Academic journal article Federal Reserve Bulletin

Regulation C: Request for Comment on Proposed Revisions

Academic journal article Federal Reserve Bulletin

Regulation C: Request for Comment on Proposed Revisions

Article excerpt

The Federal Reserve Board on November 29, 2000, requested comment on proposed revisions to its Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Comments are due by March 9, 2001.

HMDA requires depository and certain for-profit nondepository institutions to collect, report, and disclose data about applications for, and originations and purchases of, home mortgage and home-improvement loans. Data reported include the type, purpose, and amount of the loan; the race or national origin, gender, and income of the loan applicant; and the location of the property. The purposes of HMDA include helping determine whether financial institutions are serving the housing needs of their communities and assisting in fair lending enforcement.

The Board's proposal incorporates suggestions received in response to the Advance Notice of Proposed Rulemaking published in 1998, as well as suggestions from discussions with a wide range of interested parties, including industry and consumer representatives and officials of financial regulatory and fair lending enforcement agencies. Other suggestions were presented at hearings held in Charlotte, Boston, Chicago, and San Francisco last summer on possible changes in the enforcement of the Home Ownership and Equity Protection Act (HOEPA).

In evaluating potential changes to the HMDA reporting requirements, the Board considered whether the changes would improve the quality and utility of the resulting data. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.