[Federal Register Volume 62, Number 16 (Friday, January 24, 1997)]
[Rules and Regulations]
[Pages 3603-3604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-1670]


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FEDERAL RESERVE SYSTEM

12 CFR Part 203

[Regulation C; Docket No. R-0951]


Home Mortgage Disclosure

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Interim rule.

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SUMMARY: The Board is publishing an interim rule that amends Regulation 
C (Home Mortgage Disclosure). The amendment increases the asset-size 
exemption threshold for depository institutions from $10 million to $28 
million.

DATES: Effective date: February 1, 1997.
    Applicability date: This rule applies to all data collection in 
1997.

FOR FURTHER INFORMATION CONTACT: Manley Williams, Staff Attorney, 
Division of Consumer and Community Affairs, Board of Governors of the 
Federal Reserve System, at (202) 452-3667; for the hearing impaired 
only, Dorothea Thompson, Telecommunications Device for the Deaf, at 
(202) 452-3544.

SUPPLEMENTARY INFORMATION: Amendments to the Home Mortgage Disclosure 
Act (HMDA) contained in the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (Pub. L. 104-208, 110 Stat. 3009) increased the 
asset-size exemption threshold for depository institutions, which in 
the past were exempt from HMDA if they had assets of $10 million or 
less. The amendments adjust the $10 million figure based on the 
percentage by which the Consumer Price Index for Urban Wage Earners and 
Clerical Workers (CPIW) for 1996 exceeds the CPIW for 1975--rounded to 
the nearest million. The new threshold is $28 million. Thus depository 
institutions with assets of $28 million or less as of December 31, 
1996, are exempt from data collection in 1997.
    In December, the Board published proposed amendments to Regulation 
C (61 FR 68168, December 27, 1996) to implement the new exemption 
threshold for depository institutions and other statutory changes. The 
comment period for those amendments ends February 25, 1997.
    The Board is publishing an interim rule with respect to the new 
threshold, which is applicable as of January 1, 1997, so that 
institutions that are no longer covered can avoid collecting data 
unnecessarily. The Board expects to publish a final rule in March that 
will also address changes to the threshold in future years.

Regulatory Flexibility Analysis

    This interim rule reduces the burden on small entities by 
increasing the exemption threshold for depository institutions. A final 
regulatory flexibility analysis of the final rule will be prepared 
after consideration of comments received during the comment period.

Paperwork Reduction Act Analysis

    In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 
3506; 5 CFR 1320 Appendix A.1), the Board reviewed the interim rule 
under the authority delegated to the Board by the Office of Management 
and Budget. No collection of information pursuant to the Paperwork 
Reduction Act is contained in the interim rule.

List of Subjects in 12 CFR Part 203

    Banks, Banking, Consumer protection, Federal Reserve System, 
Mortgages, Reporting and recordkeeping requirements.

    For the reasons set forth in the preamble, the Board amends 12 CFR 
part 203 as follows:

PART 203--HOME MORTGAGE DISCLOSURE (REGULATION C)

    1. The authority citation for part 203 continues to read as 
follows:

    Authority: 12 U.S.C. 2801-2810.


Sec. 203.3  [Amended]

    2. In section 203.3, paragraph (a)(1)(ii) is amended by revising 
the figure ``$10 million'' to read ``$28 million''.

[[Page 3604]]

Appendix A to Part 203  [Amended]

    3. Appendix A to Part 203 is amended as follows:
    a. Paragraph I.A.1. is amended by revising the figure ``$10 
million'' to read ``$28 million''; and
    b. The undesignated paragraph EXAMPLE at the end of paragraph I.A. 
is amended by revising the figure ``$10 million'' to read ``$28 
million''.


Supplement I to Part 203  [Amended]

    4. In Supplement I to Part 203, under Section 203.3--Exempt 
Institutions, under 3(a) Exemption based on location, asset size, or 
number of home-purchase loans, the second sentence of paragraph 1., 
General is amended by revising the figure ``$10 million'' to read ``$28 
million''.

    By order of the Board of Governors of the Federal Reserve 
System, January 16, 1997.
William W. Wiles,
Secretary of the Board.
[FR Doc. 97-1670 Filed 1-23-97; 8:45 am]
BILLING CODE 6210-01-P