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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 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 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 31, 2001, are exempt from data collection in 2002.

Effective January 1, 2002, 12 C.F.R. Part 203 is amended as follows:

Part 203--Home Mortgage Disclosure (Regulation C)

1. The authority citation 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.
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Title Annotation:home mortgage disclosure
Publication:Federal Reserve Bulletin
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 1, 2002
Words:237
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