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Washington
Fed approves new Reg C threshold
WASHINGTON (10/21/08)—The Federal Reserved Board announced Monday it has approved amendments to its Regulation C, the Home Mortgage Disclosure Act (HMDA) rules, by revising the threshold for reporting price information on higher-priced loans. The Credit Union National Association (CUNA) supports the Fed’s changes, in part, because they help bring that regulation in line with recent Regulation Z mortgage lending final rules. Regulation C required lenders to report to regulators annually the spread between the annual percentage rate (APR) on a loan and the yield on comparable Treasury securities if the spread was at least three percentage points for first-lien loans or five percentage points for subordinate-lien loans. Under the new rule, a lender would report the spread if the loan APR exceeds an average of comparable prime mortgage rates by at least 1.5 percentage points for first-lien loans or 3.5 percentage points for subordinate lien loans. By making the threshold identical in both regulations, it will help ease the compliance burden of credit unions and other lenders that must follow the regulations, according to CUNA. However, CUNA was concerned with a proposed Jan. 1, 2009 implementation date and argued in a comment letter to the Fed that date would not provide sufficient time for lenders to make necessary programming changes. The Fed revised its effective date in the final rule to October 1, 2009.


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