203.1—Authority, purpose, and scope.
(a) Authority.
This regulation is issued by the Board of Governors of the Federal Reserve System (“Board”) pursuant to the Home Mortgage Disclosure Act (“HMDA”) (12 U.S.C. 2801
et seq. ), as amended. The information-collection requirements have been approved by the U.S. Office of Management and Budget (“OMB”) under 44 U.S.C. 3501
et seq. and have been assigned OMB numbers for institutions reporting data to the Office of the Comptroller of the Currency (1557-0159), the Federal Deposit Insurance Corporation (3064-0046), the Office of Thrift Supervision (1550-0021), the Federal Reserve System (7100-0247), and the Department of Housing and Urban Development (“HUD”) (2502-0529). A number for the National Credit Union Administration is pending.
(b) Purpose.
(1)
This regulation implements the Home Mortgage Disclosure Act, which is intended to provide the public with loan data that can be used:
(i)
To help determine whether financial institutions are serving the housing needs of their communities;
(ii)
To assist public officials in distributing public-sector investment so as to attract private investment to areas where it is needed; and
(iii)
To assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.
(2)
Neither the act nor this regulation is intended to encourage unsound lending practices or the allocation of credit.
(c) Scope.
This regulation applies to certain financial institutions, including banks, savings associations, credit unions, and other mortgage lending institutions, as defined in § 203.2(e). The regulation requires an institution to report data to its supervisory agency about home purchase loans, home improvement loans, and refinancings that it originates or purchases, or for which it receives applications; and to disclose certain data to the public.