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Fed adjusts asset threshold for HMDA
WASHINGTON (12/26/07)--The Federal Reserve Board published last week its annual notice and final rule of the asset-size exemption threshold for depository institutions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). The adjustment is effective Jan. 1. The asset-size exemption for depository institutions will increase from $36 million to $37 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. Financial institutions with assets of $37 million or less as of Dec. 31, 2007 will be exempt from the data collection requirements 2008. An institution's exemption from collecting data in 2008 does not affect its responsibility to report the data it was required to collect in 2007, according to Credit Union National Association (CUNA) Senior Assistant General Counsel Jeff Bloch. 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. Data reported include the type, purpose, and amount of the loan; the race, ethnicity, sex and income of the loan applicant; and the location of the property. The purposes of HMDA include helping to determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement. Use the link below to access the Fed’s notice.
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