Request for Comment on Revised Formats for Public Disclosure of Lending Data - District Notice 04-17

Board Of Governors

Informations

• Publié par: Efta
• Nombre de lectures: 20
• Langue: English

Extrait

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Federal Reserve Bank of Dallas
2200 N. PEARL ST.
DALLAS, TX 75201-2272
April 8, 2004
Notice 04-17
TO: The Chief Executive Officer of each
financial institution and others concerned
in the Eleventh Federal Reserve District
SUBJECT
Request for Comment on Revised Formats
for Public Disclosure of Lending Data
DETAILS
The Board of Governors has requested public comment on revised formats for public
disclosure of mortgage lending data reported pursuant to the Home Mortgage Disclosure Act and
Regulation C, in light of revisions to Regulation C requiring lending institutions to report new
loan pricing and other loan data. The first year for which the new data will be reported is 2004.
Data from institutions are due no later than March 1, 2005, and the data will be reflected in the
public disclosures scheduled to be released in summer 2005.
The Board must receive comments by May 10, 2004. Please address comments to
Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street
and Constitution Avenue, N.W., Washington, DC 20551. Also, you may mail comments elec-
tronically to [e-mail]. All comments should refer to Docket No.
R-1186.
The public can also view and submit comments on proposals by the Board and other
federal agencies from the www.regulations.gov web site.
AT TACHMENT
A copy of the Board’s notice as it appears on pages 15470–75, Vol. 69, No. 58 of the
Federal Register dated March 25, 2004, is attached. Please note that we are only including the
For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal
Reserve Bank of Dallas: Dallas Office [phone]; El Paso Branch Intrastate [phone], Interstate [phone];
Houston Branch Intrastate [phone], Interstate [phone]; San Antonio Branch Intrastate [phone].- 2 -
text of the Board’s notice. The remainder of the document consists of tables. For a copy of the
complete document, which is 91 pages (6.7MB), please access our web site at
www.dallasfed.org/banking/notices/2004/not0417hmda.pdf.
MORE INFORMATION
For more information, please contact Eugene Coy, Banking Supervision Department,
[phone]. For additional copies of this Bank’s notice, contact the Public Affairs Depart-
ment at [phone] or access District Notices on our web site at www.dallasfed.org/banking/
notices/index.html.15470 Federal Register/Vol. 69, No. 58/Thursday, March 25, 2004/Proposed Rules
Deaf (TDD) only, contact (202) 263– the annual percentage rate (APR) on the FEDERAL RESERVE SYSTEM
4869. loan and the yield on Treasury
12 CFR Part 203 securities of comparable maturity;
SUPPLEMENTARY INFORMATION:
whether the loan is subject to the Home
[Regulation C; Docket No. R–1186]
I. Background Ownership and Equity Protection Act
(HOEPA); whether manufactured Home Mortgage Disclosure The Home Mortgage Disclosure Act
housing is involved; the type of lien on (HMDA), 12 U.S.C. 2801 et seq., requires
AGENCY: Board of Governors of the the property (first, subordinate, or certain depository and for-profit
Federal Reserve System. none); and certain information about nondepository institutions to collect,
ACTION: Proposed rule; request for requests for preapproval. In addition, report, and publicly disclose data about
comment on revised formats for public the regulation was amended to conform applications for, and originations and
disclosure of lending data. to changes in standards for collection of purchases of, home purchase and
applicant data on race and ethnicity certain other home-secured loans (such
SUMMARY: The Board is soliciting adopted by the Office of Management as refinanced home purchase loans) and and Budget (OMB). The first year for home improvement loans (whether disclosure of mortgage lending data which the new data will be reported is secured or unsecured). The Board’s reported pursuant to the Home Mortgage 2004; data from institutions must be Regulation C, 12 CFR Part 203, Disclosure Act and Regulation C, in submitted to the appropriate federal implements HMDA. The data reported light of revisions to Regulation C financial regulatory agency no later than include the application date; the type, requiring lending institutions to report March 1, 2005, and the data will be purpose, and amount of the loan or new loan pricing and other loan data. reflected in the public disclosures application; the date and type of action The first year for which the new data scheduled to be released in summer taken on the application; the location of will be reported is 2004; data from 2005.the property to which the loan relates; institutions are due no later than March To facilitate public access to the new the race, ethnicity, sex, and income of 1, 2005, and the data will be reflected information that will be reported, in the applicant or borrower; the type of in the public disclosures scheduled to keeping with the purposes of the act, the purchaser if the loan is sold; and the be released in summer 2005. formats for the public HMDA disclosure reasons for denial if the application is
DATES: Comments must be received by statements will be revised. The Board denied.
May 10, 2004. and the other regulatory agencies seek Pursuant to section 304(h) of HMDA,
public comment on the proposed ADDRESSES: Comments should refer to lending institutions subject to the act
formats for the revised disclosure Docket No. R–1186 and may be mailed report data on the HMDA Loan/
statements. The proposed changes to Jennifer J. Johnson, Secretary, Board Application Register (HMDA–LAR) in a
include revisions to some of the existing of Governors of the Federal Reserve loan-by-loan and application-by-
disclosure tables, deletion of one set of System, 20th Street and Constitution application form. The data are then
existing tables, and the addition of new Avenue, NW., Washington, DC 20551. submitted to the federal financial
tables. Please consider submitting your regulatory agencies. Sections 304 and
The proposed revisions to the existing comments through the Board’s Web site 310 of HMDA direct the Federal
tables are primarily to reflect the at www.federalreserve.gov/generalinfo/ Financial Institutions Examination
changes to the race and ethnicity foia/ProposedRegs.cfm, by e-mail to Council (FFIEC) to edit and process the
categories adopted by OMB and the [e-mail], or data and to produce public disclosure
itemization of data on manufactured by fax to the Office of the Secretary at statements, which are sent back to the
housing. One series of tables (Tables 6–202/452–3819 or 202/452–3102. Rules reporting institutions to be made
1 through 6–6) would be deleted proposed by the Board and other federal available to the public upon request. In
because of their perceived lack of utility agencies may also be viewed and addition, the FFIEC sends the
to HMDA data users. The proposed new commented on at www.regulations.gov. institutions’ public disclosure
tables reflect new data on rate spread, All public comments are available statements to central depositories (such
HOEPA status, lien status, preapproval from the Board’s Web site at as public libraries) in each metropolitan
requests, and manufactured housing. www.federalreserve.gov/generalinfo/ statistical area (MSA), along with
Comment is solicited on these proposed foia/ProposedRegs.cfm as submitted, aggregate disclosures covering all
revisions, deletions, and additions. except as necessary for technical reporting institutions in that MSA.
reasons. Accordingly, your comments Under section 304(h) of HMDA, the II. Explanation of Proposed Revised
will not be edited to remove any Board—in cooperation with the Office Disclosure Formats
identifying or contact information. of the Comptroller of the Currency
A. Revisions to Existing Tables and Public comments may also be viewed (OCC), the Office of Thrift Supervision
Series of Tables electronically or in paper in Room MP– (OTS), the Federal Deposit Insurance
500 of the Board’s Martin Building 20th The existing tables for each reporting Corporation (FDIC), the National Credit
and C Streets, NW.) between 9 a.m. and financial institution are Tables 1, 2, 3, Union Administration (NCUA), and the
5 p.m. on weekdays. 4–1 through 4–6, 5–1 through 5–6, 6–1 Department of Housing and Urban
FOR FURTHER INFORMATION CONTACT: through 6–6, 7–1 through 7–6, and 8–1 Development (HUD)—is directed to
Glenn Canner, Senior Adviser, Division through 8–6, and Supplemental Tables develop the format for the public
of Research and Statistics, at (202) 452– 1 and 2. There are also aggregate disclosures.
2910; or John C. Wood or Kathleen C. The Board recently completed a versions of Tables 1 through 8–6,
Ryan, Counsel, Division of Consumer review of Regulation C (see 67 FR 7222, reflecting the aggregated data of all
and Community Affairs, Board of February 15, 2002, and 67 FR 43217, reporting financial institutions in each
Governors of the Federal Reserve June 27, 2002). Amendments to the MSA. In addition, there are Aggregate
System, Washington, DC 20551, at (202) regulation adopted as a result of the Tables 9 and 10, but no versions of these
452–3667 or (202) 452–2412. For users review require institutions to report new tables for individual financial
of Telecommunications Device for the items, including a rate spread between institutions. In each case, the same<