Magazine article Mortgage Banking

FDIC Proposes Subprime Data Collection. (Business Alert)

Magazine article Mortgage Banking

FDIC Proposes Subprime Data Collection. (Business Alert)

Article excerpt

ACCORDING TO LOTSTEIN BUCKMAN, WASHington, D.C., the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) issued a Financial Institutions Letter on July 26 requesting comment on the addition of a proposed new schedule to the Reports of Condition and Income (Call Report) that would collect data on consumer loans in subprime lending programs. The Office of Thrift Supervision (OTS) also has proposed to collect the same data from savings associations in the Thrift Financial Report. This proposed reporting requirement, which has been approved by the Federal Financial Institutions Examination Council (FFIEC), would take effect March 31, 2003. Institutions that do not have any subprime consumer lending programs will not be required to provide any information in this new schedule.

The banking agencies issued Expanded Guidance for Subprime Lending Programs on Jan. 31, 2001. This guidance contains definitions that describe the characteristics of the terms "subprime" and "program. …

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