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F e d er a l R e se r v e Ba n k DALLAS. TEXAS of Dallas 75222 Circular No. 81-194 October 6, 1981 REGULATION C TO ALL MEMBER BANKS IN THE ELEVENTH FEDERAL RESERVE DISTRICT: Enclosed is a copy of the Regulation C Pamphlet, Home Mortgage Disclosure, effective June 28, 1978; revised effective August 4, 1981. Please destroy the Regulation C Pamphlet dated June 28, 1976 currently in your binder and insert the new pamphlet. The new pamphlet has been punched for insertion in Vol. II of your Regulations Binders. Also, enclosed is a copy of the lobby notice as required by the regulation. Additional copies of the pamphlet, lobby notice, and the circular will be furnished upon request to the Department of Communications, Financial and Community Affairs of this Bank, Ext. 6289. Sincerely yours, William H. Wallace First Vice President Enclosure B a n k s a n d o t h e r s a r e e n c o u r a g e d to u s e th e fo llo w in g in c o m in g W A T S n u m b e r s in c o n ta c tin g th is Bank: 1-800-442-7140 (in tr a s t a te ) a n d 1-800-527-9200 (in te r s ta te ). F o r c a lls p la c e d lo cally, p l e a s e u s e 651 plus th e e x te n s io n referred to above. This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org) Board of Governors of the Federal Reserve System Regulation C Home Mortgage Disclosure 12 CFR 203; effective June 28, 1978; revised effective August 4, 1981 Contents Page Page Section 203.1—Authority, purpose, and scope................................................ (a) A uthority............................... (b) Purpose................................... (c) Scope....................................... (d) Central data repositories......... Section 203.2—Definitions................. (a) Act ......................................... (b) Branch office.......................... (c) Depository institution............ (d) FHA, FmHA, or VA loans . . . . (e) Home improvement................. (f) Home purchase lo a n ............... (g) State ........................................ Section 203.3—Exemptions................. (a) Asset size and location............. (b) State law .................................. (c) Change of status....................... Section 203.4—Compilation of loan d a ta .................................................. (a) Data to be included................. (b) F o rm at.................................... (c) Excluded data........................... (d) SMSAs and census tracts.......... 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 3 3 Section 203.5—Disclosure and reporting requirements..................... (a) Time requirements for disclosure statements............... (b) Offices at which disclosure statements are to be made available................................... (c) Manner of making disclosure statements available................. (d) Notice of availability............... (e) Reporting requirements........... 4 4 4 Section 203.6—Administrative enforcement and sanctions for violations.......................................... (a) Administrative enforcement . . . (b) Sanctions for violations........... 4 4 4 Appendix A—Federal enforcement agencies............................................ 4 Appendix B—State exemptions............ 4 HOME MORTGAGE DISCLOSURE ACT.................................................. 7 3 3 3 Regulation C Home Mortgage Disclosure 12 C F R 203*; effective Ju n e 28, 1978; revised effective A u gu st 4, 1 9 8 1 | SECTION 203.1—A uthority, Purpose, and Scope (a) Authority.T\m regulation is issued by the Board of Governors of the Federal Reserve System pursuant to the Home Mortgage Dis closure Act of 1975, as amended (title 12, sec tions 2801 through 2811 of the United States Code). (b) Purpose. The purpose of this regulation is to provide the public with loan data to deter mine whether depository institutions are serv ing the housing needs of the communities and neighborhoods in which they are located. The purpose is also to assist public officials in dis tributing public-sector investments so as to at tract private investment to neighborhoods where it is needed. This regulation is not in tended to encourage unsound lending prac tices or the allocation of credit. (c) Scope. This regulation applies to deposi tory institutions that make federally related mortgage loans. It requires a covered deposi tory institution to disclose loan data at certain of its offices and to report the data to its su pervisory agency. (d) Central data repositories. The act requires that the loan data be made available at central data repositories located within each standard metropolitan statistical area. It also requires the Federal Financial Institutions Examina tion Council to aggregate mortgage loan data for all institutions in each standard metropoli tan statistical area, showing lending patterns by location, age of housing stock, income lev el, and racial characteristics. A listing of cen tral data repositories can be obtained from the Department of Housing and Urban Develop ment, Washington, D.C. 20410, or from any of the agencies listed in appendix A. * Code of Federal Regulations, title 12, chapter II, part 203. t The lobby notice requirem ent (§ 203 .5(d)) is effective September 30, 1981. SECTION 203.2—Definitions For the purposes of this regulation, the fol lowing definitions apply: (a) Act means the Home Mortgage Disclo sure Act of 1975 (title III of Public Law 94 200), as amended in 1980 (title III of Public Law 96-399), codified in title 12, sections 2801 through 2811 of the United States Code. (b) Branch office means an office approved as a branch of the depository institution by its federal or state supervisory agency, but ex cludes free-standing automated teller ma chines and other electronic terminals. (c) Depository institution means a commer cial bank, savings bank, savings and loan asso ciation, building and loan association, home stead association (including a cooperative bank), or credit union, that makes federally related mortgage loans.1 A majority-owned nondepository subsidiary is deemed to be part of its parent depository institution for the pur poses of this regulation. A majority-owned de pository subsidiary may, at the parent deposi tory institution’s option, be treated as part of its parent or as a distinct entity. 1 “ Federally related mortgage loan” means any loan (other than tem porary financing such as a construction loan) that ( i) Is secured by a first lien on residential real property (including individual units of condominiums and coop eratives) that is designed principally for the occupancy o f from one to four families and is located in a state; and (ii) (A ) Is made in whole or in part by a depository institution the deposits or accounts o f which are in sured by an agency o f the federal government, o r by a depository institution th a t is regulated by an agency o f the federal government; or (B ) Is made in whole or in part, or is insured, guaran teed, supplemented, or assisted in any way, by the secretary of H ousing and Urban Developm ent o r any other officer o r agency of the federal government o r under or in connection with a housing or urban devel opment program administered by any such officer or agency; or (C ) Is intended to be sold by the depository institu tion that originates the loan to the Federal National M ortgage Association, the G overnm ent National M ortgage Association, or the Federal Home Loan M ortgage Corporation, or to a financial institution from which it is to be purchased by the Federal Home Loan M ortgage Corporation. 1 $203.2 (d) Federal Housing Authority (FHA), Farm ers Home Administration (FmHA), or Veter ans Administration (VA) loans means mort gage loans insured under title 11 of the Na tional Housing Act or under title V of the Housing Act of 1949 or guaranteed under chapter 37 of title 38 of the United States Code. (e) Home improvement loan means any loan, including a refinancing, (i) whose proceeds, as stated by the borrower to the lender at the time of the loan application, are to be used for repairing, rehabilitating, or remodeling a resi dential dwelling located in a state; and (ii) that is recorded on the depository institution’s books as a home improvement loan.2 (f) Home purchase loan means any loan, in cluding a refinancing, secured by and made for the purpose of purchasing residential real property located in a state (including single family homes, dwellings for from two to four families, other multifamily dwellings, and individual units of condominiums or cooperatives).3 The term does not include temporary financing (such as a bridge loan or a construction loan) or the purchase of an in terest in a pool of mortgage loans (such as mortgage participation certificates issued or guaranteed by the Federal Home Loan Mort gage Corporation, the Government National Mortgage Association, or the Farmers Home Administration). (g) State means any state of the United States of America, the District of Columbia, and the Commonwealth of Puerto Rico. SECTION 203.3—Exemptions (a) Asset size and location. A depository in stitution is exempt from all requirements of this regulation— (1) If its total assets on December 31 are $10,000,000 or less; or (2) If it has neither a home office nor a branch office in a standard metropolitan 2 See footnote 3. 8 A n institution may categorize a first-lien loan made for home improvement purposes as a home purchase loan if th at is the m anner in which it normally records first-lien loans. Regulation C statistical area (SMSA) as defined by the U.S. Department of Commerce. (b) State law. A state-chartered depository institution is exempt from the requirements of this regulation if it is subject to state laws that contain, as determined by the Board in ac cordance with appendix B, (1) requirements substantially similar to those imposed by this regulation, and (2) adequate provisions for enforcement. For purposes of data aggrega tion, however, an institution exempted under this paragraph shall submit the data required by the disclosure laws of its state to its state supervisory agency. (c) Change o f status. (1) An institution that becomes subject to the requirements of this regulation shall compile loan data begin ning with the calendar year following the year in which it becomes subject, except that— (2) An institution that is exempt under section 203.3(b) and that subsequently los es its exemption shall compile loan data in compliance with this regulation beginning with the calendar year following the year for which it last reported loan data under the state disclosure law. SECTION 203.4— Compilation of Loan Data (a) Data to be included. A depository institu tion shall compile data on the number and total dollar amount4 of home purchase and home improvement loans that it originates and purchases, for each calendar year begin ning with calendar year 1981. (b) Format The loan data shall be compiled separately for originations and purchases, us ing the form set forth in appendix C, and shall be itemized as follows: (1) Geographic itemization. The loan data 4 ‘T otal dollar amount” means (i) the original principal amount of loans originated by the depository institution (to the extent of its ownership interest, when the loan is made jointly or cooperatively) and (ii) the unpaid balance of loans purchased by the depository institution (to the extent of its ownership interest in such purchased loans). For home improvement loans, whether originated or pur chased, the amount to be reported may include unpaid fi nance charges. Regulation C shall be itemized by standard metropolitan statistical area (SMSA). Within each SMSA, the data shall be further itemized by the census tract in which the property to be purchased or improved is located, except that— (i) If the property is located in a county with a population5 of 30,000 or less or in an area that has not been assigned census tracts, itemization by county shall be used instead of itemization by census tract. (ii) If the property is located outside any SMSA, or is located in an SMSA in which the institution has neither a home nor a branch office, no itemization (by SMSA, county, or census tract) is re quired and the data for all such loans shall instead be listed as an aggregate sum. (2) Type-of-loart itemization.The loan data within each geographic category described in paragraph (b)(1) of this section shall be further itemized as follows: (i) FHA, FmHA, and VA loans on oneto-four family dwellings; (ii) Other home purchase (convention al) loans on one-to-four family dwellings; (iii) Home improvement loans on oneto-four family dwellings; (iv) Total home purchase and home im provement loans on dwellings for more than four families; and (v) Total home purchase and home im provement loans on one-to-four family dwellings (from categories (i), (ii), and (iii) above) made to any borrower who did not, at the time of the loan applica tion, intend to use the property as a prin cipal dwelling.6 This addendum item is not required for loans on property in the 5 The population is to be determ ined by reference to the “ 1980 Census o f Population, N U M B ER O F IN H A B I TA N TS, PC80-1-A” series prepared by the B ureau o f the Census, U.S. D epartm ent o f Commerce, W ashington, D.C. 20233. U ntil this publication becomes available, county population shall be determ ined using the “ 1980 Census of Population and Housing, F IN A L PO PU L A TIO N A N D H O U SIN G U N IT COUNTS (A dvance R eports), PHC80V” series, also prepared by the B ureau o f th e Census. 6 A depository institution may assume, unless its records contain inform ation to the contrary, th a t a loan th at it pu r chases does not fall w ithin this category. § 203.5 outside-SMSAs category described in paragraph (b)(1) (ii) of this section. (c) Excluded data. A depository institution shall not disclose loan data for (1) Loans originated and purchased by the depository institution acting as trustee or in some other fiduciary capacity; (2) Loans on unimproved land; or (3) Refinancings that the depository insti tution originates, if there is no increase in the principal that is outstanding on the ex isting loan at the time of the refinancing and if the institution and the borrower are the same parties on the existing loan and the refinancing. (d) SMSAs and census tracts. For purposes of geographic itemization— (1) A depository institution shall use the SMSA boundaries defined by the U.S. De partment of Commerce, Washington, D.C. 20233, as of the first day of the calendar year for which the data are compiled. (2) A depository institution shall use the census tract numbers and boundaries on the census tract maps in the “ 1980 Census of Population and Housing, CENSUS TRACTS, PHC80-2” series prepared by the Bureau of the Census.7 If a census tract number is duplicated within an SMSA, then the census tract shall also be identified by county, city, or town name. SECTION 203.5— Disclosure and Reporting Requirements. (a) Time requirements for disclosure state ments. A depository institution shall make its loan data disclosure statements available to the public by March 31 following the calendar year for which the data were compiled, and shall continue to make them available for five years from that date. (b) Offices at which disclosure statements are to be made available. (1) A depository in stitution shall make a complete disclosure statement available at its home office. 7 A n institution may use either 1970 o r 1980 census tract boundaries in geocoding loans in an SMSA until th e 1980 census tra c t outline m aps for th a t SMSA become available from the B ureau o f the Census. 3 § 203.5 (2) A depository institution shall also make a disclosure statement available in at least one branch office in each SMSA where it has offices, other than the SMSA in which the home office is located. The state ment at a branch office may omit, at the option of the institution, all data other than the data relating to property located in the SMSA where that branch is located. (3) Upon request, a depository institution shall promptly provide information regard ing the office(s) of the institution where its disclosure statements are available. (c) Manner o f making disclosure statements available. A depository institution shall make its loan data disclosure statements available to anyone requesting them for inspection or copying during the hours the office is normal ly open to the public for business. A deposito ry institution that provides photo-copying fa cilities may impose a reasonable charge for this service. (d) Notice o f availability. A depository insti tution shall provide notice of the availability of its mortgage loan data by posting a notice in the lobbies of its home and branch offices that are located in SMSAs. (e) Reporting requirements. For purposes of data aggregation, a depository institution shall send two copies of its complete disclosure statement to the regional office of its enforce ment agency by March 31 following the calen dar year for which the data were compiled. SECTION 203.6—Administrative Enforcement and Sanctions for Violations. (a) Administrative enforcement. As set forth more fully in sections 305(b) and 306(b) of the act, compliance with the act and this regu lation is enforced by the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Home Loan Bank Board, and the Na tional Credit Union Administration. (b) Sanctions for violations. (1) A violation of the act or this regulation is subject to administrative sanctions as provided in sec tion 305(c) of the act. Regulation C (2) An error in compiling or disclosing re quired data is not considered a violation of the act or this regulation if the error was unintentional and resulted from a bona fide mistake despite the maintenance of proce dures reasonably adapted to avoid such an error. APPENDIX A — Federal Enforcement Agencies The following list indicates which federal agency enforces Regulation C for particular classes of institutions. Any questions concern ing compliance by a particular institution should be directed to the appropriate enforc ing agency. National Banks Comptroller of the Currency Office of Customer and Community Programs Washington, D.C. 20219 State Member Banks Federal Reserve Bank serving the district in which the state member bank is located. Nonmember Insured Banks and Mutual Sav ings Banks Federal Deposit Insurance Corporation re gional director for the region in which the bank is located. Savings Institutions Insured by the FSLIC and Members o f the FHLB System (except for Savings Banks insured by FDIC) The Federal Home Loan Bank Board supervi sory agent in the district in which the institu tion is located. Credit Unions Office of Consumer Affairs National Credit Union Administration 1776 G Street, N.W. Washington, D.C. 20456 Other Depository Institutions Federal Deposit Insurance Corporation re gional director for the region in which the in stitution is located. APPENDIX B — State Exemptions (a) Application. Any state,1 state-chartered 1 “ State" includes any subdivision o f a state. Regulation C depository institution, or association of such depository institutions may apply to the Board pursuant to this appendix and the Board’s Rules of Procedure (12 CFR 262) for an exemption under section 203.3(b). Such an exemption requires a determination that a state-chartered depository institution is sub ject to state law requirements2 substantially similar to those imposed by this regulation, and that there is adequate provision for en forcement of those requirements. (b) Supporting documents. The application, which may be made by letter, shall include— (1) A copy of the full text of the relevant state law, including provisions for enforcement; (2) A statement of reasons why the state requirements are substantially similar to those imposed by the act and this regula tion, including an explanation*why any dif ferences are not significant; and (3) An undertaking to inform the Board within 30 days of the occurrence of any change in the relevant state law. (c) Public notice o f filing. The Board will publish in the Federal Register notice of the filing of an application that complies with the above requirements. A copy of the application will be made available for examination during business hours at the Board and at the Federal Reserve Bank of each Federal Reserve Dis trict in which the applicant is situated. The Board will provide a period of time for inter ested persons to submit written comments. For multiple applications concerning the same state law, the Board may (1) consolidate the notice of receipt of all such applications in one Federal Register notice, and (2) dispense with publication of notice of applications subse quently received. 2 “ State law” includes any regulations which im plement the law, any official interpretations o f the law, and regula tions o f a state agency o r departm ent th a t has jurisdiction over a class(es) o f depository institutions. Appendix B (d) Grant o f exemption. If the Board deter mines that some or all state-chartered deposi tory institutions are subject to requirements substantially similar to those imposed by this regulation, and that there is adequate provi sion for enforcement, the Board will exempt such institution(s) from the requirements of this regulation (except as specified in section 203.3(b)) by publishing notice of the exemp tion in the Federal Register. The Board also will furnish a copy of the notice to the appli cant, to each state authority responsible for administrative enforcement of the state law, to the regulatory authorities specified in section 305(b) of the act, and to each participant in the proceeding. (e) Subsequent amendments; revocation o f exemption. (1) The Board will inform the ap propriate state official of any subsequent amendments to this regulation (including published interpretations of the Board) that might require amendment of the state law. The Board may require reapplication for an exemption. (2) The Board reserves the right to revoke an exemption if at any time it determines that state law does not in fact impose re quirements substantially similar to those imposed by this regulation, or that there is not in fact adequate provision for enforcement. (3) The Board will publish notice of its in tent to revoke an exemption in the Federal Register and will send the notice to the ap propriate state official. The Board will allow time after publication for interested persons to submit written comments. (4) If an exemption is revoked, the Board will publish notice of the revocation in the Federal Register and will send a copy of the notice to the appropriate state official and to the regulatory authorities specified in section 305(b) of the act. (5) The Board may dispense with the pro cedures set forth in this section in any case in which it finds such procedures unnecessary. Home Mortgage Disclosure Act 12 USC 2801-2811; 89 Stat. 1125; Pub. L. 94-200, Title III (December 31,197S) TITLE III— HOME MORTGAGE DISCLOSURE Section 301 Short title 302 Findings and purposes 303 Definitions 304 Maintenance of records and public disclosure 305 Enforcement 306 Relation to state laws 307 Research and improved methods 308 Study 309 Effective date 310 Compilation of aggregate data 311 Disclosure by the secretary 312 Termination of authority SECTION 301— Short Title This title may be cited as the “Home Mort gage Disclosure Act of 1975.” SECTION 302—Findings and Purposes (a) The Congress finds that some depository institutions have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsi bilities to provide adequate home financing to qualified applicants on reasonable terms and conditions. (b) The purpose of this title is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institu tions are filling their obligations to serve the housing needs of the communities and neigh borhoods in which they are located and to as sist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private in vestment environment. (c) Nothing in this title is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit. SECTION 303—Definitions For purposes of this title— (1) the term “mortgage loan” means a loan which is secured by residential real property or a home improvement loan; (2) the term “depository institution” means any commercial bank, savings bank, savings and loan association, building and loan association, or homestead association (including cooperative banks) or credit un ion which makes federally related mortgage loans as determined by the Board; (3) the term “Board” means the Board of Governors of the Federal Reserve System; and (4) the term “Secretary” means the Secre tary of Housing and Urban Development. SECTION 304— M aintenance of Records and Public Disclosure (a) (1) Each depository institution which has a home office or branch office located with in a standard metropolitan statistical area, as defined by the Department of Commerce shall compile and make available, in ac cordance with regulations of the Board, to the public for inspection and copying at the home office, and at least one branch office within each standard metropolitan statisti cal area in which the depository institution has an office the number and total dollar amount of mortgage loans which were (A) originated, or (B) purchased by that insti tution during each fiscal year (beginning with the last full fiscal year of that institu tion which immediately preceded the effec tive date of this title.) (2) The information required to be main tained and made available under paragraph (1) shall also be itemized in order to clearly and conspicuously disclose the following: 7 §304 (A) The number and dollar amount for each item referred to in paragraph (1), by census tracts for mortgage loans se cured by property located within any county with a population of more than 30,000, within that standard metropoli tan statistical area, otherwise, by county, for mortgage loans secured by property located within any other county within that standard metropolitan statistical area. (B) The number and dollar amount for each item referred to in paragraph (1) for all such mortgage loans which are se cured by property located outside that standard metropolitan statistical area. For the purpose of this paragraph, a de pository institution which maintains of fices in more than one standard metro politan statistical area shall be required to make the information required by this paragraph available at any such office only to the extent that such information relates to mortgage loans which were originated or purchased by an office of that depository institution located in the standard metropolitan statistical area in which the office making such information available is located. (b) Any item of information relating to mortgage loans required to be maintained un der subsection (a) shall be further itemized in order to disclose for each such item— (1) the number and dollar amount of mortgage loans which are insured under ti tle II of the National Housing Act or under title V of the Housing Act of 1949 or which are guaranteed under chapter 37 of title 38, United States Code; (2) the number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage loan; and (3) the number and dollar amount of home improvement loans. (c) Any information required to be compiled and made available under this section shall be maintained and made available for a period of five years after the close of the first year dur8 Regulation C (Statutory Provisions) ing which such information is required to be maintained and made available. (d) Notwithstanding the provisions of sub section (a)(1), data required to be disclosed under this section for 1980 and thereafter shall be disclosed for each calendar year. Any depository institution which is required to make disclosures under this section but which has been making disclosures on some basis other than a calendar year basis shall make available a separate disclosure statement con taining data for any period prior to calendar year 1980 which is not covered by the last full year report prior to the 1980 calendar year report. (e) The Board shall prescribe a standard for mat for the disclosures required under this section. (f) The Federal Financial Institutions Exam ination Council in consultation with the Sec retary, shall implement a system to facilitate access to data required to be disclosed under this section. Such system shall include ar rangements for a central depository of data in each standard metropolitan statistical area. Disclosure statements shall be made available to the public for inspection and copying at such central depository of data for all deposi tory institutions which are required to dis close information under this section (or which are exempted pursuant to section 306(b)) and which have a home office or branch office within such standard metropolitan statistical area. SECTION 305— Enforcement (a) The Board shall prescribe such regula tions as may be necessary to carry out the purposes of this title. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary and proper to effectuate the pur poses of this title, and prevent circumvention or evasion thereof, or to facilitate compliance therewith. Regulation C (Statutory Provisions) (b) Compliance with the requirements im posed under this title shall be enforced un der— (1) section 8 of the Federal Deposit Insur ance Act, in the case of— (A) national banks, by the Comptroller of the Currency; (B) member banks of the Federal Re serve System, other than national banks, by the Board; (C) banks insured by the Federal De posit Insurance Corporation (other than members of the Federal Reserve System) and mutual savings banks as defined in section 3(f) of the Federal Deposit In surance Act (12 U.S.C. 1813(0) and any other depository institution not re ferred to in this paragraph or paragraph (2) or (3) of this subsection, by the Board of Directors of the Federal Depos it Insurance Corporation; (2) section 5(d) of the Home Owners’ Loan Act of 1933, section 407 of the Na tional Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (act ing directly or through the Federal Savings and Loan Insurance Corporation), in the case of any institution subject to any of those provisions; and (3) the Federal Credit Union Act, by the Administrator of the National Credit Un ion Administration with respect to any credit union. (c) For the purpose of the exercise by any agency referred to in subsection (b) of its powers under any Act referred to in that sub section, a violation of any requirement im posed under this title shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any pro vision of law specifically referred to in subsec tion (b), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this title, any other authority conferred on it by law. SECTION 306—Relation to State Laws (a) This title does not annul, alter, or affect, §307 or exempt any State-chartered depository in stitution subject to the provisions of this title from complying with the laws of any state or subdivision thereof with respect to public dis closure and recordkeeping by depository insti tutions, except to the extent that those laws are inconsistent with any provision of this ti tle, and then only to the extent of the incon sistency. The Board is authorized to deter mine whether such inconsistencies exist. The Board may not determine that any such law is inconsistent with any provision of this title if the Board determines that such law requires the maintenance of records with greater geo graphic or other detail than is required under this title, or that such law otherwise provides greater disclosure than is required under this title. (b) The Board may by regulation exempt from the requirements of this title any statechartered depository institution within any state or subdivision thereof if it determines that, under the law of such state or subdivi sion, that institution is subject to requirements substantially similar to those imposed under this title, and that such law contains adequate provisions for enforcement. Notwithstanding any other provision of this subsection, compli ance with the requirements imposed under this subsection shall be enforced under— (1) Section 8 of the Federal Deposit Insur ance Act in the case of national banks, by the Comptroller of the Currency; and (2) Section 5(d) of the Home Owners’ Loan Act of 1933 in the case of any institu tion subject to that provision, by the Feder al Home Loan Bank Board. SECTION 307—Research and Improved Methods (a)(1) The Federal Home Loan Bank Board, with the assistance of the Secretary, the Di rector of the Bureau of the Census, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and such other persons as the Federal Home Loan Bank Board deems appropri ate, shall develop, or assist in the im9 §307 provement of, methods of matching ad dresses and census tracts to facilitate com pliance by depository institutions in as eco nomical a manner as possible with the re quirements of this title. (2) There is authorized to be appropriated such sums as may be necessary to carry out this subsection. (3) The Federal Home Loan Bank Board is authorized to utilize, contract with, act through, or compensate any person or agency in order to carry out this subsection. (b) The Federal Home Loan Bank Board shall recommend to the Committee on Bank ing, Currency and Housing of the House of Representatives and the Committee on Bank ing, Housing and Urban Affairs of the Senate such additional legislation as the Federal Home Loan Bank Board deems appropriate to carry out the purpose of this title. SECTION 308— Study (a) The Board, in consultation with the Sec retary of Housing and Urban Development, is authorized and directed to carry out a study to determine the feasibility and usefulness of requiring depository institutions located out side standard metropolitan statistical areas, as defined by the Office of Management and Budget, to make disclosures comparable to those required by this title. (b) A report on the study under this section shall be transmitted to the Congress not later than three years after the date of enactment of this title. SECTION 309— Effective Date This title shall take effect on the one hundred and eightieth day beginning after the date of its enactment. Any depository institution which has total assets as of its last full fiscal year of $10,000,000 or less is exempt from the provisions of this title. SECTION 310—Compilation of Aggregate Data (a) Beginning with data for calendar year 10 Regulation C (Statutory Provisions) 1980, the Federal Financial Institutions Ex amination Council shall compile each year, for each standard metropolitan statistical area, aggregate data by census tract for all de pository institutions which are required to dis close data under section 304 or which are ex empt pursuant to section 306(b). The Council shall also produce tables indicating, for each standard metropolitan statistical area, aggre gate lending patterns for various categories of census tracts grouped according to location, age of housing stock, income level, and racial characteristics. (b) The Board shall provide staff and data processing resources to the Council to enable it to carry out the provisions of subsection (a). (c) The data and tables required pursuant to subsection (a) shall be made available to the public by no later than December 31 of the year following the calendar year on which the data is based. SECTION 311— Disclosure by the Secretary Beginning with data for calendar year 1980, the Secretary shall make publicly available data in the Secretary’s possession for each mortgagee which is not otherwise subject to the requirements of this title and which is not exempt pursuant to section 306(b), with re spect to mortgage loans approved by the Sec retary for insurance under title I or II of the National Housing Act. Such data to be dis closed shall consist of data comparable to the data which would be disclosed if such mortga gee were subject to the requirements of section 304. Disclosure statements containing data for each such mortgage for a standard metropoli tan statistical area shall, at a minimum, be publicly available at the central depository of data established pursuant to section 304(f) for such standard metropolitan statistical area. The Secretary shall also compile and make publicly available aggregate data for such mortgagees by census tract, and tables indicating aggregate lending patterns, in a manner comparable to the information re- Regulation C (Statutory Provisions) quired to be made publicly available in ac cordance with section 310. SECTION 312—Termination of Authority The authority granted by this title shall expire on October 1, 1985. PUBLIC LAW 96-399, TITLE III SECTION 340 • (d) The Federal Financial Institutions Ex amination Council, in consultation with the Administrator of the Small Business Adminis tration, shall conduct a study to assess the fea sibility and usefulness of requiring depository institutions which make small business loans to compile and publicly disclose information regarding such loans. The Council shall sub mit a report on the results of such study, to §312 gether with recommendations, to the Com mittee on Banking, Housing, and Urban Af fairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives not later than March 1, 1981. [12 USC 3305 note.] (e) To promote efficiency and avoid duplica tion to the maximum extent feasible, the Fed eral Financial Institutions Examination Coun cil shall transmit a report to the Congress not later than September 30, 1982, on the feasibili ty and desirability of establishing a unified system for enforcing fair lending laws and reg ulations, implementing the Community Rein vestment Act of 1977, and satisfying the pub lic disclosure purposes of the Home Mortgage Disclosure Act of 1975. Such report shall evaluate the status and effectiveness of data collection and analysis systems of such agen cies involving fair lending and community re investment, and shall outline possible specific timetables for implementing such a unified system. [12 USC 2801 note, 2901 note, and 3305 note ] 11