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Informational Memorandum
Subject:Updated Guidance for Federal Reserve Regulation C
Date of Memorandum:01/16/1998
Expiration Date:
Office:OE
Signed By:Smith, Roland
FCA Contact Person:Holland, Tom
Contact Phone:703-883-4484
List of Attachments:FFIEC Letter & list of MSAs

INFORMATIONAL MEMORANDUM




January 16, 1998


To: The Chief Executive Officer
All Farm Credit System Institutions

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

Subject: Updated Guidance for Federal Reserve Regulation C, Implementing the Home Mortgage Disclosure Act


As discussed in Bookletter 331-OE, dated June 23, 1992, those Farm Credit System institutions subject to the Home Mortgage Disclosure Act (HMDA) and Regulation C (12 CFR Part 203, which implements HMDA) must file their reports with the Department of Housing and Urban Development, their designated Federal Supervisory agency for HMDA purposes by March 2, 1998. Bookletter 457-OE, issued July 18, 1996, provided updated guidance on HMDA and included additional criteria to determine whether your institution is required to compile and report HMDA data.

Three significant changes have been made in the rules and reporting requirements for the 1997 HMDA data. The attached November 19, 1997 Federal Financial Institutions Examination Council letter outlines these changes. This information supplements 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

Also attached is a revised list of Metropolitan Statistical Areas (MSAs) which includes the designation of new or revised MSAs in Arkansas, Idaho, and Tennessee that took effect beginning in 1997.

Attachments