. 11673

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 will increase $1 million to a level of $34 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 2004. As a result, depository institutions with assets of $34 million or less as of December 31, 2004, are exempt from data collection in 2005. An institution's exemption from collecting data in 2005 does not affect its responsibility to report the data it was required to collect in 2004.

The adjustment is effective January 1, 2005.

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 mortgage loans, home improvement loans, and refinancings. 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
Federal Register notice OFFSITE PDF

Felix Bustelo
Supervising Examiner
Legal and Compliance Risk Function

William L. Rutledge
Executive Vice President