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Circular Letters

Circular Letter 5556

December 21, 2001

To: All Member Banks and Others Concerned in the Third Federal Reserve District

Attention: Compliance Officer

Subject: REGULATION C - COMMENTARY AMENDMENT REGARDING EXEMPTION THRESHOLD

Summary:

The Federal Reserve Board announced on Wednesday, December 19, 2001, that it has adopted an amendment to the staff commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure). The Board is required to adjust annually the asset-size 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 12-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.

Effective Date: The adjustment is effective on January 1, 2002.

Additional Information: For additional information, contact the Regulations Assistance Unit at this Reserve Bank at (215) 574-6568 or Dan S. Sokolov, Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452-3667.