Federal Register / Vol. 66, No. 247 / Wednesday, December 26, 2001 / Rules and Regulations 66295

Subpart I—Application Requirements

and Procedures for Loans

5. The heading for Subpart I is revised

to read as set out above.

6. Revise § 1710.401(a)(2)(i) to read as

follows:

§ 1710.401 Loan application documents.

(a) * * *

(2) * * *

(i) The requested loan type, loan

amount, loan term, final maturity and

method of amortization (§ 1710.110(b));

* * * * *

Dated: December 18, 2001.

Hilda Gay Legg,

Administrator, Rural Utilities Service.

[FR Doc. 01–31574 Filed 12–21–01; 8:45 am]

BILLING CODE 3410–15–P

FEDERAL RESERVE SYSTEM

12 CFR Part 203

[Regulation C; Docket No. R–1119]

Home Mortgage Disclosure

AGENCY: Board of Governors of the

Federal Reserve System.

ACTION: Final rule; staff commentary.

SUMMARY: The Board is publishing a

final rule amending the staff

commentary that interprets the

requirements of Regulation C (Home

Mortgage Disclosure). The Board is

required to adjust annually the assetsize exemption threshold for depository

institutions based on the annual

percentage change in the Consumer

Price Index for Urban Wage Earners and

Clerical Workers. The present

adjustment reflects changes for the

twelve–month period ending in

November 2001. During this period, the

index increased by 2.91 percent; as a

result, the exemption threshold is

increased to $32 million. Thus,

depository institutions with assets of

$32 million or less as of December 31,

2001, are exempt from data collection in

2002.

DATES: Effective January 1, 2002. This

rule applies to all data collection in

2002.

FOR FURTHER INFORMATION CONTACT: Dan

S. Sokolov, Attorney, Division of

Consumer and Community Affairs, at

(202) 452–3667; for users of

Telecommunications Device for the Deaf

(TDD) only, contact(202) 263–4869.

SUPPLEMENTARY INFORMATION: The Home

Mortgage Disclosure Act (HMDA; 12

U.S.C. 2801 et seq.) requires most

mortgage lenders located in

metropolitan areas to collect data about

their housing-related lending activity.

Annually, lenders must file reports with

their federal supervisory agencies and

make disclosures available to the public.

The Board’s Regulation C (12 CFR part

203) implements HMDA.

Provisions of the Economic Growth

and Regulatory Paperwork Reduction

Act of 1996 (codified at 12 U.S.C.

2808(b)) amended HMDA to expand the

exemption for small depository

institutions. Prior to 1997, HMDA

exempted depository institutions with

assets totaling $10 million or less, as of

the preceding year end. The statutory

amendment increased the asset-size

exemption threshold by requiring a one

time adjustment of the $10 million

figure based on the percentage by which

the Consumer Price Index for Urban

Wage Earners and Clerical Workers

(CPIW) for 1996 exceeded the CPIW for

1975, and provided for annual

adjustments thereafter based on the

annual percentage increase in the CPIW.

The one–time adjustment increased the

exemption threshold to $28 million for

1997 data collection.

Section 203.3(a)(1)(ii) of Regulation C

provides that the Board will adjust the

threshold based on the year–to–year

change in the average of the CPIW, not

seasonally adjusted, for each twelve–

month period ending in November,

rounded to the nearest million. Pursuant

to this section, the Board raised the

threshold to $29 million for 1998 data

collection, raised it to $30 million for

1999 data collection, and kept it at that

level for data collection in 2000. The

Board raised the threshold to $31

million for data collection in 2001.

During the period ending November

2001, the CPIW increased by 2.91

percent. As a result, the exemption

threshold is increased to $32 million.

Thus, depository institutions with assets

of $32 million or less as of December 31,

2001, are exempt from data collection in

2002. An institution’s exemption from

collecting data in 2002 does not affect

its responsibility to report the data it

was required to collect in 2001.

The Board is amending comment

3(a)–2 of the staff commentary to

implement the increase in the

exemption threshold. Under the

Administrative Procedure Act, notice

and opportunity for public comment are

not required if the Board finds that

notice and public comment are

unnecessary or would be contrary to the

public interest. 5 U.S.C. 553(b)(B).

Regulation C establishes the formula for

determining adjustments to the

exemption threshold, if any, and the

amendment to the staff commentary

merely applies the formula. This

amendment is technical and not subject

to interpretation. For these reasons, the

Board has determined that publishing a

notice of proposed rulemaking and

providing opportunity for public

comment are unnecessary and would be

contrary to the public interest.

Therefore, the amendment is adopted in

final form.

List of Subjects in 12 CFR Part 203

Banks, Banking, Federal Reserve

System, Mortgages, Reporting and

recordkeeping requirements.

For the reasons set forth in the

preamble, the Board amends 12 CFR

part 203 as follows:

PART 203–HOME MORTGAGE

DISCLOSURE (REGULATION C)

1. The authority citation for part 203

continues to read as follows:

Authority: 12 U.S.C. 2801–2810.

2. In Supplement I to part 203, under

Section 203.3–Exempt Institutions,

under 3(a) Exemption based on location,

asset size, or number of home–purchase

loans, paragraph 2 is revised to read as

follows:

SUPPLEMENT I to PART 203–STAFF

COMMENTARY

* * * * *

Section 203.3 Exempt Institutions

3(a) Exemption based on location, asset

size, or number of home-purchase loans.

* * * * *

2. Adjustment of exemption threshold

for depository institutions. For data

collection in 2002, the asset–size

exemption threshold is $32 million.

Depository institutions with assets at or

below $32 million are exempt from

collecting data for 2002.

* * * * *

By order of the Board of Governors of the

Federal Reserve System, acting through the

Director of the Division of Consumer and

Community Affairs under delegated

authority, December 18, 2001.

Jennifer J. Johnson,

Secretary of the Board.

[FR Doc. 01–31563 Filed 12–21–01; 8:45 am]

BILLING CODE 3510–22–S