District Circular Letters
December 23, 1997
REGULATION B: LEGAL PRIVILEGE FOR INFORMATION
REGULATION C: ASSET-SIZE EXEMPTION THRESHOLD
To Member and Nonmember Banks,
Bank Holding Companies, and Others Concerned
in the Twelfth Federal Reserve District
Regulation B: Final Revisions Regarding Legal Privilege for
Creditor Information (Docket R-0955)
The Federal Reserve Board has announced publication of revised regulations
under the Equal Credit Opportunity Act, Regulation B, to implement legislation
creating a legal privilege for the results of "self-tests" that
creditors voluntarily conduct to determine the level of their compliance
with the Act. The Department of Housing and Urban Development is issuing
a substantially similar regulation under the Fair Housing Act.
The revisions are effective January 30, 1998.
The self-testing privilege applies only if the creditor takes appropriate
corrective action to address possible discrimination found in the self-test.
Regulation C: Final Rule Regarding Adjustment of Asset-Size
Exemption Threshold (Docket R-0993)
The Federal Reserve Board has raised the exemption threshold to $29
million for depository institutions that are required to report data under
the Home Mortgage Disclosure Act.
This rule is effective January 1, 1998, and applies
to all data collection in 1998.
Under the revision to the Board's staff commentary to Regulation C,
institutions with assets of $29 million or less will not be required to
collect HMDA data in 1998. The previous exemption level was $28 million.
The Board is required under law to adjust the exemption threshold annually
based on the annual percentage change in the Consumer Price Index. The
adjustment reflects changes for the twelve-month period ending in November.
Copies
Copies of the Board's notices (Docket
R-0955 and Docket
R-0993) are available from our Corporate
Services Department. To request copies to be sent via mail, please call
(415) 974-2748. To request copies to be sent via fax,
please call (415) 974-3333, and specify document numbers
4243 and 4183, respectively.
Additional Information
For additional information regarding these matters, please contact our
Banking Supervision and Regulation Department, at (415) 974-2951
[for Regulation B], and (415) 974-2967 [for Regulation
C].
FEDERAL RESERVE BANK OF SAN FRANCISCO
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