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April 10, 1998


To: The Chief Executive Officer
All Farm Credit System Institutions

From: Roland E. Smith, Director /s/
Office of Examination

Subject: Revised Federal Reserve Regulation C Commentary, Home Mortgage Disclosure Act


The Board of Governors of the Federal Reserve System has issued the attached Official Staff Commentary on Regulation C, Home Mortgage Disclosure. The commentary is the vehicle by which the Division of Consumer and Community Affairs of the Federal Reserve Board issues formal staff interpretations of Regulation C (12 CFR 203). The commentary is dated January 1, 1996, with a supplemental “slip sheet” dated August 1997.

The revision took full effect on July 1, 1997. Section 203.3 provides guidance to institutions that cease to meet the tests for Home Mortgage Disclosure Act (HMDA) coverage during the calendar year. The revision applies to each of the coverage criteria for nondepository institutions as discussed on page 5 of the 1996 Guide (Guide) to HMDA Reporting, Getting It Right! A copy of the Guide may be obtained by contacting:

Department of Housing and Urban Development
Attention: HMDA Processing
Room B-133 (Plaza 3119)
451 7th Street, SW
Washington, DC 20410

Additionally, to obtain copies of any Federal Reserve System (FRS) regulations or staff commentaries, you may contact FRS Publications at (202) 452-3245. If you have questions regarding this Informational Memorandum, please contact Thomas J. Holland, Director, Special Examination and Supervision Division, Office of Examination at (703) 883-4483, or on the Internet at e-mail address hollandt@fca.gov.

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