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Federal R eserve Bank OF DALLAS W IL L IA M H. W ALLACE DALLAS, TEXAS 75222 FIRST V IC E PR ES ID EN T AND CH IEF O PER ATING O FFIC ER December 7, 1988 Circular 88-84 TO: The Chief Executive Officer of all member banks, bank holding companies and others concerned in the Eleventh Federal Reserve District SUBJECT Notice of a change in reporting requirements of the Home Mortgage Disclosure Act (HMDA) DETAILS The Board of Governors of the Federal Reserve System has issued a change in reporting requirements of the Home Mortgage Disclosure Act (HMDA) for mortgage banking subsidiaries of bank and savings and loan holding companies and certain savings and loan service corporations. Under the statutory amendments that brought these institutions within the coverage of HMDA, they were required to report mortgage loan data for all of calendar year 1988. Congress recently changed the effective date to require these institutions, in their reports, to include data only for loans originated or purchased on or after August 19, 1988. These reports will be due on March 31, 1989. ATTACHMENTS The material as published in the Federal Register is printed on the reverse of this circular. MORE INFORMATION For further information, please contact Dean Pankonien at (214) 651-6228. Sincerely yours, For additional copies of any circular please contact the Public Affairs Department at (214) 651-6289. Banks and others are encouraged to use the following incoming WATS numbers in contacting this Bank (800) 442-7140 (intrastate) and (800) 527-9200 (interstate). This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) 47862 Federal Register / Vol. 53, No. 227 / Friday, November 25, 1988 / Rules and Regulations original amendments. As a consequence, in their reports for calendar year 1988, these institutions are required to report data only for loans originated or purchased on or after August 19,1988. This notice is intended to alert institutions to the revised effective date. DATE: November 23,1988. FOR FURTHER INFORMATION CONTACT: FEDERAL RESERVE SYSTEM 12 CFR Part 203 [Reg. C; Docket No. R-0635] Home Mortgage Disclosure a g e n c y : Board of Governors of the Federal Reserve System. action : Notice regarding data reporting. SUMMARY: On August 19,1988, the Board published a revised Regulation C. Among other things, the revised regulation implemented statutory amendments that brought mortgage banking subsidiaries Of bank and savings and loan holding companies and certain savings and loan service corporations within the coverage of the Home Mortgage Disclosure Act (HMDA). Under the statutory amendments, these institutions were required to report mortgage loan data for all of calendar year 1988. More recently, however, Congress changed the effective date provision of the Thomas J. Noto or Linda E. Vespereny, Staff Attorneys, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551, at 202452-3667 or 202-452-2412; for the hearing impaired only, contact Eamestine Hill or Dorothea Thompson, Telecommunications Device for the Deaf, at 202-452-3544. SUPPLEMENTARY INFORMATION: The Board’s Regulation C (12 CFR Part 203) implements the Home Mortgage Disclosure Act of 1975 (HMDA) (12 U.S.C. 2801 et seg.). It requires depository institutions that have over $10 million in assets, and have offices in metropolitan statistical areas (MSAs) or primary metropolitan statistical areas (PMSAs), to disclose annually their originations and purchases of mortgage and home improvement loans and to report this data to federal regulators. In the Housing and Community Development Act of 1987 (Pub. L 100242, section 565,101 Stat. 1815) (Housing Act), which was signed into law on February 5,1988, the Congress expanded the coverage of HMDA to include mortgage banking subsidiaries of bank holding companies and savings and loan holding companies, as well as savings and loan service corporations. Revisions to Regulation C to implement the expanded coverage were adopted by the Board and published in the Federal Register on August 19,1988 (53 FR 31683). In accordance with the amendments in the Housing Act, the newly covered institutions were required to include, in the report that is due March 31,1989, data on loans that they originated or purchased at any time during calendar year 1988. Recently, in the Stewart B. McKinney Homeless Assistance Amendments Act of 1988 (Pub. L. 100-628,102 Stat. 3224), the Congress clarified the applicability of the Housing Act amendments to HMDA. As a consequence, mortgage banking subsidiaries of bank and savings and loan holding companies and savings and loan service corporations are required, in their March 1989 reports, only to include HMDA data for loans originated or purchased on or after August 19,1988. Board of Governors of the Federal Reserve System, November 18,1988. William W. Wiles, Secretary of the Board. [FR Doc. 88-27161 Filed 11-23-88; 8:45 am] BILLING CODE 6210-01-M