The Federal Deposit Insurance Corporation (FDIC) would like to remind institutions that their Calendar Year 1998 (CY98) Home Mortgage Disclosure Act (HMDA) data is due by March 1, 1999.
We have again contracted with the Federal Reserve Board (FRB) in Washington, D.C., to collect and process CY98 HMDA data from FDIC-supervised institutions. The FRB will also assist you with questions about completing your HMDA report. The HMDA Assistance Line is (202) 452-2016. You may leave a taped message; your call should be returned within two business days. Questions may also be sent via the Internet to firstname.lastname@example.org, or you may call your regional office of the FDIC's Division of Compliance and Consumer Affairs (see attached regional office listing).
The Federal Financial Institutions Examination Council (FFIEC) HMDA software only exports data on 3.5" diskettes. Your institution should make a copy of each diskette and submit the original to the FRB in Washington, D.C., by March 1, 1999. The diskette should include the following information:
Respondent ID number/agency code; Contact name and telephone number;
Institution's name; Total number of "Loan Application Register" records submitted;
Tax ID number; Number of each diskette with set (e.g., 1, 1 of 2)
HMDA reports should be mailed to:
Federal Reserve Board
Attention: FDIC HMDA Processing Unit
1709 New York Ave., NW, 5th Floor
Washington, DC 20006
If you choose to submit your report electronically, the address is email@example.com. A signed copy of the Transmittal Sheet should be retained in your records for review by examiners. You will receive confirmation of receipt of your electronically transmitted records within 48 hours. Retain the confirmation until your disclosure statement is received and its accuracy is confirmed.
Late HMDA Filings
Failure to report complete and accurate HMDA data by March 1, 1999, may potentially subject your institution to the imposition of civil money penalties and/or other administrative sanctions prescribed in Section 305 of the HMDA statute. We encourage you to File your data on time so that the FRB may accurately compile the national aggregate data.
If you are required to resubmit your original data because of errors and the resubmission is after the March 1 deadline, please write RESUBMISSION in bold letters on the outside of the envelope. This will enable the FRB and the FDIC to distinguish the resubmissions from late filings.
Incomplete data that is submitted to meet the March 1 deadline will not be considered a resubmission.
Because there are only two significant changes in HMDA reporting for CY99, the FFIEC will not publish a 1999 edition of A Guide to HMDA Reporting - Getting it Right! The 1998 edition remains in effect. The following are the changes to CY99 HMDA reporting:
The asset threshold for exempt institutions will remain at $29 million. Institutions with assets totaling $29 million or less as of December 31, 1998, are not required to collect HMDA data for CY99.
One new Metropolitan Statistical Area
(MSA) has been added: Missoula, Montana (MSA 5140, consisting of
Missoula County, Montana).
Ronald F. Bieker
Attachment: FDIC Regional Offices - Division of Compliance and Consumer Affairs
Distribution: Insured Commercial Banks and FDIC-supervised Savings Banks
NOTE: Paper copies of FDIC financial
institution letters may be obtained through the FDIC's Public
Information Center, 801 17th Street, NW, Room 100, Washington, DC
20434 (800-276-6003 or (703) 562-2200).