[Federal Register Volume 59, Number 25 (Monday, February 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-2648]

[[Page Unknown]]

[Federal Register: February 7, 1994]




Home Mortgage Disclosure Act; Census Data for Disclosure 
Statements and Aggregate MSA Reports

agency: Federal Financial Institutions Examination Council.

action: Notice.


summary: The Federal Financial Institutions Examination Council (FFIEC) 
announces the availability for purchase of census data that the FFIEC 
will use in preparing the Home Mortgage Disclosure Act (HMDA) 
individual disclosure statements and aggregate reports for calendar 
year 1994. The FFIEC's 1994 census data file, which reflects data from 
the Bureau of the Census's 1990 decennial Census of Population and 
Housing, includes information on the population, income, and housing 
characteristics of census tracts that fall within the geographic 
boundaries of metropolitan statistical areas (MSAs) that were 
established by the Office of Management and Budget (OMB) in its 
announcement of June 30, 1993. These census data are used by the FFIEC 
to prepare tables for individual disclosure statements relating to the 
disposition of mortgage loan applications based on the characteristics 
(racial composition, income characteristics, and income and racial 
composition) of the census tracts to which the loan applications 
relate. The census data also are used to prepare two tables in the 
aggregate reports. Lending institutions covered by HMDA do not need the 
FFIEC's census data file to prepare their loan register data 
submissions, but institutions may find the census data useful for 
conducting analyses of their institution's lending activity.

for further information contact: Glenn B. Canner, Senior Economist, 
202/452-2910, Board of Governors of the Federal Reserve System, 
Washington, DC 20551.

supplementary information: The Home Mortgage Disclosure Act requires 
lending institutions located in metropolitan areas to report annually 
information on the geographic distribution of their home purchase and 
home improvement loans, and also to provide certain information about 
loan applicants and borrowers. Covered lenders submit a loan 
application register to their supervisory agency (the Federal Reserve, 
the Federal Deposit Insurance Corporation, the Office of Thrift 
Supervision, the Office of the Comptroller of the Currency, the 
National Credit Union Administration, or the Department of Housing and 
Urban Development) on which they record the location of the property to 
which the loan or application relates (MSA, state, county, and census 
tract) for metropolitan areas in which they have an office, as well as 
information about the race or national origin, sex, and income of 
applicants and borrowers for such applications. The Federal Reserve 
Board, on behalf of member agencies of the Federal Financial 
Institutions Examination Council and HUD, processes the data and 
prepares individual disclosure statements for reporting institutions 
and also prepares aggregate reports for all lenders in each 
metropolitan area. The individual disclosure statements are made 
available to the public by each covered institution and by central data 
depositories in each MSA; the aggregate reports are available at the 
central data depositories.
    The census data now available from the FFIEC are the data that the 
FFIEC will use to prepare Tables 7-1 through 7-6, which are contained 
both in the individual disclosure statements and in the aggregate 
reports, and to prepare Table 9 and Table 10 of the aggregate reports. 
Lending institutions do not need the FFIEC's census file in order to 
prepare their HMDA-LAR for submission to their supervisory agencies, 
but they may obtain the census data if they plan to conduct statistical 
analyses examining the demographics of the census tracts in which they 
make loans.
    Included in the FFIEC's 1994 census file is information on the 
median family income of each census tract together with an estimated 
median family income for each MSA. These data were obtained by the 
FFIEC from the 1990 decennial Census of Population and Housing, and 
reflect information pertaining to the geographic boundaries for MSAs 
that were established by the Office of Management and Budget in their 
June 30, 1993, announcement of MSA designations. One consequence of 
these new OMB designations is that the median family income estimates 
for roughly 100 MSAs will have changed as a reflection of the addition 
or deletion of geographic areas to these MSAs. It should be noted that 
these revisions in estimates of median family income do not reflect 
updated surveys of consumers, but rather the effects of the 
redefinitions of MSA boundaries by OMB.
    The FFIEC uses the median family income estimates contained in the 
census data file for categorizing census tracts into one of three 
income categories--low or moderate income, middle income and upper 
income--when the FFIEC produces the HMDA disclosure reports. The FFIEC 
notes that as a consequence of OMB's June 1993 changes in MSA 
boundaries--and the resulting revised MSA median family income 
estimates--some census tracts may no longer fall into the income 
category that they were previously assigned. For example, some tracts 
previously categorized as low or moderate income may now be categorized 
as middle income. For the most part the changes are small, but for some 
MSAs the revised income estimates are more significant.
    For categorizing applicant income relative to the median income for 
each MSA, the FFIEC uses estimates of median family income that are 
published by HUD each year. The HUD figures are more current than the 
income data from the Bureau of the Census. (A description of the 
precise methodology used by HUD to calculate their estimates of current 
MSA median family incomes can be obtained from the FFIEC.) The 
estimates of median family income that will apply to the categorization 
of the 1994 HMDA data are not yet available from HUD, and thus are not 
contained on the FFIEC data tape. The HUD figures will affect Tables 3, 
4-1 through 4-6, 5-1 through 5-6, 6-1 through 6-6, and 8-1 through 8-6.
    The 1994 census data file is available for purchase on magnetic 
tape for $250. A copy of the HMDA Data order form can be obtained from 
the Federal Reserve Board by telephoning the Board's automated 
answering system at (202) 452-2016, which can provide the order form by 
mail or by fax transmission.

    Dated: February 1, 1994.
Joe M. Cleaver,
Executive Secretary, Federal Financial Institutions Examination 
[FR Doc. 94-2648 Filed 2-4-94; 8:45 am]