For immediate release

The Federal Reserve Board today published for public comment proposed revisions to its Regulation C, Home Mortgage Disclosure. Comment is requested by February 25, 1997. The proposed revisions, which implement a recent amendment to the Home Mortgage Disclosure Act (HMDA) contained in the Economic Growth and Regulatory Paperwork Reduction Act of 1996, would increase the exemption threshold for depository institutions. Currently, lenders are exempt from HMDA if their assets are $10 million or less. Based on the increase in the Consumer Price Index for Urban Wage and Clerical Workers (CPIW) from December 1975 to date, rounded to the nearest million, the adjusted threshold is expected to be $28 million. To ensure that the public is informed of the new threshold promptly, the Board will publish a notice with the adjusted threshold as soon as the December 1996 CPIW data become available in early January. Other proposed changes modify the disclosure requirements. In place of making disclosures available at branch offices, an institution may post a notice and provide the information upon written request. The Board's notice is attached.

Summary only | Summary and proposed regulation (33 KB PDF)

1996 Banking and consumer regulatory policy