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Have You Heard

Saturday, October 1, 2011

FFIEC Announces Revisions to the Calculation of Annual Median Family Income Data

The Federal Financial Institutions Examination Council (FFIEC) announced that in 2012 it will calculate the annual Median Family Income (MFI) data that are published each June. These data were previously calculated and updated annually by the Department of Housing and Urban Development. The 2012 MFI data will incorporate the U.S. Census Bureau's American Community Survey (ACS) information and will be referred to as FFIEC Median Family Income Data. The MFI data are calculated annually for each metropolitan and nonmetropolitan area using the geographic changes released by the Office of Management and Budget in December of the previous year. The data are used by the agencies to compile Home Mortgage Disclosure Act data and Community Reinvestment Act examinations analyses. An explanation of methodology and related documents will be available at

FFIEC Announces the Use of American Community Survey Data in its Census Data Files

The FFIEC also announced that it will incorporate the 2010 American Community Survey (ACS) data into the FFIEC-published census data file. The new methodology responds to a change in the way the U.S. Census Bureau collects information that is reflected in the FFIEC's census data. Unlike the previous decennial census, the 2010 census was used only to count the nation's population. Data that were traditionally collected through the supplemental survey are now collected as part of the ACS, a nationwide survey designed to provide local communities with reliable and timely demographic, social, economic and housing data each year. Because the pace of change has accelerated rapidly, the Census Bureau believes that it is no longer sufficient to collect detailed data about our population once every 10 years.

The FFIEC publishes census data as part of the Home Mortgage Disclosure Act (HMDA) aggregate and disclosure data and as a separate census data file, both of which are available on the FFIEC web site. The census data are used to provide context to HMDA and Community Reinvestment Act (CRA) data. The FFIEC will use the 2010 ACS five-year estimate data to create a new "base" file, which will be updated every five years. Implementation of the new data for consumer compliance and CRA examination purposes will occur in 2012, and the data will be utilized in the same manner that decennial data has been used in the past. In addition to the tract income data, the new base file will include updated race and ethnicity data, which will also be updated every five years. For more information, visit the FFIEC's web site at