The Home Mortgage Disclosure Act (HMDA), enacted by Congress in 1975 and implemented by the Federal Reserve Board's Regulation C, requires lending institutions to report public loan data.
2010 asset-size exemption threshold
- Source: Federal Reserve Board published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C Federal Reserve, December 22, 2009
Federal Reserve Board on Tuesday published its annual notice of the asset-size exemption threshold for depository institutions under Regulation C.
The asset-size exemption for depository institutions will remain $39 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 2009. As a result, depository institutions with assets of $39 million or less as of December 31, 2009, are exempt from collecting data in 2010. An institution's exemption from collecting data in 2010 does not affect its responsibility to report the data it was required to collect in 2009.
The adjustment is effective January 1, 2010.
HMDA and the Board's Regulation C require most mortgage lenders located in metropolitan areas to collect, report, and disclose data about applications for, and originations and purchases of, home purchase 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; the location of the property; and loan price information for some loans. 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.