Tell us
what you think
Our Sponsors
 |
Our Sponsors
|
HMDA Exemption Size Grows
The FRB has released the new bank asset size for HMDA exemption. The FRB now adjusts the exemption limit each year based on the annual percentage change in the Consumer Price Index. With the 1998 adjustment, banks with assets of $29 million or less are exempt from HMDA reporting, even if located in an MSA. Banks of this small size are not required to collect data for HMDA reporting purposes.
All creditors, regardless of size, are subject to the Regulation B monitoring data requirements. Regulation B requires collection of race, age, marital status and gender for loans to purchase or refinance a dwelling. A dwelling is a 1-4 family residential unit that is occupied by the applicant as a principle residence.
Copyright © 1997 Compliance Action. Originally appeared in Compliance Action, Vol. 2, No. 18, 12/97
Rate This Article
Current Rating For the Feature:
Content-type:text/html
File or Directory cannot be opened.
Default error message. |
|