Extension without change of a currently approved collection
No
Regular
06/27/2022
Requested
Previously Approved
36 Months From Approved
07/31/2022
887
1,204
609,100
635,938
0
0
Regulation C, which implements the
Home Mortgage Disclosure Act (HMDA) enacted in 1975, requires
certain depository and non-depository institutions that make
certain mortgage loans to collect, report, and disclose data about
originations and purchases of mortgage loans, as well as loan
applications that do not result in originations. HMDA generates
loan data that can be used to: (1) help determine whether financial
institutions are serving the housing needs of their communities;
(2) assist public officials in distributing public-sector
investments so as to attract private investment to areas where it
is needed; and (3) assist in identifying possible discriminatory
lending patterns and enforcing anti-discrimination statutes. The
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
(the Dodd-Frank Act) transferred HMDA and its rulemaking authority
from the Board of Governors of the Federal Reserve System (Board)
to the Consumer Financial Protection Bureau (CFPB) and transferred
supervisory and enforcement authority for HMDA for depository
institutions over $10 billion in consolidated assets from the
Board, Federal Deposit Insurance Corporation, OCC, and National
Credit Union Administration to the CFPB. The CFPB published a final
rule on October 28, 2015, that expanded the data collected and
reported under HMDA, as implemented by Regulation C, and published
a final rule on September 13, 2017, with additional corrections and
clarifications (final rules). The final rules also modified the
types of lenders and loans covered under Regulation C. First, for
data collected in 2017, and reported in 2018, the rule simply
reduces the number of institutions covered under Regulation C
because only depositories originating more than 25 closed end loans
must report. Then, starting January 1, 2018, an institution was
required to begin collecting expanded data under HMDA if it either
originates 25 or more closed end mortgage loans or 500 or more
open-end lines of credit secured by a dwelling in each of the two
preceding years, in addition to meeting other criteria. These
institutions will begin reporting the expanded HMDA data in 2019.
Starting in 2020, an institution will collect data on open-end
lines of credit if it originates more than 100 open-end lines of
credit secured by a dwelling in each of the two preceding years
(and report that open-end lines of credit data beginning in 2021).
An institution also will collect and report covered loans and
applications quarterly if it received a total of at least 60,000
covered loans and applications in the preceding calendar year. An
institution must report a covered loan if it has met the loan
origination threshold for that loan category (open end or
closed-end); an institution that is not required to report data may
voluntarily do so. In addition, the types of loans covered under
Regulation C changed under the final rules beginning in 2018.
Covered institutions are required to collect and report any
mortgage loan secured by a dwelling, including open end lines of
credit, regardless of the loan’s purpose. Dwelling secured loans
that are made principally for a commercial or business purpose, as
well as agricultural–purpose loans and other specified loans are
excluded. On September 7, 2018, the CFPB issued an interpretive and
procedural rule to implement section 104(a) of the Economic Growth,
Regulatory Relief, and Consumer Protection Act (EGRRCPA). Section
104(a) amended certain provisions of the Home Mortgage Disclosure
Act (HMDA) by adding partial exemptions from HMDA's requirements
for certain insured depository institutions and insured credit
unions. Insured depository institutions and insured credit unions
covered by a partial exemption have the option of reporting exempt
data fields as long as they report all data fields within any
exempt data point for which they report data.
The decrease in burden is due
to the decrease in the number of respondents.
No
No
No
No
No
No
No
Nancy Worth 2028745750
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
1557-0345 Reg C Supporting Statement 6-14-22.docx
Disclosure - Tier 1