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Thursday, April 1, 2004

Fed Announces Increase in HMDA Threshold

The Federal Reserve Board recently increased the asset-size exemption threshold for depository institutions under the Home Mortgage Disclosure Act (HMDA) to $33 million from $32 million.

Depository institutions with assets of $33 million or less as of Dec. 31, 2003, are exempt from data collection in 2004. However, institutions that were required to collect data in 2003 still must report the data in 2004.

The Board also is publishing technical amendments to HMDA and the staff commentary to make them conform to changes in the definition of metropolitan statistical area boundaries.

The exemption adjustment and technical amendments became effective Jan. 1, 2004.