Final rule--amendment to Regulation C. (Legal Developments).
The Board of Governors is amending 12 C.F.R. Part 203, its Regulation C (Home Mortgage Disclosure). The Board is required to adjust annually the asset-size exemption threshold for depository institutions Depository institution
A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. The present adjustment reflects changes for the twelve-month period ending in November November: see month. 2001. During this period, the index increased by 2.91 percent; as a result, the exemption threshold is increased to $32 million. Thus, depository institutions with assets of $32 million or less as of December December: see month. 31, 2001, are exempt from data collection in 2002.
Effective January January: see month. 1, 2002, 12 C.F.R. Part 203 is amended a·mend
v. a·mend·ed, a·mend·ing, a·mends
1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.
2. as follows:
Part 203--Home Mortgage Disclosure (Regulation C)
1. The authority citation Citation
(foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. for Part 203 continues to read as follows:
Authority: 12 U.S.C. 2801-2810.
2. In Supplement I to Part 203, under Section 203.3--Exempt Institutions, under 3(a) Exemption based on location, asset size, or number of home-purchase loans, paragraph 2 is revised to read as follows:
Supplement I to Part 203--Staff Commentary
Section 203.3--Exempt Institutions
3(a) Exemption based on location, asset size, or number of home-purchase loans.
2. Adjustment of exemption threshold for depository institutions. For data collection in 2002, the asset-size exemption threshold is $32 million. Depository institutions with assets at or below $32 million are exempt from collecting data for 2002.