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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


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102