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AT1053?aMay 6, 1992 To All Depository Institutions in the Second Federal Reserve District, and Others Maintaining Sets of Board Regulations: Enclosed is a copy of a revised Regulation C pamphlet, "Home Mortgage Disclosure," as amended effective January 1, 1992, of the Board of Governors of the Federal Reserve System. The revised pamphlet supersedes the previous printing of this regulation and any subsequent amendments thereto. Circulars Division FEDERAL RESERVE BANK OF NEW YORK (0537 a . Board of Governors of the Federal Reserve System A n y inquiry relating to this regulation should be addressed to the Federal R eserve Bank o f the D istrict in w hich the inquiry arises. M arch 1992 rtrP Contents O Page Section 203.1—Authority, purpose, and scope.............................................. (a) Authority................................. (b) Purpose................................... (c) Scope....................................... (d) Loan aggregation and central data depositories...................... Section 203.2—Definitions.................. Section 203.3—Exempt institutions........ (a) Exemption based on asset size or location........................................ (b) Exemption based on state law. . . (c) Loss of exemption................... Section 203.4— Compilation of loan data........................................................ (a) Data format and itemization. . . . (b) Collection of data on race or national origin, sex, and income . (c) Optional data .............................. (d) Excluded data......................... 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 Section 203.5— D isclosu re and r e p o r t in g ........................................................ (a ) R eporting r e q u ir e m e n ts................. (b ) D isclosu re to the p u b li c ................. ( c ) A vailability o f disclosure sta te m e n t.............................................. (d ) N o tice o f availability ...................... Section 203.6— E n fo r c e m e n t...................... (a ) A dm inistrative enforcem ent . . . . (b ) B ona fide errors.................................. A ppendix A — Form s and instructions for com pletion o f H M D A lo a n / application r e g is te r ..................................... A ppendix B— F orm and instructions for data collection on race or national origin and s e x .................................................... H O M E M O R T G A G E D IS C L O S U R E A C T ..................................................................... 3 3 3 3 3 3 3 4 4 15 17 i rt-T 1 0 5 5 ’* Regulation C Home Mortgage Disclosure 12 C FR 203*; as revised effective January 1, 1992 SECTION 203.1—Authority, Purpose, and Scope (a) Authority. This regulation is issued by the Board of Governors of the Federal Reserve System (“Board”) pursuant to the Home Mortgage Disclosure Act (12 USC 2801 et seq.), as amended. The information-collection requirements have been approved by the U.S. Office of Management and Budget under 44 USC 3501 et seq. and have been assigned OMB No. 7100-0247. o (b) Purpose. (1) This regulation implements the Home Mortgage Disclosure Act, which is intended to provide the public with loan data that can be used— (i) to help determine whether financial institutions are serving the housing needs of their communities; (ii) to assist public officials in distribut ing public-sector investments so as to at tract private investment to areas where it is needed; and (iii) to assist in identifying possible dis criminatory lending patterns and enforc ing antidiscrimination statutes. (2) Neither the act nor this regulation is intended to encourage unsound lending practices or the allocation of credit. (c) Scope. This regulation applies to certain financial institutions, including banks, saving associations, credit unions, and other mort gage lending institutions, as defined in section 203.2(e). It requires an institution to report data to its supervisory agency about homepurchase and home-improvement loans it originates or purchases, or for which it re ceives applications; and to disclose certain data to the public. (d) Loan aggregation and central data depos itories. Using the loan data made available by financial institutions, the Federal Financial Institutions Examination Council will prepare disclosure statements and will produce vari * Code of Federal Regulations, title 12, chapter II, part 203. ous reports for individual institutions for each metropolitan statistical area (MSA), showing lending patterns by location, age of housing stock, income level, sex, and racial character istics. The disclosure statements and reports will be available to the public at central data depositories located in each MSA. A listing of central data depositories can be obtained from the Federal Financial Institutions Examina tion Council, Washington, D.C. 20006. SECTION 203.2—Definitions In this regulation— (a) Act means the Home Mortgage Disclo sure Act (12 USC 2801 et seq.), as amended. (b) Application means an oral or written re quest for a home-purchase or home-improve ment loan that is made in accordance with procedures established by a financial institu tion for the type of credit requested. (c) Branch office means— (1) any office of a bank, savings associa tion, or credit union that is approved as a branch by a federal or state supervisory agency, but excludes free-standing electron ic terminals such as automated teller machines; (2) any office of a mortgage-lending insti tution (other than a bank, savings associa tion, or credit union) that takes applica tions from the public for home-purchase or home-improvement loans. A mortgage lending institution is also deemed to have a branch office in an MSA if, in the preceding calendar year, it received applications for, originated, or purchased five or more homepurchase or home-improvement loans on property located in that MSA. (d) Dwelling means a residential structure (whether or not it is attached to real proper ty) located in a state of the United States of America, the District of Columbia, or the Commonwealth of Puerto Rico. The term in cludes an individual condominium unit, coop erative unit, or mobile or manufactured home § 203.2 (e) Financial institution means— (1) a bank, savings association, or credit union that originated in the preceding cal endar year a home-purchase loan (other than temporary financing such as a con struction loan) secured by a first lien on a one- to four-family dwelling if— (i) the institution is federally insured or regulated; or (ii) the loan is insured, guaranteed, or supplemented by any federal agency; or (iii) the institution intended to sell the loan to the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; (2) a for-profit mortgage-lending institu tion (other than a bank, savings associa tion, or credit union) whose home-purchase loan originations equaled or exceeded 10 percent of its loan-origination volume, mea sured in dollars, in the preceding calendar year. (f) Home-improvement loan means any loan that— (1) is stated by the borrower (at the time of the loan application) to be for the pur pose of repairing, rehabilitating, or remod eling a dwelling; and (2) is classified by the financial institution as a home-improvement loan. (g) Home-purchase loan means any loan se cured by and made for the purpose of pur chasing a dwelling. (h) Metropolitan statistical area or MSA means a metropolitan statistical area or a pri mary metropolitan statistical area, as defined by the U.S. Office of Management and Budget. Regulation C (3) in the case of a for-profit mortgagelending institution (other than a bank, sav ings association, or credit union), the total assets of the institution combined with those of any parent corporation were $10 million or less. (b) Exemption based on state law. (1) A state-chartered or state-licensed financial institution is exempt from the requirements of this regulation if the Board determines that the institution is subject to a state dis closure law that contains requirements sub stantially similar to those imposed by this regulation and contains adequate provisions for enforcement. (2) Any state, state-chartered, or statelicensed financial institution, or association of such institutions may apply to the Board for any exemption under this paragraph. (3) An institution that is exempt under this paragraph shall submit the data re quired by the state disclosure law to its state supervisory agency for purposes of aggregation. (c) Loss of exemption. (1) An institution los ing an exemption that was based on asset size or location under paragraph (a) of this section shall comply with this regulation beginning with the calendar year following the year in which it lost its exemption. (2) An institution losing an exemption that was based on state law under para graph (b) of this section shall comply with this regulation beginning with the calendar year following the year for which it last re ported loan data under the state disclosure law. SECTION 203.3— Exempt Institutions SECTION 203.4— Compilation of Loan Data (a) Exemption based on asset size or location. \ financial institution is exempt from the re quirements of this regulation for a given cal endar year if on the preceding December 31— (1) the institution had neither a home of fice nor a branch office in an MSA; or (2) in the case of a bank, savings associa tion, or credit union, the institution’s total assets were $10 million or less; or (a) Data format and itemization. A financial institution shall collect data regarding appli cations for, and originations and purchases of, home-purchase and home-improvement loans (including refinancings of both) for each cal endar year. These data shall be presented on a register in the format prescribed in appendix A and shall include the following items: (1) A number for the loan or loan applica- f t T i 0 5 - 3 l ^ § 203.6 Regulation C tion, and the date the application was received. (2) The type and purpose of the loan. (3) The owner-occupancy status of the property to which the loan relates. (4) The amount of the loan or application. (5) The type of action taken, and the date. (6) The location of the property to which the loan relates, by MSA, state, county, and census tract, if the institution has a home or branch office in that MSA. (7) The race or national origin and sex of the applicant or borrower, and the income relied upon in processing the loan application. (8) The type of entity purchasing a loan that the institution originates or purchases and then sells within the same calendar year. (b) Collection of data on race or national ori gin, sex, and income. (1) A financial institution shall collect data about the race or national origin and sex of the applicant or borrower as pre scribed in appendix B. If the applicant or borrower chooses not to provide the infor mation, the lender shall note the data on the basis of visual observation or surname, to the extent possible. (2) Race or national origin, sex, and in come data may but need not be collected for— (i) loans purchased by the financial in stitution; or (ii) applications received or loans origi nated by a bank, savings association, or credit union with assets on the preceding December 31 of $30 million or less. (c) Optional data. A financial institution may report the reasons it denied a loan application. (d) Excluded data. A financial institution shall not report— (1) loans originated or purchased by the financial institution acting in a fiduciary ca pacity (such as trustee); (2) loans on unimproved land; (3) temporary financing (such as bridge or construction loans); (4) the purchase of an interest in a pool of loans (such as mortgage-participation cer tificates); or (5) the purchase solely of the right to serv ice loans. SECTION 203.5—Disclosure and Reporting (a) Reporting requirements. By March 1 fol lowing the calendar year for which the loan data are compiled, a financial institution shall send two copies of its complete register to the agency office specified in appendix A of this regulation, and shall retain a copy for its rec ords for a period of not less than two years. (b) Disclosure to the public. A financial insti tution shall make its mortgage-loan disclosure statement (to be prepared by the Federal Fi nancial Institutions Examination Council) available to the public no later than 30 calen dar days after the institution receives it from its supervisory agency. The financial institu tion shall make the statement available to the public for a period of five years. (c) Availability o f disclosure statement. A fi nancial institution shall make the disclosure statement available at its home office. If it has a physical branch office in other MSAs, it shall also make a statement available in at least one branch office in each of those MSAs; the statement at a branch office need only con tain data relating to property in the MSA where that branch office is located. An institu tion shall make the disclosure statement avail able for inspection and copying during the hours the office is normally open to the public for business. It may impose a reasonable charge for photocopying services. (d) Notice of availability. A financial institu tion shall post a general notice about the availability of its disclosure statement in the lobbies of its home office and any physical branch offices located in an MSA. Upon re quest, it shall promptly provide the location of the institution’s offices where the statement is available. At its option, an institution may in clude the location in its notice. SECTION 203.6— Enforcement (a) Administrative enforcement. A violatior of the act or this regulation is subject to ad § 203.6 ministrative sanctions as provided in section 305 of the act, including the imposition of civ il money penalties, where applicable. Compli ance is enforced by the agencies listed in ap pendix A of this regulation. (b) Bona fide errors. An error in compiling or recording loan data is not a violation of the act or this regulation if it was unintentional and occurred despite the maintenance of pro cedures reasonably adopted to avoid such errors. A PPE N D IX A—Form and Instructions for Completion of HM DA L oan/ Application Register Paperwork Reduction Act 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 200 hours per response, including time to gather and maintain the data needed and to review instructions and complete the informa tion collection. Send comments regarding this burden estimate or any other aspect of this collection of information, including sugges tions 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, Washing ton, D.C. 20503. [. Who Must File a Report Subject to the exceptions discussed below, anks, savings associations, credit unions, and ther mortgage lending institutions must omplete a register listing data about loan aplications received, loans originated, and oans purchased if on the preceding December 1 an institution— 1. had assets of more than $10 million, and 2. had a home or a branch office in a “met ropolitan statistical area” or a “primary metropolitan statistical area” (both are re ferred to in these instructions by the term “MSA”). Example: If on December 31 you had a home r a branch office in an MSA and your assets Regulation C exceeded $10 million, you must complete a register that lists the home-purchase and home-improvement loans that you originate or purchase (and also lists applications that did not result in an origination) beginning January 1. B. You need not complete a register—even if you meet the tests for asset size and loca tion—if your institution is a bank, savings association, or credit union that made no firstlien home-purchase loans on one- to fourfamily dwellings in the preceding calendar year. This exception does not apply in the case of nondepository institutions. C. You need not complete a register—even if you meet the tests for asset size and loca tion—if your institution is a for-profit mort gage lender (other than a bank, savings association, or credit union) and the homepurchase loans that you originated in the pre ceding calendar year came to less than 10 per cent of your total loan-origination volume, measured in dollars. D. If you are a for-profit mortgage lender (other than a bank, savings association, or credit union), the asset test is based on the combined assets of your institution and any parent corporation. E. If you are the subsidiary of a bank or sav ings association, you must complete a separate register for your institution. You will submit the register, directly or through your parent, to the agency that supervises your parent. (See paragraph VI.) F. Institutions that are specifically exempted by the Federal Reserve Board from complying with the federal Home Mortgage Disclosure Act because they are covered by a similar state law on mortgage loan disclosures must use the disclosure form required by their state law and submit the data to their state supervi sory agency. II. Required Form at and Reporting Procedures A. Institutions are expected to submit data to their supervisory agencies in an automated, machine-readable form unless 100 or fewer application and loan entries are reported. The fff IOS S lo t Regulation C format must conform exactly to the form FR HMDA-LAR, including the order of col umns, column headings, etc. Contact your federal supervisory agency for information regarding procedures and technical specifica tions for automated data submission. An insti tution that submits its register in nonautomated form must send two copies that are typed or computer printed. You must use the format of the loan/application register but are not re quired to use the form itself. Each page must be numbered, and the total number of pages must be given (for example, “Page 1 of 3”). B. The required data are to be entered in the register for each loan origination, each appli cation acted on, and each loan purchased dur ing the calendar year. Your institution should decide on the procedure it wants to follow— for example, whether to begin entering the re quired data when an application is received, or to wait until final action is taken (such as when a loan goes to closing or an application is denied). Keep in mind that an application is to be reported in the calendar year when final action is taken. Report loan originations in the year they go to closing; if an application has been approved but has not yet gone to closing at year-end, report it the following year. C. Your institution may collect the data on separate registers at different branches, or on separate registers for different loan types (such as for home-purchase or homeimprovement loans, or for loans on multifami ly dwellings). But make sure the application or loan numbers (discussed under paragraph V.A.I., below) are unique. D. Entries need not be grouped on your regis ter by MSA, or chronologically, or by census tract numbers, or in any other particular order.I. III. Submission of HM DA -LAR and Release of Disclosure Statements A. You must submit the data for your institu tion to the office specified by your supervisory agency no later than March 1 following the calendar year for which the data are com piled. A list of the agencies appears at the end of these instructions. Appendix A B. You must submit all required data to your supervisory agency in one complete package, with the prescribed transmittal sheet. An offi cer of your institution must certify to the ac curacy of the data. C. You are encouraged to provide in a cover letter an approximate count of the total num ber of line entries contained in your data sub mission. If you are a depository institution, you also are asked to include a list of the MSAs where you have a home or branch office. D. The Federal Financial Institution Exami nation Council (FFIEC) will prepare a dis closure statement from the data you submit. Your disclosure statement will be returned to the name and address indicated on the trans mittal sheet. When you receive that disclosure statement you must make a copy available for inspection by the public within 30 calendar days of the date the statement is received by your institution. You must make a complete copy available at your home office. If you have physical branch offices in other MSAs, you must make available, at one branch office in each of those MSAs, either the complete statement or the portion of the statement re lating to that MSA. Your agency can provide you with HMD A posters that you can use to inform the public of the availability of your disclosure state ment, or you may print your own posters. IV. Types of Loans and Applications Covered and Excluded by HM DA A. Types of loans and applications to bt reported 1. Report the data on home-purchase anc home-improvement loans that you originat ed (that is, loans that were closed in you. name) and loans that you purchased during the calendar year covered by the report Report these data even if the loans wer subsequently sold by your institution. In elude refinancings of home-purchase an< home-improvement loans. 2. Report the data for applications fo home-purchase and home-improvemen loans that did not result in originationsfor example, applications that your institi Appendix A tion denied or that the applicant withdrew during the calendar year covered by the report. 3. In the case of brokered loan applications or applications forwarded to you through a correspondent, show the data for all appli cations denied by your institution (whether or not they would have closed in your insti tution’s name). Report the race or national origin, sex, and income information, unless your institution is a bank, savings associa tion, or credit union with assets of $30 mil lion or less on the preceding December 31. 4. Report applications that were received in the previous calendar year but were act ed upon during the calendar year covered by the current register. B. Data to be excluded. Do not report loans or applications for loans of the following types: 1. Loans that, although secured by real es tate, are made for purposes other than home purchase, home improvement, or refi nancing (For example, do not report a loan secured by residential real property for pur poses of financing college tuition, a vaca tion, or goods for business inventory.) 2. Loans made in a fiduciary capacity (for example, by your trust department) 3. Loans on unimproved land 4. Construction or bridge loans and other temporary financing 5. The purchase of an interest in a pool of loans (such as mortgage-participation certificates) 6. The purchase solely of the right to serv ice loans /. Instructions for Completion of L oan/ Application Register A. Application or loan information 1. Application or loan number. Enter an identifying number that can be used later to retrieve the loan or application file. It can be any number of your choosing (not ex ceeding 25 characters). You may use let ters, numerals, or a combination of both. Make sure that all numbers are unique within your institution. If your register con tains data for branch offices, for example, you could use a letter or a numerical code Regulation C to identify the loans or applications of dif ferent branches, or could assign a certain series of numbers to particular branches to avoid duplicate numbers. You are strongly encouraged not to use the applicant’s or borrower’s name or Social Security number, for privacy reasons. 2. Date application received. Enter the date the loan application was received by your institution by month, day, and year, using numerals in the form MM/DD/YY (for example, 01/15/92). If your institution normally records the date shown on the ap plication form, you may use that date in stead. Enter “NA” for loans purchased by your institution. 3. Type. Indicate the type of loan or appli cation by entering the applicable code from the following: 1— Conventional (any loan other than FHA, VA or FmHA loans) 2— FHA-insured (Federal Housing Administration) 3— VA-guaranteed (Veterans Admini stration) 4— FmHA-insured (Farmers Home Administration) 4. Purpose. Indicate the purpose of the loan or application by entering the applicable code from the following: 1— Home purchase (one- to four-family) 2— Home improvement (one- to fourfamily) 3— Refinancing (home purchase or home improvement, one- to four-family) 4— Multifamily dwelling (home pur chase, home improvement, and refinancings) 5. Explanation of purpose codes Code 1: Home purchase a. This code applies to loans and ap plications made for the purpose of pur chasing a residential dwelling for one to four families, if the loan is to be se cured by the dwelling being purchased or by another dwelling. b. At your option, you may use code 1 for loans that are made for homeimprovement purposes but are secured by a first lien, if you normally classify such first-lien loans as home-purchase loans. A i 10537a. Regulation C Code 2: Home improvement a. Code 2 applies to loans and applica tions for loans that (1) the borrowers have said will be used for repairing, re habilitating, or remodeling one- to four-family residential dwellings, and (2) are recorded on your books as home-improvement loans. b. Report both secured and unsecured loans. c. At your option, you may report data about home-equity lines of cred it—even if the credit line is not record ed on your institution’s books as a home-improvement loan. If you choose to do so, you may report a home-equity line of credit as a homeimprovement loan if the borrower or applicant indicates, at the time of ap plication or when the account is opened, that some portion of the pro ceeds will be used for home improve ment. (See paragraph 8, “Loan amount,” below.) If you report origi nations of home-equity lines of credit, you must also report applications for such loans that did not result in originations. Code 3: Refinancings a. Use this code for refinancings (and applications for refinancings) of homepurchase or home-improvement loans on one- to four-family residential dwellings. A refinancing involves the satisfaction of an existing obligation that is replaced by a new obligation undertaken by the same borrower. But do not report a refinancing if, under the loan agreement, you are uncondi tionally obligated to renew or refinance the obligation, or you are obligated to renew or refinance the obligation sub ject to conditions within the borrow er’s control. b. Use this code whether or not you were the original creditor on the loan being refinanced, and whether or not the refinancing involves an increase in the outstanding principal. c. Report a refinancing if the amount outstanding on the original loan, plus the amount of new money (if any) Appendix A that is for home-purchase or home-im provement purposes, is more than 50 percent of the total new loan amount. Do not report a refinancing if 50 per cent or less of the loan proceeds or the amount applied for is for home pur chase or home improvement. Code 4: Multifamily dwelling a. Use this code for loans and loan ap plications on dwellings for five or more families, including home-purchase loans, refinancings, and loans for re pairing, rehabilitation, and remodeling purposes. b. Do not use this code for loans on individual condominium or coopera tive units; use codes 1, 2, or 3 for such loans, as applicable. 6. Owner occupancy. Indicate whether the property to which the loan or loan applica tion relates is to be owner-occupied as a principal dwelling by entering the applica ble code from the following: 1—Owner-occupied as a principal dwelling 2— Not owner-occupied 3— Not applicable 7. Explanation of codes a. Use code 2 for second homes or vaca tion homes, as well as rental properties. b. Use code 2 only for nonoccupanl loans, or applications for nonoccupanl loans, related to one- to four-familj dwellings (including individual condo minium or cooperative units). c. Use code 3 if the property to whicl the loan relates is a multifamily dwelling is not located in an MSA; or is located ii an MSA in which your institution ha neither a home nor a branch office. d. For purchased loans, you may assum that the property will be owner-occupie< as a principal dwelling (code 1) unles the loan documents or application con tain information to the contrary. 8. Loan amount. Enter the amount of th loan or application. Do not report loans b< low $500. Show the amount in thousand rounding to the nearest thousand ($50 should be rounded up to the next $1,000 For example, a loan for $167,300 should b entered as 167 and one for $15,500 as 16. Appendix A a. For home-purchase loans that you originate, enter the principal amount of the loan as the loan amount. For homepurchase loans that you purchase, enter the unpaid principal balance of the loan at the time of purchase as the loan amount. b. For home-improvement loans (both originations and purchases), you may in clude unpaid finance charges in the loan amount if that is how you reecord such loans on your books. c. For home-equity lines of credit (if you have chosen to report them), enter as the loan amount only that portion of the line that the applicant or borrower has indi cated, at the time the application is made or when the account is opened, as being for home improvement. Report the loan amount for applications that did not re sult in originations in the same manner. Report only in the year the line is established. d. For refinancings that are to be report ed, indicate the total amount of the refi nancing, including the amount outstand ing on the original loan and the amount of new money (if any). e. For a loan application that was denied or withdrawn, enter the amount applied for. f. If you offered to lend less than the ap plicant applied for, enter the amount of the loan if the offer was accepted by the applicant. If the offer was not accepted, enter the amount that the applicant ap plied for. Regulation C 6—Loan purchased by your institution 2. Explanation of codes. a. Use code 2 when an application is ap proved but the applicant fails to respond to your notification of approval or your commitment letter within the specified time. b. Use code 4 only when an application is expressly withdrawn by the applicant before a credit decision was made. c. Use code 5 if you sent a written notice of incompleteness under section 202.9(c)(2) of Regulation B (Equal Credit Opportunity) and the applicant failed to respond to your request for ad ditional information within the period of time specified in your notice. 3. Date of action. Enter the date by month, day, and year, using numerals in the form MM/DD/YY (for example, 02/22/92). a. For loans originated, enter the settle ment or closing date. For loans pur chased, enter the date of purchase by your institution. b. For applications denied, applications approved but not accepted by the appli cant, and files closed for incompleteness, enter the date that the action was taken by your institution or the date the notice was sent to the applicant. c. For applications withdrawn, enter the date you received the applicant’s express withdrawal; or you may enter the date shown on the notification from the appli cant, in the case of a written withdrawal. C. Property location. In these columns enter the applicable codes for the MSA, state, coun ty, and census tract for the property to which t. Action taken 1. Type of action. Indicate the type of ac a loan relates. For home-purchase loans se tion taken on the application or loan by us cured by one dwelling, but made for the pur ing one of the following codes. Do not re pose of purchasing another dwelling, report port any loan application still pending at the property location for the property in the end of the calendar year. You will re which the security interest is to be taken. If port that application on your register for the home-purchase loan is secured by more than one property, report the location data for the year in which final action is taken. the property being purchased. (See para 1— Loan originated 2— Application approved but not accept graphs 5 and 6 below for treatment of loans on property outside the MSAs in which you ed by applicant have offices.) 3— Application denied 1. MSA. For each loan or loan application, 4— Application withdrawn indicate the location of the property by the 5— File closed for incompleteness f r T i O S S l u. Regulation C MSA number. Enter only the MSA num ber, not the MSA name. MSA boundaries are defined by the U.S. Office of Manage ment and Budget; use the boundaries that were in effect on January 1 of the calendar year for which you are reporting. A listing of MSAs is available from your regional su pervisory agency or the FFIEC. (In these instructions, the term MSA refers to both metropolitan statistical area and primary metropolitan statistical area.) 2. State and county. You must use the Fed eral Information Processing Standard (FIPS) two-digit numerical code for the state and the three-digit numerical code for the county. These codes are available from your regional supervisory agency or the FFIEC. Do not use the letter abbreviations used by the U.S. Postal Service. 3. Census tract. Indicate the census tract where the property is located. a. Enter the code “NA” if the property is located in an area not divided into cen sus tracts on the U.S. Census Bureau’s census-tract outline maps (see paragraph 4 below). b. If the property is located in a county with a population of 30,000 or less in the 1990 census (as determined by the Cen sus Bureau’s 1990 CPH-2 population se ries), enter “NA” (even if the population has increased above 30,000 since 1990), or you may enter the census tract number. 4. Census-tract number. For the censustract number, consult the U.S. Census Bu reau’s Census Tract/Street Index for 1990, and for addresses not listed in the index, consult the Census Bureau’s census-tract outline maps. You must use the maps from the Census Bureau’s 1990 CPH-3 series, or equivalent 1990 census data from the Cen sus Bureau (such as the Census TIGER/ Line File) or from a private publisher. 5. Outside MSA. For loans on property lo cated outside the MSAs in which you have a home or branch office (or outside any MSA), you may enter the MSA, state, county, and census-tract numbers or you may enter the code “NA” in each of these columns. 6. Nondepository lenders. If you are a for- Appendix A profit mortgage lending institution (other than a bank, savings association, or credit union), and in the preceding calendar year you received applications for, or originated or purchased, loans for home purchase or home improvement adding up to a total of five or more for a given MSA, you are deemed to have a branch office in that MSA, whether or not you have a physical office there. As a result, you will have to enter the MSA, state, county, and censustract numbers for any transactions in that MSA. Because you must keep accurate rec ords about lending within MSAs in the cur rent calendar year in order to report data accurately the following year, to comply with this rule you may find it easier to enter the geographic information routinely for any property located within any MSA. D. Applicant information—race or national origin, sex, and income. Appendix B of Regu lation C contains instructions for the collec tion of data on race or national origin and sex. and also contains a sample form for data col lection. The form is substantially similar tc the form prescribed by section 202.13 of Reg ulation B (Equal Credit Opportunity) anc contained in appendix B to that regulation You may use either form. 1. Applicability. You must report this appli cant information for loans that you origi nate as well as for applications that do no result in an origination. a. You need not collect or report this in formation for loans purchased. If yoi choose not to, enter the codes specified i paragraphs 3, 4, and 5 below for “nc applicable.” b. If your institution is a bank, saving association, or credit union that had a} sets of $30 million or less on the precec ing December 31, you may—but nee not—collect and report these data. If yo choose not to, enter the codes specified i paragraphs 3, 4, and 5 below for “m applicable.” c. If the borrower or applicant is not natural person (a corporation or partne ship, for example), use the codes spec fied in paragraphs 3, 4, and 5 below fi “not applicable.” Appendix A Regulation C 2. Mail and telephone applications. Any that your institution relied upon in making loan applications mailed to applicants must the credit decision. contain a collection form similar to that a. Round all dollar amounts to the near shown in appendix B, and you must record est thousand (round $500 up to the next on your register the data on race or national $1,000), and show in terms of thousands. origin and sex if the applicant provides it. If For example, $35,500 should be reported as 36. the applicant chooses not to provide the b. For loans on multifamily dwellings, data, enter the code for “information not provided by applicant in mail or telephone enter “NA.” application” specified in paragraphs 3 and 4 c. If no income information is asked for below. If an application is taken entirely by or relied on in the credit decision (such telephone, you need not request this infor as in “no income verification” type loans), enter “NA.” mation. (See appendix B for complete in formation on the collection of this data in E. Type of purchaser mail or telephone applications.) 1. Enter the applicable code to indicate 3. Race or national origin of borrower or ap whether a loan that your institution origi plicant. Use the following codes to indicate nated or purchased was then sold to a sec the race or national origin of the applicant ondary market entity within the same cal or borrower under column “A” and of any endar year: co-applicant or co-borrower under column 0— Loan was not originated or was not “CA.” If there is more than one co-appli sold in calendar year covered by cant, provide this information only for the register first co-applicant listed on the application 1— FNMA (Federal National Mortgage form. If there are no co-applicants or co Association) borrowers, enter code 8 for “not applica 2—GNMA (Government National ble” in the co-applicant column. Mortgage Association) 1— American Indian or Alaskan Native 3— FHLMC (Federal Home Loan Mort 2— Asian or Pacific Islander gage Corporation) 3— Black 4— FmHA (Farmers Home 4— Hispanic Administration) 5— White 5— Commercial bank 6— Other 6— Savings bank or savings association 7— Information not provided by appli 7— Life insurance company cant in mail or telephone application 8— Affiliate institution 8— Not applicable 9— Other type of purchaser 4. Sex of borrower or applicant. Use the fol 2. Explanation of codes lowing codes to indicate the sex of the ap a. Enter the code 0 for applications that plicant or borrower under column “A” and were denied, withdrawn, or approved but of any co-applicant or co-borrower under not accepted by the applicant; and for column “CA.” If there is more than one co files closed for incompleteness. applicant, provide this information only for b. If you originated or purchased a loan the first co-applicant listed on the applica and did not sell it during that same calen tion form. If there are no co-applicants or dar year, enter the code 0. If you sell the co-borrowers, enter code 4 for “not loan in a succeeding year, you need not applicable.” report the sale. 1— Male c. If you conditionally assign a loan to 2— Female GNMA in connection with a mortgage3— Information not provided by appli backed security transaction, use code 2. cant in mail or telephone application d. Loans “swapped” for mortgage4— Not applicable backed securities are to be treated as sales; enter the type of entity receiving 5. Income. Enter the gross annual income I_____________ ftT 10537(1. Regulation C the loans that are swapped as the purchaser. e. Use code 8 for loans sold to an institu tion affiliated with you, such as your sub sidiary or a subsidiary of your parent corporation. Appendix A e. Code 6 corresponds to: Unable to veri fy credit references, Unable to verify em ployment, Unable to verify income, and Unable to verify residence. f. Code 7 corresponds to: Credit applica tion incomplete. g. Code 9 corresponds to: Length of resi dence, Temporary residence, and Other reasons specified on notice. F. Reasons for denial 1. You are not required to enter the rea sons for the denial of an application. But if you choose to do so, you may indicate up to VI. Federal Supervisory Agencies three reasons by using the following codes: Send your loan/application register and direct 1— Debt-to-income ratio 2— Employment history any questions to the office of your federal su pervisory agency as specified below. If you are 3— Credit history the nondepository subsidiary of a bank, sav 4— Collateral 5—Insufficient cash (downpayment, ings association, or credit union, send the reg ister to the supervisory agency for your parent closing costs) institution. 6— Unverifiable information 7— Credit application incomplete A. National banks and their subsidiaries. Dis 8— Mortgage insurance denied trict office of the Office of the Comptroller of 9— Other the Currency supervising the national bank. 2. Leave this column blank if the “action taken” on the application is not a denial. B. State member banks of the Federal Reserve For example, do not complete this column System, their subsidiaries, and subsidiaries of if the application was withdrawn or the file bank holding companies. Federal Reserve Bank serving the District in which the state was closed for incompleteness. 3. If your institution uses the model form member bank is located; for institutions other for adverse action contained in the appen than state member banks, the Federal Reserve dix to Regulation B (Form C-l in appendix Bank specified by the Board of Governors. C, Sample Notification Form, which offers C. Nonmember insured banks (except for fed some 20 reasons for denial), the following eral savings banks) and their subsidiaries. Re list shows which codes to enter. gional director of the Federal Deposit Insur a. Code 1 corresponds to: Income insuffi ance Corporation for the region in which the cient for amount of credit requested, and bank or the subsidiary is located. Excessive obligations in relation to income. D. Savings institutions insured under the Sav b. Code 2 corresponds to: Temporary or ings Association Insurance Fund of the FDIC, irregular employment, and Length of federally chartered savings banks insured un der the Bank Insurance Fund of the FDIC employment. c. Code 3 corresponds to: Insufficient (but not including state-chartered savings number of credit references provided; banks insured under the Bank Insurance Unacceptable type of credit references Fund), their subsidiaries, and subsidiaries of provided; No credit file; Limited credit savings institution holding companies. Region experience; Poor credit performance with al or other office specified by the Office of us; Delinquent past or present credit obli Thrift Supervision. gations with others; Garnishment, at E. Credit unions. National Credit Union Ad tachment, foreclosure, repossession, col ministration, Office of Examination and In lection action, or judgment; and surance, 1776 G Street, N.W., Washington, Bankruptcy. D.C. 20456. d. Code 4 corresponds to: Value or type F. Other depository institutions. Regional di of collateral not sufficient. ll Appendix A rector of the Federal Deposit Insurance Cor poration for the region in which the institu tion is located. G. Other mortgage-lending institutions. Aa- 12 Regulation C sistant Secretary for Housing, HMDA Re porting—Room 9233, U.S. Department of Housing and Urban Development, 451 7th Street, S.W., Washington, D.C. 20410. fiT iOS3~)u Appendix A Regulation C Form FR HMDA-LAR OMB No. 7100-0247. Approval expires December 31, 1992 Hours per response: 10 to 10,000 (200 average) This report is required by law (12 USC 2801-2810 and 12 CFR 203) LOAN/APPLICATION REGISTER T R A N S M IT T A L S H E E T 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. Reporter s Tax Identification Number Reporter’s Identification Number I I l I I l ’I I I I I I I I l I- 1 — L . . . J T h e Loan/Application Register that is attached covers activity during 19 _ . and contains a total of _ Enter the name and address of your institution. T h e disclosure statement that is produced by the Federal Financial Institutions Examination Council will be mailed to the address you supply below: Name of Institution City, State, ZIP Enter the name and telephone num ber of a person w ho may be contacted about questions regarding your register: ______________________ Name l___ 1__________________ Telephone Number If your institution is a subsidiary of another institution or corporation, enter the name of your parent: Address City, State, ZIP Enter the name and address of your supervisory agency (or your parent's supervisory agency): Name 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 of officer 13 5w V ■ . Appendix A L o a n /A p p lic a tio n R eg ister C o d e S heet Use the following codes to complete the loan/ application register. The instructions to the HMDA-LAR explain the proper use of each code. Application or Loan Information Type: 1—Conventional (any loan other than FHA, VA or FmHA loans) Housing 2—FHA-insured (Federal Administration) 3—VA-guaranteed (Veterans Administration) 4—FmHA-insured (Farmers Home Administration) Purpose: 1— Home purchase (one- to four-family) 2— Home improvement (one- to fourfamily) 3— Refinancing (home purchase or home improvement, one- to four-family) 4— Multifamily dwelling (home purchase, home improvement, and refinancings) Occupancy: 1— Owner-occupied as a principal dwelling 2— Not owner-occupied 3— Not applicable Regulation C 3— Black 4— Hispanic 5— White 6— Other 7— Information not provided by applicant in mail or telephone application 8— Not applicable Sex: 1— Male 2— Female 3— Information not provided by applicant in mail or telephone application 4— Not applicable Type of Purchaser 0— Loan was not sold in calendar year cov ered by register 1— FNMA (Federal National Mortgage Association) 2— GNMA (Government National Mort gage Association) 3— FHLMC (Federal Home Loan Mort gage Corporation) 4— FmHA (Farmers Home Admini stration) 5— Commercial bank 6— Savings bank or savings association 7— Life insurance company 8— Affiliate institution 9— Other type of purchaser Action Taken: 1— Loan originated 2— Application approved but not accepted Reasons for Denial by applicant 1— Debt-to-income ratio 3— Application denied 2— Employment history 4— Application withdrawn 3— Credit history 5— File closed for incompleteness 4— Collateral 6— Loan purchased by your institution 5— Insufficient cash (downpayment, clos ing costs) Applicant Information 6— Unverifiable information 7— Credit application incomplete Race or National Origin: 1— American Indian or Alaskan Native 8— Mortgage insurance denied 9— Other 2— Asian or Pacific Islander 14 « rt-r Appendix B Regulation C A PPEN D IX B—Form and Instructions for D ata Collection on Race or National Origin and Sex I. Instructions on Collection o f Data on Race or National Origin and Sex A. Format. You may list questions regarding the race or national origin and sex of the ap plicant on your loan application form, or on a separate form that refers to the application. (See the sample form below for recommended language.) B. Procedures. 1. You must ask for this information, but cannot require the applicant to provide it. 2. If the applicant chooses not to provide the information for an application taken in person, note this fact on the form and note the data, to the extent possible, on the basis of visual observation or surname. 3. Inform the applicant that the federal government is requesting this information in order to monitor compliance with federal statutes that prohibit lenders from discrimi nating against applicants on these bases. In form the applicant that if the information is not provided where the application is taken in person, you are required to note the data on the basis of visual observation or surname. 4. If an application is made entirely by tele phone, you need not request this informa tion. And you need not provide the data when you take an application by mail, if the applicant fails to answer these questions on the application form. You should indicate whether an application was received by mail or telephone, if it is not otherwise evi dent on the face of the application. 5. The “other” block is available only to the applicant who chooses to indicate some other appropriate category for race or na tional origin. If completing the form based on visual observation, do not use this cate gory; use one of the other five categories. 10 5 Sample Data-Collection Form INFORMATION FOR GOVERNMENT MONITORING PURPOSES The following information is requested by the federal government for certain types of loans related to a dwelling in order to monitor the lender’s compliance with equal credit oppor tunity, fair housing, and home mortgage dis closure laws. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender may not dis criminate on the basis of this information, or on whether you choose to furnish it. However, if you choose not to furnish the information and you have made this application in person, under federal regulations the lender is re quired to note race or national origin and sex on the basis of visual observation or surname. If you do not wish to furnish the information, please check below. APPLICANT: | | I do not wish to furnish this information. Race or National Origin: ] American Indian, Alaskan Native ] Asian, Pacific Islander | | Black □ Hispanic | | White | | Other (specify) __________________ Sex: ] Female Q Male CO-APPLICANT: ] I do not wish to furnish this information. Race or National Origin: ] American Indian, Alaskan Native | | Asian, Pacific Islander [H Black ] Hispanic | | White □ Other (specify) __________________ Sex: Q Female | | Male 15 fi-TI05d\ Home Mortgage Disclosure Act 12 USC 2801 et seq.; 89 Stat. 1125; Pub. L. 94-200, Title III (Decem ber 31, 1975) 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 SECTION 301—Short Title This title may be cited as the “Home Mort gage Disclosure Act of 1975.” o [12 USC 2801 note.] 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. [12 USC 2801.] 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”— (A) means— (i) any bank (as defined in section 3(a)(1) of the Federal Deposit Insur ance Act); (ii) any savings association (as de fined in section 3(b)(1) of the Federal Deposit Insurance Act); and (iii) any credit union, which makes federally related mortgage loans as determined by the Board; and (B) includes any other lending institu tion (as defined in paragraph (4)) other than any institution described in subpara graph (A); (3) the term “completed application” means an application in which the creditor has received the information that is regular ly obtained in evaluating applications for the amount and type of credit requested; (4) the term “other lending institutions” means any person engaged for profit in the business of mortgage lending; (5) the term “Board” means the Board of Governors of the Federal Reserve System; and (6) the term “Secretary” means the Secre tary of Housing and Urban Development. [12 USC 2802. As amended by acts of Feb. 5, 1988 (101 Stat. 1945) and Aug. 9, 1989 (103 Stat. 525).] SECTION 304— Maintenance of Records and Public Disclosure (a)(1) Each depository institution which has a home office or branch office located with in a primary metropolitan statistical area, metropolitan statistical area, or consolidat ed metropolitan statistical area that is not comprised of designated primary metropoli tan statistical areas, as defined by the De17 §304 partment of Commerce shall compile and make available, in accordance with regula tions of the Board, to the public for in spection and copying at the home office, and at least one branch office within each primary metropolitan statistical area, met ropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropoli tan statistical areas in which the depository institution has an office the number and to tal dollar amount of mortgage loans which were (A) originated (or for which the insti tution received completed applications), or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immedi ately preceded the effective 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: (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 primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statis tical area that is not comprised of desig nated primary metropolitan statistical ar eas, otherwise, by county, for mortgage loans secured by property located within any other county within that primary met ropolitan statistical area, metropolitan statistical area, or consolidated metropol itan statistical area that is not comprised of designated primary metropolitan sta tistical areas. (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 primary metropolitan statistical area, metropolitan statistical area, or consoli dated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. For the purpose of this paragraph, a deposi tory institution which maintains offices in 18 HMD Act more than one primary metropolitan statis tical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas shall be re quired 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 (or for which com pleted applications were received) by an of fice of that depository institution located in the primary metropolitan statistical area, metropolitan statistical area, or consolidat ed metropolitan statistical area that is not comprised of designated primary metropoli tan statistical areas in which the office mak ing such information available is located. For purposes of this paragraph, other lend ing institutions shall be deemed to have a home office or branch office within a pri mary metropolitan statistical area, metro politan statistical area, or consolidated met ropolitan statistical area that is not com prised of designated primary metropolitan statistical areas if such institutions have originated or purchased or received com pleted applications for at least 5 mortgage loans in such area in the preceding calendar year. (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; (3) the number and dollar amount of home improvement loans; and (4) the number and dollar amount of mort gage loans and completed applications in volving mortgagors or mortgage applicants rt-T ( 0 5 3 7 f t . HMD Act grouped according to census tract, income level, racial characteristics, and gender. (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 dur 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) Subject to subsection (h), the Board shall prescribe a standard format 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 primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not com prised of designated primary metropolitan sta tistical areas. Disclosure statements shall be made available to the public for inspection and copying at such central depository of data for all depository institutions which are re quired to disclose information under this sec tion (or which are exempted pursuant to sec tion 306(b)) and which have a home office or branch office within such primary metropoli tan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated pri mary metropolitan statistical areas. (g) The requirements of subsections (a) and (b) shall not apply with respect to mortgage loans that are— §304 (1) made (or for which completed applica tions are received) by any mortgage bank ing subsidiary of a bank holding company or savings and loan holding company or by any savings and loan service corporation that originates or purchases mortgage loans; and (2) approved (or for which completed ap plications are received) by the secretary for insurance under title I or II of the National Housing Act. (h) The data required to be disclosed under subsection (b)(4) shall be submitted to the appropriate agency for each institution report ing under this title. Notwithstanding the re quirement of section 304(a) (2) (A) for disclo sure by census tract, the Board, in cooperation with other appropriate regulators, including— (1) the Office of the Comptroller of the Currency for national banks and Federal branches and Federal agencies of foreign banks; (2) the Director of the Office of Thrift Su pervision for savings associations; (3) the Federal Deposit Insurance Corpo ration for banks insured by the Federal De posit Insurance Corporation (other than members of the Federal Reserve System), mutual savings banks, insured State branches of foreign banks, and any other depository institution described in section 303(2) (A) which is not otherwise referred to in this paragraph; (4) the National Credit Union Adminis tration Board for credit unions; and (5) the Secretary of Housing and Urban Development for other lending institutions not regulated by the agencies referred to in paragraphs (1) through (4), shall develop regulations prescribing the for mat for such disclosures, the method for sub mission of the data to the appropriate regula tory agency, and the procedures for disclosing the information to the public. These regula tions shall also require the collection of data required to be disclosed under subsection (b) (4) with respect to loans sold by each in stitution reporting under this title, and, in ad dition, shall require disclosure of the class of the purchaser of such loans. Any reporting in stitution may submit in writing to the appro 19 §304 priate agency such additional data or explana tions as it deems relevant to the decision to originate or purchase mortgage loans. (i) The requirements of subsection (b)(4) shall not apply with respect to any depository institution described in section 303 (2) (A) which has total assets, as of the most recent full fiscal year of such institution, of $30,000,000 or less. [12 USC 2803. As amended by acts of Oct. 8, 1980 (94 Stat. 1657); Nov. 30, 1983 (97 Stat. 1266); Feb. 5, 1988 (101 Stat. 1945, 1950); Aug. 9, 1989 (103 Stat. 524, 525, 526); and Dec. 19, 1991 (105 Stat. 2299).] 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. (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 and Federal branch es and Federal agencies of foreign banks, by the Office of Comptroller of the Currency; (B) member banks of the Federal Re serve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations oper ating under section 25 or 25A of the Fed eral Reserve Act, by the Board; and (C) banks insured by the Federal Depo sit Insurance Corporation (other than members of the Federal Reserve Sys tem), mutual savings banks as defined in 20 HMD Act section 3(f) of the Federal Deposit In surance Act (12 U.S.C. 1813(f)), in sured State branches of foreign banks, and any other depository institution not referred to in this paragraph or para graph (2) or (3) of this subsection, by the Board of Directors of the Federal De posit Insurance Corporation; (2) section 8 of the Federal Deposit Insur ance Act, by the Director of the Office of Thrift Supervision, in the case of a savings association the deposits of which are in sured by the Federal Deposit Insurance Corporation; (3) the Federal Credit Union Act, by the Administrator of the National Credit Un ion Administration with respect to any credit union; and (4) other lending institutions, by the Sec retary of Housing and Urban Development. The terms used in paragraph (1) that are not defined in this title or otherwise defined in sec tion 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the mean ing given to them in section 1(b) of the Inter national Banking Act of 1978 (12 U.S.C. 3101). (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. [12 USC 2804. As amended by acts of Aug. 9, 1989 (103 Stat. 440, 526) and Dec. 19, 1991 (105 Stat. 2299).] SECTION 306— Relation to State Laws (a) This title does not annul, alter, or affect, 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- ffT loo 51a. § 309 HMD Act 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. pervision deems appropriate, shall develop, or assist in the improvement of, methods of matching addresses and census tracts to fa cilitate compliance by depository institu tions in as economical a manner as possible with the requirements of this title. (2) There is authorized to be appropriated such sums as may be necessary to carry out this subsection. (3) The Director of the Office of Thrift Su pervision is authorized to utilize, contract with, act through, or compensate any per son or agency in order to carry out this subsection. (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 8 of the Federal Deposit Insur ance Act, by the Director of the Office of Thrift Supervision in the case of a savings association the deposits of which are in sured by the Federal Deposit Insurance Corporation. (b) The Director of the Office of Thrift Super vision shall recommend to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate such additional legislation as the Direc tor of the Office of Thrift Supervision deems appropriate to carry out the purpose of this title. [12 USC 2805. As amended by act of Aug. 9, 1989 (103 Stat. 440).] [12 USC 2807. As amended by acts of Nov. 30, 1983 (97 Stat. 1266) and Aug. 9, 1989 (103 Stat. 526).] SECTION 307—Research and Improved Methods SECTION 309—Effective Date (a)(1) The Director of the Office of Thrift Supervision, with the assistance of the Sec retary, the Director of the Bureau of the Census, the Comptroller of the Currency, the Board of Governors of the Federal Re serve System, the Federal Deposit Insur ance Corporation, and such other persons as the Director of the Office of Thrift Su- [12 USC 2806. As amended by H. Res. 5 of Jan. 4, 1977 and acts of Nov. 7, 1988 (102 Stat. 3280) and Aug. 9, 1989 (103 Stat. 440).] SECTION 308—Study The Board, in consultation with the Secre tary of Housing and Urban Development, shall report annually to the Congress on the utility of the requirements of section 304(b)(4). This title shall take effect on the one hundred and eightieth day beginning after the date of its enactment. Any institution specified in sec tion 303(2) (A) 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. The Board, in consultation with the Secretary, may exempt institutions described in section 303(2) (B) that are comparable within their 21 § 309 HMD Act respective industries to institutions that are exempt under the preceding sentence. SECTION 311—Disclosure by the Secretary [12 USC 2808. As amended by act of Dec. 19, 1991 (105 Stat. 2307).] 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) (and for each mortgagee making mortgage loans ex empted under section 304(g)), with respect to mortgage loans approved (or for which com pleted applications are received) by the Secre tary 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 primary metropoli tan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated pri mary metropolitan statistical areas shall, at a minimum, be publicly available at the central depository of data established pursuant to sec tion 304(f) for such primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. 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 infor mation required to be made publicly available in accordance with section 310. SECTION 310—Compilation of Aggregate Data (a) Beginning with data for calendar year 1980, the Federal Financial Institutions Ex amination Council shall compile each year, for each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not com prised of designated primary metropolitan sta tistical areas, aggregate data by census tract for all depository institutions which are re quired to disclose data under section 304 or which are exempt pursuant to section 306(b). The Council shall also produce tables indicat ing, for each primary metropolitan statistical area, metropolitan statistical area, or consoli dated metropolitan statistical area that is not comprised of designated primary metropoli tan statistical areas, aggregate lending pat terns 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. [12 USC 2809. As added by act o f Oct. 8, 1980 (94 Stat. 1658) and amended by act o f Nov. 30, 1983 (97 Stat. 1266).] 22 [12 USC 2810. As added by act of Oct. 8, 1980 (94 Stat. 1658) and amendedd by acts of Nov. 30, 1983 (97 Stat. 1266); Feb. 5, 1988 (101 Stat. 1945); and Aug. 9, 1989 (103 Stat. 525).]
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