[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR203.1]

[Page 76]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 203--HOME MORTGAGE DISCLOSURE (REGULATION C)--Table of Contents
 
Sec. 203.1  Authority, purpose, and scope.

    (a) Authority. This regulation is issued by the Board of Governors 
of the Federal Reserve System (``Board'') pursuant to the Home Mortgage 
Disclosure Act (12 U.S.C. 2801 et seq.), as amended. The information-
collection requirements have been approved by the U.S. Office of 
Management and Budget under 44 U.S.C. 3501 et seq. and have been 
assigned OMB Numbers 1557-0159, 3064-0046, 1550-0021, and 7100-0247 for 
institutions reporting data to the Office of the Comptroller of the 
Currency, the Federal Deposit Insurance Corporation, the Office of 
Thrift Supervision, and the Federal Reserve System, respectively; 
numbers for the National Credit Union Administration and the Department 
of Housing and Urban Development are pending.
    (b) Purpose. (1) This regulation implements the Home Mortgage 
Disclosure Act, which is intended to provide the public with loan data 
that can be used:
    (i) To help determine whether financial institutions are serving the 
housing needs of their communities;
    (ii) To assist public officials in distributing public-sector 
investments so as to attract private investment to areas where it is 
needed; and
    (iii) To assist in identifying possible discriminatory lending 
patterns and enforcing antidiscrimination statutes.
    (2) Neither the act nor this regulation is intended to encourage 
unsound lending practices or the allocation of credit.
    (c) Scope. This regulation applies to certain financial 
institutions, including banks, saving associations, credit unions, and 
other mortgage lending institutions, as defined in Sec. 203.2(e). It 
requires an institution to report data to its supervisory agency about 
home purchase and home improvement loans it originates or purchases, or 
for which it receives applications; and to disclose certain data to the 
public.
    (d) Loan aggregation and central data depositories. Using the loan 
data made available by financial institutions, the Federal Financial 
Institutions Examination Council will prepare disclosure statements and 
will produce various reports for individual institutions for each 
metropolitan statistical area (MSA), showing lending patterns by 
location, age of housing stock, income level, sex, and racial 
characteristics. The disclosure statements and reports will be available 
to the public at central data depositories located in each MSA. A 
listing of central data depositories can be obtained from the Federal 
Financial Institutions Examination Council, Washington, DC 20006.

[Reg. C, 54 FR 51362, Dec. 15, 1989, as amended at 63 FR 52142, Sept. 
30, 1998]