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Inactive Financial Institution Letters 

Home Mortgage Disclosure Act

FIL-7-98
January 14, 1998

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Asset Threshold for Reporting Calendar Year 1998 HMDA Data

The Board of Governors of the Federal Reserve System has published the attached revisions to its staff commentary that interprets the requirements of Regulation C, Home Mortgage Disclosure.

The Federal Reserve Board is required to adjust annually the Home Mortgage Disclosure Act (HMDA) asset-size exemption threshold for depository institutions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The adjustment reflects changes for the 12-month period ending each November. In 1998, depository institutions with assets totaling $29 million or less are not required to collect HMDA data. This rule became effective January 1, 1998.

As a reminder, HMDA data for calendar year 1997 are due to the Federal Reserve Board in Washington, DC, by March 2, 1998. Late filers may be subject to the imposition of civil money penalties.

For further information, please contact your regional office of the FDIC's Division of Compliance and Consumer Affairs on the attached list.

Carmen J. Sullivan
Director

Attachments (both available electronically at FDIC's web site, /banknews)
1. FDIC Regional Offices (4 kb, PDF help or hard copy)
2. Dec. 18 Federal Register, pages 66259-66260.

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 07/17/1999 communications@fdic.gov