District Circular Letters
February 5, 1999
REGULATION C: HOME MORTGAGE DISCLOSURE ACT (HMDA)
SUBMISSION OF 1998 HMDA-LAR REPORTS
UPDATED PC SOFTWARE FOR CY 1999 HMDA-LAR
REVISIONS TO REGULATION C
To State Member Banks
and Others Concerned
in the Twelfth Federal Reserve District
HMDA-LAR Submission for Calendar Year 1998 Data
In accordance with the Home Mortgage Disclosure Act (HMDA), the Federal
Reserve Board's Regulation C requires certain institutions to submit annual
reports of their mortgage-related lending activity via Home Mortgage Disclosure
Act Loan Application Registers (HMDA-LARs).
State member banks' calendar year (CY) 1998 HMDA-LARs are due to this
office by March 1, 1999. You may use either of the following
software to submit your CY 1998 report:
- The HMDA Data Entry Software, Version 1.10 which
was provided to state members early in 1998; or
- The HMDA Data Entry Software, Version
1.20, which is enclosed for all current HMDA respondents
in the Twelfth Federal Reserve District. Please see attached sheet for
a detailed description of the changes and features of this software.
As indicated on the label of this revised software, it may be used to
process data for 1996 through 1999. Note that this version of the data
entry software is Year 2000, century date ready.
The 1998 reports should be submitted in an automated,
machine-readable format. You should also be sure to check the data before
submission, using edits included in the software program we have provided
(or an equivalent program). HMDA-LARs may be submitted via PC diskettes
(only 3-1/2" formatted diskettes will be accepted), magnetic tape, FEDLINE,
bulkdata, and the Internet (per instructions on the updated software)
at Sf Hmda.
Please note: If you elect to E-mail your submission, you
must encrypt the data using the encryption software that is included
in the entry software programs listed above. No other encryptian software
will suffice. If you do not use the designated software,
you must install the encryptian software on your computer and run the program
against your HMDA data file. Next, attach the encrypted file to an E-mail
message and send to the E-mail address above (if you are a state-member
bank), or to your appropriate Federal regulator's designated HMDA mailbox.
No matter which format you choose to submit your HMDA data, it is important
that you retain a copy of your report. Diskettes and magnetic tapes should
be labeled as follows:
- Respondent name, respondent ID number, agency code, and Tax ID number
- Contact name and phone number
- Number of total LAR records being submitted
- Number of each diskette within set (i.e., 1 of 1, 1 of 2, etc.)
Mailed submissions should be addressed to
Mr. David Robbins, Senior Consumer Affairs Specialist
Federal Reserve Bank of San Francisco
Banking Supervision and Regulation-Mail Stop 620
101 Market Street
San Francisco, CA 94105
Revisions to Regulation C
Reporting Requirements
The Federal Reserve Board adjusts the exemption threshold for depository
institutions annually, based on the annual percentage change in the Consumer
Price Index. In December 1997, the Board adjusted the exemption threshold
for depository institutions for 1998 data collection to $29 million (from
$28 million). The change was incorporated in the Regulation C Staff Commentary.
Thus, depository institutions with assets of $29 million or less as of December
31, 1997, are exempt from data collection in 1998. The asset exemption threshold
for depository institutions for CY 1999 data will be published in December
in the Staff Commentary.
Century Date Compliance
Beginning with CY 1998 data collection, file format requirements changed
to bring HMDA reporting into compliance with Year 2000 data system standards.
This Regulation C modification requires institutions to enter the application
and action taken date using four digits for the year, rather than two. The
proper format for the dates when submitting the data in electronic form
is CCYYMMDD. For example, January 20, 1998, will be reflected as 19980120.
For paper submission only (institutions having fewer than 25 reportable
loans), enter the dates in the form MM/DD/CCYY (for example, 01/20/1998)
on the HMDA-LAR. The recently approved amendment to Regulation C is effective
with the reporting of CY 1998 data. It is very important to comply with
Year 2000 data systems standards by including the century two-digit field
with the year two-digit field.
Additional Information
If you have any questions concerning your 1998 HMDA-LAR, or if you are a
representative of a state member bank and have not received a copy of the
new software by February 1, 1999, please contact Mr. David Robbins, Senior
Consumer Affairs Specialist, Banking Supervision and Regulation Department,
at (415) 974-2967. If you have further questions concerning
the new software, please contact the Federal Reserve Board's HMDA Assistance
line at (202) 452-2016. Questions may also be addressed
electronically to the Board's Internet address, HMDAHELP@FRB.GOV.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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