June 25, 2002
To: All Member Banks and Others Concerned in the Third Federal Reserve District
Attention: Chief Executive Officers and Compliance Officers
Subject: REGULATION C - FINAL AMENDMENTS
On June 21, 2002, the Federal Reserve Board published final amendments to its Regulation C, which implements the Home Mortgage Disclosure Act. The amendments:
Effective Date: Compliance with the amendments relating to thresholds and lien status is mandatory on January 1, 2004. The amendment requiring lenders to ask telephone applicants for monitoring information is effective for applications taken beginning January 1, 2003.
Additional Information: A copy of the final rule (223 KB, 22 pages) and supplementary information (89 KB, 4 pages), including the new loan/application register and loan/application register code sheet, are attached. For additional information, contact the Regulations Assistance Unit at this Reserve Bank at (215) 574-6568 or John C. Wood, Counsel, Kathleen C. Ryan, Senior Attorney, or Dan S. Sokolov, Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, D.C., at (202) 452-3667 or 452-2412.