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Federal Reserve Bank OF DALLAS R O B E R T D. M C T E E R , J R . P R E S ID E N T DALLAS, TEXAS A N D C H IE F E X E C U T I V E O F F I C E R 75265-5906 June 9, 1997 Notice 97-53 TO: The Chief Executive Officer of each financial institution and others concerned in the Eleventh Federal Reserve District SUBJECT Final Amendment to Regulation C (Home Mortgage Disclosure) DETAILS The Board of Governors of the Federal Reserve System has issued an amendment to Regulation C (Home Mortgage Disclosure), making final an interim rule that raised the exemption level for small institutions. The interim rule was adopted in January, raising the exemption threshold from $10 million to $28 million in assets. Institutions with assets totaling $28 million or less are not required to collect HMDA in 1997. The final rule also establishes an alternative way for covered institutions to provide disclosure statements in metropolitan areas where they have branch offices, which they may begin using immediately. Disclosure statements for individual institutions are prepared by the Federal Financial Institutions Examination Council. Within three business days of receiving the statement from the Council, an institution must make a complete copy of its disclosure statement available to the public at its home office. For branch offices located in other metropolitan areas, the institution will now have the option of posting a notice informing the public that disclosures will be provided upon written request and indicating the address for sending requests. Previously, the rule required that within ten calendar days of receipt from the Council, disclosures for these branch offices be available for public inspection at one office in each metropolitan area. Individual disclosure statements pertaining to 1996 mortgage lending activity will likely be sent to reporting institutions starting in early June. Institutions may begin using the new branch disclosure approach immediately, both for the 1996 statements and for prior years’ data. For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas: Dallas Office (800) 333 -4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162, Interstate (800) 221-0363; San Antonio Branch Intrastale (800) 292-5810. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Both the branch disclosure rule and the change in the asset threshold carry out amendments to the Home Mortgage Disclosure Act that were signed into law in September 1996. ATTACHMENT A copy of the Board’s notice as it appears on pages 28620-26, Vol. 62, No. 101, of the Federal Register dated May 27, 1997, is attached. MORE INFORMATION For more information, please contact Eugene Coy at (214) 922-6201. For additional copies of this Bank’s notice, please contact the Public Affairs Department at (214) 922-5254. Sincerely yours, 286 20 Federal Register / Vol. 62, No. 101 / T u e sd a y , M ay 27, 1997 / R ules a n d R egu latio n s FEDERAL RESERVE SYSTEM 12CFR Part 203 [Regulation C; Docket No. R -0 95 1 ] Home Mortgage Disclosure Board of Governors of the Federal Reserve System. AGENCY: Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules an d Regulations ACTION: Final rule. SUMMARY: The Board is publishing final revisions to Regulation C (Home Mortgage Disclosure). The revisions im plem ent the am endm ents to the Home Mortgage Disclosure Act included in the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The action makes final an interim rule adopted in January, w hich set the assetexem ption threshold for depository institutions at $28 million. The final rule also establishes an alternative way for institutions to provide disclosure statements in m etropolitan areas where they have branch offices, w hich they may begin using immediately. In addition, the Board is extending its inform ation collection authority under the Paperwork Reduction Act for another three years, and making technical am endm ents to the transmittal sheet accompanying the loan/ application register. DATES: Effective date. This rule is effective July 1,1997. Applicability date. This rule applies to all data collection in 1997. Compliance date. Voluntary compliance w ith the disclosure provisions in § 203.5 and paragraphs III. D., E., and F. of A ppendix A to Part 203 can begin June 1,1997. FOR FURTHER INFORMATION CONTACT: Jane Jensen Gell, Senior Attorney, or Manley W illiams, Staff Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667; for the hearing im paired only, Diane Jenkins, Telecommunications Device for the Deaf, at (202) 452-3544. SUPPLEMENTARY INFORMATION: I. Background The Home Mortgage Disclosure Act of 1975 (HMDA) (12 U.S.C. 2801 et seq.) requires most mortgage lenders located in m etropolitan statistical areas (MSAs) to collect data about their housingrelated lending activity. Annually, lenders m ust file reports w ith their federal supervisory agencies and make disclosures available to the public. The Board’s Regulation C (12 CFR Part 203) carries out the provisions of HMDA. Provisions of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (the 1996 Act) (Pub. L. 104-208, 110 Stat. 3009) am ended HMDA to expand the exem ption for small depository institutions and modify the disclosure requirements. To im plem ent the am endm ents to HMDA, in December 1996 the Board published a proposal for public comment. (61 FR 68168, Dec. 27, 1996.) The Board received about 30 comment letters. The comments came from com m unity groups, financial institutions and their representatives, and financial services firms. Overall, the commenters supported the proposed amendments, although views were m ixed on some issues. Based on a review of the comment letters and upon further analysis, the Board has made some changes to the proposal, as discussed below. The revised exemption for depository institutions is applicable to all data collection in 1997. Compliance w ith the revised disclosure provisions is optional until July 1,1997, the effective date for mandatory compliance. II. Revisions A. Increasing the Exemption Based on Asset Size The 1996 Act increased the asset-size exemption for depository institutions. Previously, depository institutions w ith assets of $10 m illion or less were exempt from HMDA. The 1996 Act adjusts the $10 m illion figure by the change since 1975 in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW)—rounded to the nearest m illion—and provides for annual adjustments thereafter in accordance w ith CPIW changes. In January, the Board published an interim rule to im plem ent the first threshold change. This change reflects the change in the CPIW (not seasonally adjusted) from 1975 through 1996. On an annual average basis, the ratio of the CPIW for 1996 to the CPIW for 1975 was 2.848. Thus, the new threshold, rounded to the nearest million, is $28 million. Depository institutions w ith assets of $28 m illion or less as of December 31, 1996 are not required to collect HMDA data in 1997. (62 FR 3603, Jan. 24, 1997.) The Board is now publishing final revisions to § 203.3(a)(1)(h) of Regulation C and making conforming am endm ents to Appendix A—Form and Instructions for Completion of HMDA Loan/Application Register, and to Supplem ent I—Staff Commentary. U nder the proposal, the annual adjustments to the asset-size exem ption threshold were to be based on the change in the CPIW data for the m onth of December as com pared to the previous December, and published in the Federal Register as soon as those data became available in January. The proposal requested comment, however, on w hether the Board should base the annual adjustments on the data for the m onth of November instead, w hich w ould allow the Board to announce the new threshold by year-end. M any of the 28621 commenters on this issue recom m ended that the Board use the November data, suggesting that this could reduce burden by providing certainty and predictability of coverage for the initial weeks of the reporting year. Other commenters recom m ended using the December data because of the potential for a higher threshold. A few commenters recom m ended that the Board publish an initial threshold based on the November data and revise it upw ard, if appropriate, based on the December data. A related issue is w hether the annual adjustments should be based on the CPIW data for December of the current year as com pared to the CPIW data for December of the previous year, or on the annual average of the CPIW for the current year com pared to the annual average of the CPIW for the previous year. U nder the proposal, the annual adjustments to the asset-size exemption threshold were to be based on comparing the data for December w ith the data for the previous December. Some commenters asserted that this w ould produce undesirable volatility in the annual adjustments, especially because the Board w ould not be using seasonally adjusted numbers. Based on the comments and upon further analysis, the Board has decided to base the threshold change on the annual average of the CPIW data for the 12-month period ending in November. Because the 1996 Act provides that the increase should be based on the “ annual percentage increase,” the Board believes that comparing the average of 12 months of data w ith the average of the prior 12 m onths of data, w ould be more appropriate than comparing the data for a single m onth w ith the data for that m onth in the prior year. The Board also believes that basing the threshold change on a 12-month period ending in November rather than on a 12-month period ending in December w ould be less burdensome. This w ill allow the Board to revise the regulation and publish the new threshold in the Federal Register in December, for compliance beginning January 1. Although in some cases this could result in a lower threshold than if the Board used a 12-month average ending in December, a review of the CPIW data suggests that such instances w ould be rare. B. Alternative Disclosure Statement Bequirements The 1996 Act amends section 304 of HMDA (12 U.S.C. 2803) to provide that an institution m ust make its disclosure statement available at the institution’s home office and either (1) in at least one 28622 Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules an d Regulations branch office in each additional MSA where the institution has offices; or (2) provide notice that the disclosure statem ent is available from the home office upon w ritten request, and m ail or deliver a copy w ithin fifteen calendar days of receiving a w ritten request. The proposal did not require institutions to receive requests at their home office, but perm itted them to specify the address w here requests should be sent, for more efficient distribution of the data. The proposal also did not require an institution to post a notice identifying the address where a w ritten request should be sent. A num ber of com m unity group comm enters expressed concern that eliminating the requirem ent that the disclosure be available at certain branches w ould result in the dim inished availability of the HMDA data in m any cases, and a reduction in timely access to the data in almost all cases. They believed that these problems w ould be exacerbated if institutions did not post the address to w hich requests for disclosures should be sent. The statute requires that institutions w hich opt for the alternative branch disclosure approach m ust provide a notice at branch offices stating that the information is available from the home office upon request. This provision could be read to require that requests go to institutions’ home offices, but the Board does not believe that such a strict interpretation is necessary. The intent of the provision is to reduce burden w hile preserving the public availability of the data. The Board believes that if an institution chooses to specify a service center or a central location for requests relating to all banks in a m ultibank holding company, for example, that is permissible. After consideration of the comments and u pon further analysis, however, the Board has determ ined that to preserve the public availability of the data, it is reasonable and appropriate to require banks to post the address to w hich a request should be sent. Accordingly, the final rule permits institutions that elect to provide the inform ation upon request instead of at one branch per MSA, to select the address to w hich requests should be sent, but requires them to post that address in each branch office in an MSA. The Board believes that this approach w ill best satisfy the am endm ent’s goals of reducing compliance burden w hile preserving the prom pt public availability of the data. The Board has revised § 203.5 and A ppendix A—Form and Instructions for Completion of HMDA Loan/Application Register accordingly. Because the requirements for public disclosure of the disclosure statement differ from the requirem ents for the m odified loan application register, the Board has also reorganized several paragraphs in A ppendix A, Section III. Submission of HMDA-LAR and Public Release of Data to clarify the requirements. A cross reference in S upplem ent I—Staff Commentary has been revised accordingly. As part of this reorganization, the Board has clarified some requirem ents that may have been ambiguous. For example, the revised section makes clear that an institution need not prepare a modified loan application register in advance of receiving a request for it. C. Revisions to the HMDA Loan/ Application Register The Board proposed to make three m inor revisions to the HMDA loan/ application register, and has adopted the changes generally as proposed. First, the Board deleted the requirem ent to list the nam e and address of the respondent’s supervisory agency. Because respondents m ust report the agency code, this additional requirem ent was unnecessary. Second, to facilitate prom pt communication, the Board added a blank for the respondent’s facsimile number. Third, the Board added a notice required under the Paperwork Reduction Act, but shifted the location of that notice from the transm ittal form to the Paperwork Reduction Act Notice section of the Instructions for Completion of the HMDA Loan/A pplication Register. III. Regulatory Flexibility Analysis In accordance w ith section 3(a) of the Regulatory Flexibility Act (5 U.S.C. 604), the Board’s Office of the Secretary has reviewed the am endm ents to Regulation C. Overall, the am endm ents reduce the burden on small entities. The regulatory revisions im plem ent the 1996 Act which, in part, increases the exemption threshold for depository institutions. The 1996 Act also creates an alternative means for making branch disclosures available. The Board certifies that the regulatory revisions w ill not have an adverse effect on a substantial num ber of small entities. IV. Paperwork Reduction Act A. Paperwork Burden The revisions to the information collection requirem ents are found in 12 CFR 203.3, 203.5, and A ppendix A to Part 203 and im plem ent the data collection and reporting requirements established by the Home Mortgage Disclosure Act. The respondents are mortgage lenders in m etropolitan areas. Under the act, each respondent must make its loan/application register available to the public for three years; and m ust provide for five years the disclosure statem ent that the Federal Financial Institutions Examination Council prepares from the data subm itted by the respondent. The data provide the public and government officials w ith inform ation to enable them to determ ine w hether mortgage lenders are fulfilling the housing needs of the comm unities and neighborhoods in w hich they are located and to assist public officials in their determ ination of the distribution of public sector investments. The am endm ents decrease the num ber of respondents and ease com pliance w ith the public disclosure requirem ents of the regulation. The am endm ents directly affect small businesses; many are no longer required to collect, report, or disclose the information. Regulation C applies to all types of financial institutions and other mortgage-lending institutions that meet the coverage tests. Under the Paperwork Reduction Act, however, the Board accounts for the paperwork burden associated w ith Regulation C only for state member banks, their subsidiaries, subsidiaries of bank holding companies, and other entities regulated by the Federal Reserve. Any estimates of paperwork burden for other respondents are provided by the federal agency or agencies that supervise them. The Board estimates that the effect of the am endm ents on the burden per response is negligible. The estimated burden per response varies from 10 to 10,000 hours, depending on individual circumstances, w ith estim ated averages of 202 hours for state member banks and 160 hours for mortgage banking subsidiaries. It is estimated that of the 565 state member banks that were covered in 1996 because their assets exceeded the $10 m illion threshold, 39 w ill be exempt as a result of the higher threshold. The 93 mortgage banking subsidiaries reporting HMDA data to the Federal Reserve rem ain covered. The total am ount of annual burden is estimated to decrease from 129,168 hours to 121,368 because of these exemptions. The Board estimates that there w ould be no capital or start-up cost associated w ith these amendments, and that there is no annual cost burden beyond the estimated burden hours. The Board did not receive any comments specifically addressing the burden estimate. Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules an d Regulations B. OMB Control Number Under the Paperwork Reduction Act, an agency may not conduct or sponsor, and an organization is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The Federal Reserve’s OMB control num ber applicable to the HMDA-LAR data collection is 71000247. 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. Section 203.3 is am ended by revising paragraph (a)(l)(ii) to read as follows: § 203.3 Exem pt institutions. (a) Exemption based on location, asset C. Confidentiality size, or number o f home purchase loans. The Board has previously determ ined that the HMDA loan/application register is required by law (12 U.S.C. 28012810; 12 CFR Part 203) and com pletion of the register, subm ission to the appropriate federal supervisory agency, and disclosure to the public on request are mandatory. The data, as modified according to A ppendix A of the regulation (paragraph III.E.), are made publicly available and are not considered confidential. Information th at m ight identify individual borrowers or applicants is given confidential treatm ent u nd er exem ption 6 of the Freedom of Information Act (5 U.S.C. 552(b)(6)). D. Extension o f Authority In accordance w ith the Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR 1320 A ppendix A .l), the Board has review ed Regulation C u n der the authority delegated to the Board by the Office of Management and Budget. The Board is extending the authority to collect the HMDA loan/application register for three years through May 31, * * * (ii) The institution’s total assets were at or below the asset threshold established by the Board. For data collection in 1997, the asset threshold is $28 m illion as of December 31,1996. For subsequent years, the Board will adjust the threshold based on the yearto-year change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers, not seasonally adjusted, for each tw elve m onth period ending in November, with rounding to the nearest million. The Board will publish any adjustm ent in the asset figure in December. * * * * * * Disclosure and reporting. * * statement need only contain data relating to the MSA for w hich the request is made). Including the address in the general notice required under paragraph (e) of this section satisfies this requirement. (c) Public disclosure o f loan application register. * * * The modified register need only contain data relating to the MSA for w hich the request is made. * * * * * (e) Notice o f availability. A financial institution shall post a general notice about the availability of its HMDA data in the lobby of its home office and of each branch office located in an MSA. It shall prom ptly upon request provide the location of the institution’s offices where the statement is available for inspection and copying, or it may include the location in the notice. 4. In A ppendix A to Part 203 under the heading Paperwork Reduction A ct Notice, the undesignated paragraph is revised to read as follows: Appendix A to Part 203—Form and Instructions for Completion of HMDA Loan/ Application Register * 3. Section 203.5 is am ended as follows: a. Paragraph (b) is revised; b. Under paragraph (c), the last sentence is revised; and c. Paragraph (e) is revised. The revisions and additions read as follows: § 2 0 3.5 28623 * (b) Public disclosure o f statement. (1) 2000 . A financial institution shall make its mortgage loan disclosure statem ent (to E. Request for Comments be prepared by the Federal Financial The Board has a continuing interest in Institutions Examination Council) the p u blic’s opinions of Federal Reserve available to the public at its home office collections of information. Comments no later than three business days after regarding the burden estimate, or any receiving it from the Examination other aspect of this collection of Council. information, including suggestions for (2) In addition, a financial institution reducing the burden, may be sent at any shall either: time to: Secretary, Board of Governors of (i) Make its disclosure statement the Federal Reserve System, 20th and C available to the public (within ten Streets, N.W., W ashington, DC 20551; business days of receiving it) in at least and to the Office of Management and one branch office in each additional MSA where the institution has offices Budget, Paperwork Reduction Project (the disclosure statement need only (7100-0247), Washington, DC 20503. contain data relating to the MSA where List of Subjects in 12 CFR Part 203 the branch is located); or (ii) Post the address for sending Banks, banking, Consumer protection, w ritten requests for the disclosure Federal Reserve System, Mortgages, statement in the lobby of each branch Reporting and recordkeeping office in an MSA where the institution requirements. has offices, and mail or deliver a copy For the reasons set forth in the of the disclosure statement, w ithin preamble, the Board amends 12 CFR fifteen calendar days of receiving a part 203 as follows: w ritten request (the disclosure Paperwork Reduction A ct Notice Public reporting burden for collection of this information is estimated to vary from 10 to 10,000 hours per response, with an average of 202 hours per response for state member banks and 160 hours per response for mortgage banking subsidiaries, including time to gather and maintain the data needed and to review instructions and complete the information collection. This report is required by law (12 U.S.C. 2801—2810 and 12 CFR part 203). An agency may not conduct or sponsor, and an organization is not required to respond to, a collection of information unless it displays a currently valid OMB Control Number. The OMB Control number for this information collection is 7100-0247. Send comments regarding this burden estimate or any other aspect of this collection of information, including suggestions for reducing the burden, to Secretary, Board of Governors of the Federal Reserve System, Washington, D.C. 20551; and to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, D.C. 20503. * * * * * 5. Paragraph I of Appendix A to Part 203 is am ended as follows: a. Paragraph A. is am ended by redesignating the introductory text, paragraph 1., and paragraph 2., as paragraph 1., paragraph l.a., and paragraph l.b., respectively; b. Newly designated paragraph l.a. is revised; c. A new paragraph 2. is added; and d. The undesignated paragraph EXAMPLE, is designated as paragraph 3. and revised. 28624 Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules and Regulations The addition and revisions read as follows: * * * * * I. Who Must File a Report A. Depository Institutions * * * а. Had assets of more than the asset threshold for coverage as published by the Board each year in December, and * * * 2. For data collection in 1997, the asset threshold is $28 million in total assets as of December 31, 1996. 3. Example. If on December 31 you had a home or branch office in an MSA and your assets exceeded the asset threshold, you must complete a register that lists the homepurchase and home-improvement loans that you originate or purchase (and also lists applications that did not result in an origination) beginning January 1. * * * * * б . Paragraph III. of A ppendix A to Part 203 is am ended as follows: a. Paragraph D. is revised; b. U nder paragraph E., paragraph 2. is revised and a new paragraph 3. is added; c. Paragraph F. is removed; and d. Paragraph G. is redesignated as paragraph F., and in new ly redesignated paragraph F, the first paragraph following the heading is designated as paragraph 1. and a new heading is added to the new ly designated paragraph 1., and paragraph 2. is added after the Home Mortgage Disclosure Act Notice. The revisions and additions read as follows: * * * * * III. Submission of HMDA-LAR and Public Release of Data * * * * * D. Availability o f disclosure statement. 1. The Federal Financial Institutions Examination Council (FFIEC) will prepare a disclosure statement from the data you submit. Your disclosure statement will be returned to the name and address indicated on the transmittal sheet. Within three business days of receiving the disclosure statement, you must make a copy available at your home office for inspection by the public. For these purposes a business day is any calendar day other than a Saturday, Sunday, or legal public holiday. You also must either: a. Make your disclosure statement available to the public, within ten business days of receiving it from the FFIEC, in at least one branch office in each additional MSA where you have offices (the disclosure statement need only contain data relating to properties in the MSA where the branch office is located); or b. Post in the lobby of each branch office in an MSA the address where a written request for the disclosure statement may be sent, and mail or deliver a copy of the statement to any person requesting it, within fifteen calendar days of receiving a written request. The disclosure statement need only contain data relating to the MSA for which the request is made. 2. You may make the disclosure statement available in paper form or, if the person requesting the data agrees, in automated form (such as by PC diskette or computer tape). E. Availability of modified loan application register. * * * * * 2. You may make the modified register available in paper or automated form (such as by PC diskette or computer tape). Although you are not required to make the modified loan application register available in census-tract order, you are strongly encouraged to do so in order to enhance its utility to users. 3. You must make your modified register available following the calendar year for which the data are complied, by March 31 for a request received on or before March 1, and within 30 days for a request received after March 1. You are not required to prepare a modified loan application register in advance of receiving a request from the public for this information, but must be able to respond to a request within 30 days. A modified register need only reflect data relating to the MSA for which the request is made. F. Posters. 1. Suggested language. * * * 2. Additional language for institutions making the disclosure statement available upon request. For an institution that makes its disclosure statement available upon request instead of at branch offices must post a notice informing the public of the address to which a request should be sent. For example, the institution could include the following sentence in its general notice: “To receive a copy of these data send a written request to [address].” * * * * * 7. In A ppendix A to part 203, the LOAN/APPLICATION REGISTER Transmittal Sheet is revised to read as follows: * * * * * BILLING CODE 6210 -01 -P Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules an d R egulations LOAN/APPLICATION REGISTER TRANSMITTAL SHEET You must complete this transmittal sheet (please type or print) and attach it to the Loan/Application Register, required by the Home Mortgage Disclosure Act, that you submit to your supervisory agency. Agency Reporter’s Identification Number Code •—I__I_I__I_I_I_I_I_f_I - 1_I Reporter’s Tax Identification N umber Total line entries contained in attached Loan/Application Register I__I_I - 1__________________________________________________ The Loan/Application Register that is attached covers activity during the year_____and contains a total o f ___ pages. Enter the name and address of your institution. The disclosure statement that is produced by the Federal Financial Institutions Examination Council will be mailed to the address you supply below: Name o f Institution Address City, State, ZIP Enter the name, telephone number, and facsimile number of a person who may be contacted about questions regarding your register: ( _ _ > _______________________ Name applicable) (— ). Telephone N umber Facsim ile Number (if If your institution is a subsidiary of another institution or corporation, enter the name of your parent: Name Address City, State, ZIP An officer of your institution must complete the following section. I certify to the accuracy of the data contained in this register. Name o f O fficer D ate BILLING CODE 6210 -01 -C Signature 28625 28626 * * Federal Register / Vol. 62, No. 101 / Tuesday, May 27, 1997 / Rules an d Regulations * * * Section 203.5— Disclosure a nd Reporting 8. Supplem ent I to Part 203 is am ended as follows: a. U nder Section 203.3—Exempt Institutions, u nd er 3(a) Exemption 5(e) N otice o f availability. 1. Poster—suggested text. * * * (Appendix A of this part, paragraph III.F.) based on location, asset size, or number o f bome-purchase loans, the second sentence of Paragraph 1. General is By order of the Board of Governors of the Federal Reserve System, May 19,1997. William W. Wiles, Secretary o f th e Board. [FR Doc. 97-13593 Filed 5 -23-97; 8:45 am] revised; and b. U nder Section 203.5—Disclosure and Reporting, under 5(e) Notice of availability, the parenthetical at the end of Paragraph 1. Poster—suggested text is revised. The revisions read as follows: Supplement I to Part 203—Staff Commentary * * * * * Section 203.3—E xem pt Institutions 3(a) E xem ption based on location, asset size, or num ber o f hom e-purchase loans. 1. General. * * * For example, a bank whose assets are at or below the threshold on December 31 of a given year reports data for that full calendar year, in which it was covered, but does not report data for the succeeding calendar year. * * * * * * * * BILLING CODE 6210 -01 -P
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