To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has raised the exemption threshold to $29 million for depository institutions that are required to report data under the Home Mortgage Disclosure Act. Under the revision to the Board's staff commentary to Regulation C, institutions with assets of $29 million or less will not be required to collect HMDA data in 1998. The previous exemption level was $28 million.
The Board is required under law to adjust the exemption threshold annually based on the annual percentage change in the Consumer Price Index. The adjustment reflects changes for the 12-month period ending in November.
A copy of the final rule, effective January 1, 1998, as published in the Federal Register of December 18 is available as a file (pdf - 20kb). Questions on this matter may be directed, at this Bank, to Janice A. Oser, Supervising Examiner, Compliance Examinations Department.