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FEDERAL RESERVE BANK OF NEW YORK M a rc h 4 ^ 1 9 9 4 ^ Availability of 1994 Census Data Used for HMDA Reports To the Chief Executive Officer o f each Depository Institution in the Second Federal Reserve District: P r in te d o n th e f o llo w in g p a g e s is a s ta te m e n t a n d Federal Register n o tic e is s u e d b y th e F e d e r a l F in a n c ia l I n s titu tio n s E x a m in a tio n C o u n c il ( F F I E C ) a n n o u n c i n g th e a v a i l a b i l i t y o f c e n s u s d a ta th a t th e F F I E C w ill u s e to p r e p a r e H o m e M o r tg a g e D i s c lo s u r e A c t ( H M D A ) r e p o r ts f o r c a le n d a r y e a r 1 9 9 4 . A s in d ic a te d in th a t s ta te m e n t, th e 1 9 9 4 c e n s u s d a ta file c a n b e p u r c h a s e d fro m th e F F I E C b y o b ta in in g a n o r d e r fo rm th r o u g h th e a u to m a te d a n s w e r in g s y s te m o f th e B o a r d o f G o v e r n o r s o f th e F e d e r a l R e s e r v e S y s te m a t ( T e l. N o . 2 0 2 - 4 5 2 - 2 0 1 6 ) . Q u e s tio n s r e g a r d in g th is m a tte r m a y b e d ir e c te d , a t t h is B a n k , to W illia m A . W a ls h . C h ie f , M a r k e t R e p o r ts D iv is io n (T e l. N o . 2 1 2 - 7 2 0 - 8 0 2 1 ) . C hester B. Feedberg. E xecu tive Vice P residen t. fa I0 L 9 9 Federal Financial Institutions Examination Council 2100 Pennsylvania Avenue, NW, Suite 200 • Washington, DC 20037 • (202)634-6526 • FAX (202)634-6556 Press Release For immediate release February 10, 1994 The Federal Financial Institutions Examination Council (FFIEC) is making available for purchase the census data that the FFIEC will use to prepare Home Mortgage Disclosure Act (HMDA) reports for calendar year 1994. These census data are used to categorize census tracts into low- or moderate-income, middle-income, and upper-income neighborhoods on the HMDA disclosures statements and aggregate reports. The census data, drawn from the 1990 decennial Census of Population and Housing of the Bureau of the Census, pertain to census tracts within the metropolitan statistical areas (MSAs) established by the Office of Management and Budget (OMB) in June 1993. Because of OMB’s deletion or addition of geographic areas to these MSAs, estimated median family income for roughly 100 MSAs has changed. For example, some tracts previously categorized as low or moderate income may now be middle income. Board of Governors of die Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision M io fc 9 Y 2 The FFIEC uses other income figures, which the Department of Housing and Urban Development (HUD) updates annually, loans on the and applications based income of to group borrowers applicants relative to median family income for their MSA. estimates for 1994 are not yet ready, and HUD but are expected by the second quarter. The 1994 census data file (minus the HUD figures) purchased on magnetic tape for $250. can be A HMDA data order form can be obtained through the Federal Reserve Board's automated answering system at (202) 452-2016. To avoid paying twice, purchasers may defer obtaining the data file until a complete file is available, or they may request (on the same order form) a hard-copy listing of HUD's income estimates, which the FFIEC will provide at no cost once those figures are available. # # The FFIEC's notice is attached. # Federal Register / Vol. 59. No. 25 / Monday, February 7, 1994 / Notices 56^ ' ° ^ have an office, as well as information about the race or national origin, sex, and income of applicants ana borrowers for such applications. The Federal FEDERAL RNANCIAL INSTITUTIONS Reserve Board, on behalf of member EXAMINATION COUNCIL agencies of the Federal Financial Institutions Examination Council and Home Mortgage Disclosure Act; HUD, processes the data and prepares Census Data for Disclosure individual disclosure statements for Statements and Aggregate MSA reporting institutions and also prepares Reports aggregate reports for all lenders in each metropolitan area. The individual AGENCY: Federal Financial Institutions disclosure statements are made Examination Council. FOR FURTHER INFORMATION CONTACT: available to the public by each covered ACTION: Notice. Glenn B. Canner. Senior Economist. institution and by central data 202/452-2910, Board of Governors of Summary: The Federal Financial depositories in each MSA; the aggregate the Federal Reserve System. Institutions Examination Council reports are available at the central data Washington, DC 20551. (FFIEC) announces the availability for depositories. SUPPLEMENTARY INFORMATION: The Home The census data now available from purchase of census data that the FFIEC Mortgage Disclosure Act requires will use in preparing the Home the FFIEC are the data that the FFIEC lending institutions located in will use to prepare Tables 7-1 through Mortgage Disclosure Act (HMDA) metropolitan areas to report annually individual disclosure statements and 7-6. which are contained both in the aggregate reports for calendar year 1994. information on the geographic individual disclosure statements and in distribution of their home purchase and the aggregate reports, and to prepare The FFIEC's 1994 census data file, home improvement loans, and also to which reflects data from the Bureau of Table 9 and Table 10 of the aggregate provide certain information about loan the Census’s 1990 decennial Census of reports. Lending institutions do not applicants and borrowers. Covered Population and Housing, includes need the FFIEC’s census file in order to information on the population, income, lenders submit a loan application prepare their HMDA-LAR for register to their supervisory agency (the submission to their supervisory . and housing characteristics of census Federal Reserve, the Federal Deposit tracts that fall within the geographic agencies, but they may obtain the Insurance Corporation, the Office of boundaries of metropolitan statistical census data if they plan to conduct Thrift Supervision, the Office of the areas (MSAs) that were established by statistical analyses examining the Comptroller of the Currency, the the Office of Management and Budget demographics of the census tracts in National Credit Union Administration, (OMB) in its announcement of June 30. which they make loans. Included in the FFIEC’s 1994 census 1993. These census data are used by the or the Department of Housing and Urban Development) on which they FFIEC to prepare tables for individual file is information on the median family record the location of the property to disclosure statements relating to the income of each census tract together which the loan or application relates disposition of mortgage loan with an estimated median family applications based on the characteristics (MSA, state, county, and census tract) income for each MSA. These data were for metropolitan areas in which they (racial composition, income obtained by the FFIEC from the 1990 |FR Doc. 9 4 -2 6 9 6 Filed 2 -4 -9 4 ; 8:45 am) » n . UNO CODE 6640-60-M characteristics, and income and racial composition) of the census tracts to which the loan applications relate. The census data also are used to prepare two tables in the aggregate reports. Lending institutions covered by HMDA do not need the FFIEC’s census data file to prepare their loan register data submissions, but institutions may find the census data useful for conducting analyses of their institution’s lending activity. /R 5602 Federal Register / Vol. 59. No. 25 / Monday, February 7, 1994 / Notices decennial Census of Population and Housing, and reflect information pertaining to the geographic boundaries for MSAs that were established by the Office of Management and Budget in their June 30,1993, announcement of MSA designations. One consequence of these new OMB designations is that the median family income estimates for roughly 100 MSAs will have changed as a reflection of the addition or deletion of geographic areas to these MSAs. It should be noted that these revisions in estimates of median family income do not reflect updated surveys of consumers, but rather the effects of the redefinitions of MSA boundaries by OMB. The FFIEC uses the median family Income estimates contained in the census data file for categorizing census tracts into one of three income categories—low or moderate income, middle income and upper income— when the FFIEC produces the HMDA disclosure reports. The FFIEC notes that as a consequence of OMB’s June 1993 changes in MSA boundaries—ar.d the resulting revised MSA median family income estimates—some census tracts may no longer fall into the income category that they were previously assigned. For example, some tracts previously categorized as low or moderate income may now be categorized as middle income. For the most part the changes are small, but for some MSAs the revised income estimates are more significant. Por categorizing applicant income relative to the median Income for each MSA, the FFIEC uses estimates of median family income that are published by HUD each year. The HUD figures are more current than the . income data from the Bureau of the Census. (A description of the precise methodology used by HUD to calculate their estimates of current MSA median family incomes can be obtained from the FFIEC) The estimates of median family income that will apply to the categorization of the 1994 HMDA data are not yet available from HUD, and thus are not contained on the FFIEC data tape. The HUD figures will afled Tables 3, 4-1 through 4-6,5-1 through 5 -6 ,6 -1 through 6-6, and 8-1 through 8-6. The 1994 census data file is available for purchase on magnetic tape for 5250. A copy of the HMDA Data order form can be obtained from the Federal Reserve Board by telephoning the Board’s automated answering system at (202) 452-2016, which can provide Jhe order form by mail or by fax transmission. Dated: February 1.1994. foe M. Cleaver, E xecutive Secretory, Federal Financial Institu tio n s Exam ination C ouncil (FR D oc 94-2644 F lW 2-4-94; 6:45 ami M UJN O CO O f 1 10 W
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