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6000 - Consumer Protection


HOME MORTGAGE DISCLOSURE ACT OF 1975

AN ACT

To extend the authority for the flexible regulation of interest rates on deposits and share accounts in depository institutions, to extend the National Commission on Electronic Fund Transfers, and to provide for home mortgage disclosure.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

TITLE III—HOME MORTGAGE DISCLOSURE

SHORT TITLE

SEC. 301.  This title may be cited as the "Home Mortgage Disclosure Act of 1975".

[Codified to 12 U.S.C. 2801 note]

[Source:  Section 301 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effective June 28, 1976]

CONGRESSIONAL FINDINGS AND DECLARATION OF PURPOSE

SEC. 302.  (a)  FINDINGS OF CONGRESS.--The Congress finds that some depository institutions have sometimes contributed to the decline of certain geographic areas by their failure pursuant to their chartering responsibilities to provide adequate home financing to qualified applicants on reasonable terms and conditions.

(b)  PURPOSE OF CHAPTER.--The purpose of this title is to provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located and to assist public officials in their determination of the distribution of public sector investments in a manner designed to improve the private investment environment.

(c)  CONSTRUCTION OF CHAPTER.--Nothing in this title is intended to, nor shall it be construed to, encourage unsound lending practices or the allocation of credit.

[Codified to 12 U.S.C. 2801]

[Source:  Section 302 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effective June 28, 1976]

DEFINITIONS

SEC. 303.  For the purposes of this title--

(1)  the term "Bureau" mans the Bureau of Consumer Financial Protection.

(2)  the term "mortgage loan" means a loan which is secured by residential real property or a home improvement loan;

(3)  the term "depository institution"--

(A)  means--

(i)  any bank (as defined in section 3(a)(1) of the Federal Deposit Insurance Act);

(ii)  any savings association (as defined in section 3(b)(1) of the Federal Deposit Insurance Act); and

(iii)  any credit union,

which makes federally related mortgage loans as determined by the Bureau; and

(B)  includes any other lending institution (as defined in paragraph (4)) other than any institution described in subparagraph (A);

(4)  the term "completed application" means an application in which the creditor has received the information that is regularly obtained in evaluating applications for the amount and type of credit requested;

(5)  the term "other lending institutions" means any person engaged for profit in the business of mortgage lending;

(6)  the term "Board" means the Board of Governors of the Federal Reserve System; and

(7)  the term "Secretary" means the Secretary of Housing and Urban Development.

[Codified to 12 U.S.C. 2802]

[Source:  Section 303 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effective June 28, 1976; as amended by section 565(a)(1) of title V of the Act of February 5, 1988 (Pub. L. No. 100--242; 101 Stat. 1945), effective February 5, 1988; section 1211(d) and (e) of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 525), effective August 9, 1989; section 1094(2) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

MAINTENANCE OF RECORDS AND PUBLIC DISCLOSURE

SEC. 304.  (a)  DUTY OF DEPOSITORY INSTITUTIONS; NATURE AND CONTENT OF INFORMATION.--

(1)  Each depository institution which has a home office or branch office located within a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, as defined by the Department of Commerce shall compile and make available, in accordance with regulations of the Bureau, to the public for inspection and copying at the home office, and at least one branch office within each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, in which the depository institution has an office the number and total dollar amount of mortgage loans which were (A) originated (or for which the institution received completed applications), or (B) purchased by that institution during each fiscal year (beginning with the last full fiscal year of that institution which immediately preceded the effective date of this title).

(2)  The information required to be maintained and made available under paragraph (1) shall also be itemized in order to clearly and conspicuously disclose the following:

(A)  The number and dollar amount for each item referred to in paragraph (1), by census tracts, for mortgage loans secured by property located within any county with a population of more than 30,000, within that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, otherwise, by county, for mortgage loans secured by property located within any other county within that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas.

(B)  The number and dollar amount for each item referred to in paragraph (1) for all such mortgage loans which are secured by property located outside that primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas.

For the purpose of this paragraph, a depository institution which maintains offices in more than one primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, shall be required to make the information required by this paragraph available at any such office only to the extent that such information relates to mortgage loans which were originated or purchased (or for which completed applications are received) by an office of that depository institution located in the primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, in which the office making such information available is located. For purposes of this paragraph, other lending institutions shall be deemed to have a home office or branch office within a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan
statistical areas if such institutions have originated or purchased or received completed applications for at least 5 mortgage loans in such area in the preceding calendar year.

(b)  ITEMIZATION OF LOAN DATA.--Any item of information relating to mortgage loans required to be maintained under subsection (a) shall be further itemized in order to disclose for each such item--

(1)  the number and dollar amount of mortgage loans which are insured under title II of the National Housing Act or under title V of the Housing Act of 1949 or which are guaranteed under chapter 37 of title 38, United States Code;

(2)  the number and dollar amount of mortgage loans made to mortgagors who did not, at the time of execution of the mortgage, intend to reside in the property securing the mortgage loan;

(3)  the number and dollar amount of home improvement loans;

(4)  the number and dollar amount of mortgage loans and completed applications involving mortgagors or mortgage applicants grouped according to census tract, income level, racial characteristics, age and gender;

(5)  the number and dollar amount of mortgage loans grouped according to measurements of--

(A)  the total points and fees payable at origination in connection with the mortgage as determined by the Bureau, taking into account 15 U.S.C. 1602(aa)(4);

(B)  the difference between the annual percentage rate associated with the loan and a benchmark rate or rates for all loans;

(C)  the term in months of any prepayment penalty or other fee or charge payable on repayment of some portion of principal or the entire principal in advance of scheduled payments; and

(D)  such other information as the Bureau may require; and

(6)  the number and dollar amount of mortgage loans and completed applications grouped according to measurements of--

(A)  the value of the real property pledged or proposed to be pledged as collateral;

(B)  the actual or proposed term in months of any introductory period after which the rate of interest may change;

(C)  the presence of contractual terms or proposed contractual terms that would allow the mortgagor or applicant to make payments other than fully amortizing payments during any portion of the loan term;

(D)  the actual or proposed term in months of the mortgage loan;

(E)  the channel through which application was made, including retail, broker, and other relevant categories;

(F)  as the Bureau may determine to be appropriate, a unique identifier that identifies the loan originator as set forth in section 1503 of the S.A.F.E. Mortgage Licensing Act of 2008;

(G)  as the Bureau may determine to be appropriate, a universal loan identifier;

(H)  as the Bureau may determine to be appropriate, the parcel number that corresponds to the real property pledged or proposed to be pledged as collateral;

(I)  the credit score of mortgage applicants and mortgagors, in such form as the Bureau may prescribe; and

(J)  such other information as the Bureau may require.

(c)  PERIOD OF MAINTENANCE.--Any information required to be compiled and made available under this section shall be maintained and made available for a period of five years after the close of the first year during which such information is required to be maintained and made available.

(d)  DURATION OF DISCLOSURE REQUIREMENTS.--Notwithstanding the provisions of subsection (a)(1), data required to be disclosed under this section for 1980 and thereafter shall be disclosed for each calendar year. Any depository institution which is required to make disclosures under this section but which has been making disclosures on some basis other than a calendar year basis shall make available a separate disclosure statement containing data for any period prior to calendar year 1980 which is not covered by the last full year report prior to the 1980 calendar year report.

(e)  FORMAT OF DISCLOSURES.--Subject to subsection (h), the Bureau shall prescribe a standard format for the disclosures required under this section.

(f)  DATA DISCLOSURE SYSTEM; OPERATION, ETC.--The Federal Financial Institutions Examination Council, in consultation with the Secretary, shall implement a system to facilitate access to data required to be disclosed under this section. Such system shall include arrangements for a central depository of data in each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. Disclosure statements shall be made available to the public for inspection and copying at such central depository of data for all depository institutions which are required to disclose information under this section (or which are exempted pursuant to section 306(b)) and which have a home office or branch office within such primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas.

(g)  EXCEPTIONS.--The requirements of subsections (a) and (b) shall not apply with respect to mortgage loans that are--

(1)  made (or for which completed applications are received) by any mortgage banking subsidiary of a bank holding company or savings and loan holding company or by any savings and loan service corporation that originates or purchases mortgage loans; and

(2)  approved (or for which completed applications are received) by the Secretary for insurance under title I or II of the National Housing Act.

(h)  SUBMISSION TO AGENCIES.--

(1)  IN GENERAL.--The data required to be disclosed under subsection (b) shall be submitted to the Bureau or to the appropriate agency for the institution reporting under this title, in accordance with rules prescribed by the Bureau. Notwithstanding the requirement of subsection (a)(2)(A) for disclosure by census tract, the Bureau, in consultation with other appropriate agencies described in paragraph (2) and, after notice and comment, shall develop regulations that--

(A)  prescribe the format for such disclosures, the method for submission of the data to the appropriate agency, and the procedures for disclosing the information to the public;

(B)  require the collection of data required to be disclosed under subsection (b) with respect to loans sold by each institution reporting under this title;

(C)  require disclosure of the class of the purchaser of such loans;

(D)  permit any reporting institution to submit in writing to the Bureau or to the appropriate agency such additional data or explanations as it deems relevant to the decision to originate or purchase mortgage loans; and

(E)  modify or require modification of itemized information, for the purpose of protecting the privacy interests of the mortgage applicants or mortgagors, that is or will be available to the public.

(2)  OTHER APPROPRIATE AGENCIES.--The appropriate agencies described in this paragraph are--

(A)  the appropriate Federal banking agencies, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), with respect to the entities that are subject to the jurisdiction of each such agency respectively;

(B)  the Federal Deposit Insurance Corporation for banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), mutual savings banks, insured State branches of foreign banks, and any other depository institution described in section 303(2)(A) which is not otherwise referred to in this paragraph;

(C)  the National Credit Union Administration Board with respect to credit unions; and

(D)  the Secretary of Housing and Urban Development with respect to other lending institutions not regulated by the agencies referred to in subparagraph (A) or (B).

(3)  RULES FOR MODIFICATIONS UNDER PARAGRAPH (1).--

(A)  APPLICATION.--A modification under paragraph (1)(E) shall apply to information concerning--

(i)  credit score data described in subsection (b)(6)(I), in a manner that is consistent with the purpose described in paragraph (1)(E); and

(ii)  age or any other category of data described in paragraph (5) or (6) of subsection (b), as the Bureau determines to be necessary to satisfy the purpose described in paragraph (1)(E), and in a manner consistent with that purpose.

(B)  STANDARDS.--The Bureau shall prescribe standards for any modification under paragraph (1)(E) to effectuate the purposes of this title, in light of the privacy interests of mortgage applicants or mortgagors. Where necessary to protect the privacy interests of mortgage applicants or mortgagors, the Bureau shall provide for the disclosure of information described in subparagraph (A) in aggregate or other reasonably modified form, in order to effectuate the purposes of this title.

(i)  EXEMPTION FROM CERTAIN DISCLOSURE REQUIREMENTS.-- The requirements of subsections (b)(4), (b)(5), and (b)(6) shall not apply with respect to any depository institution described in section 303(2)(A) which has total assets, as of the most recent full fiscal year of such institution, of $30,000,000 or less.

(j)  LOAN APPLICATION REGISTER INFORMATION.--

(1)  IN GENERAL.--

In addition to the information required to be disclosed under subsections (a) and (b) of this section, any depository institution which is required to make disclosures under this section shall make available to the public, upon request, loan application register information (as defined by the Bureau by regulation) in the form required under regulations prescribed by the Bureau.

(2)  FORMAT OF DISCLOSURE.--

(A)  UNEDITED FORMAT.--

Subject to subparagraph (B), the loan application register information described in paragraph (1) may be disclosed by a depository institution without editing or compilation and in such formats as the Bureau may require.

(B)  PROTECTION OF APPLICANT'S PRIVACY INTEREST.--

The Bureau shall require, by regulation, such deletions as the Bureau may determine to be appropriate to protect--

(i)  any privacy interest of any applicant, including the deletion of the applicant's name and identification number, the date of the application, and the date of any determination by the institution with respect to such application; and

(ii)  a depository institution from liability under any Federal or State privacy law.

(C)  CENSUS TRACT FORMAT ENCOURAGED.--

It is the sense of the Congress that a depository institution should provide loan register information under this section in a format based on the census tract in which the property is located.

(3)  CHANGE OF FORM NOT REQUIRED.--A depository institution meets the disclosure requirement of paragraph (1) if the institution provides the information required under such paragraph in such formats as the Bureau may require.

(4)  REASONABLE CHARGE FOR INFORMATION.--

Any depository institution which provides information under this subsection may impose a reasonable fee for any cost incurred in reproducing such information.

(5)  TIME OF DISCLOSURE.--

The disclosure of the loan application register information described in paragraph

(1)  for any year pursuant to a request under paragraph (1) shall be made--

(A)  in the case of a request made on or before March 1 of the succeeding year, before April 1 of the succeeding year; and

(B)  in the case of a request made after March 1 of the succeeding year, before the end of the 30-day period beginning on the date the request is made.

(6)  RETENTION OF INFORMATION.--

Notwithstanding subsection (c) of this section, the loan application register information described in paragraph (1) for any year shall be maintained and made available, upon request, for 3 years after the close of the 1st year during which such information is required to be maintained and made available.

(7)  MINIMIZING COMPLIANCE COSTS.--

In prescribing regulations under this subsection, the Bureau shall make every effort to minimize the costs incurred by a depository institution in complying with this subsection and such regulations.

(k)  DISCLOSURE OF STATEMENTS BY DEPOSITORY INSTITUTIONS.--

(1)  IN GENERAL.--

In accordance with procedures established by the Bureau pursuant to this section, any depository institution required to make disclosures under this section--

(A)  shall make a disclosure statement available, upon request, to the public no later than 3 business days after the institution receives the statement from the Federal Financial Institutions Examination Council; and

(B)  may make such statement available on a floppy disc which may be used with a personal computer or in any other media which is not prohibited under regulations prescribed by the Board.

(2)  NOTICE THAT DATA IS SUBJECT TO CORRECTION AFTER FINAL REVIEW.--

Any disclosure statement provided pursuant to paragraph (1) shall be accompanied by a clear and conspicuous notice that the statement is subject to final review and revision, if necessary.

(3)  REASONABLE CHARGE FOR INFORMATION.--

Any depository institution which provides a disclosure statement pursuant to paragraph (1) may impose a reasonable fee for any cost incurred in providing or reproducing such statement.

(l)  PROMPT DISCLOSURES.—

(1)  IN GENERAL.--

Any disclosure of information pursuant to this section or section 310 shall be made as promptly as possible.

(2)  MAXIMUM DISCLOSURE PERIOD.--

(A)  6- AND 9-MONTH MAXIMUM PERIODS.--

Except as provided in subsections (j)(5) and (k)(1) of this section and regulations prescribed by the Bureau and subject to subparagraph (B), any information required to be disclosed for any year beginning after December 31, 1992, under--

(i)  this section shall be made available to the public before September 1 of the succeeding year; and

(ii)  section 2809 of this title shall be made available to the public before December 1 of the succeeding year.

(B)  SHORTER PERIODS ENCOURAGED AFTER 1994.--

With respect to disclosures of information under this section or section 2809 of this title for any year beginning after December 31, 1993, every effort shall be made--

(i)  to make information disclosed under this section available to the public before July 1 of the succeeding year; and

(ii)  to make information required to be disclosed under section 2809 of this title available to the public before September 1 of the succeeding year.

(3)  IMPROVED PROCEDURE.--

The Federal Financial Institutions Examination Council shall make such changes in the system established pursuant to subsection (f) of this section as may be necessary to carry out the requirements of this subsection.

(m)  OPPORTUNITY TO REDUCE COMPLIANCE BURDEN.--

(1)  In general.--

(A)  SATISFACTION OF PUBLIC AVAILABILITY REUIREMENTS.--A depository institution shall be deemed to have satisfied the public availability requirements of subsection (a) if the institution compiles the information required under that subsection at the home office of the institution and provides notice at the branch locations specified in subsection (a) that such information is available from the home office of the institution upon written request.

(B)  Provision of information upon request.--Not later than 15 days after the receipt of a written request for any information required to be compiled under subsection (a), the home office of the depository institution receiving the request shall provide the information pertinent to the location of the branch in question to the person requesting the information.

(2)  FORM OF INFORMATION.--In complying with paragraph (1), a depository institution shall provide the person requesting the information with a copy of the information requested in such formats as the Bureau may require.

(n)  TIMING OF CERTAIN DISCLOSURES.--The data required to be disclosed under subsection (b) shall be submitted to the Bureau or to the appropriate agency for any institution reporting under this title, in accordance with regulations prescribed by the Bureau. Institutions shall not be required to report new data under paragraph (5) and (6) of subsection (b) before the first January 1 that occurs after the end of the 9-month period beginning on the date on which regulations are issued by the Bureau in final form with respect to such disclosures.

[Codified to 12 U.S.C. 2803]

[Source:  Section 304 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1125), effective June 28, 1976; as amended by section 340 of title III of the Act of October 8, 1980 (Pub. L. No. 96--399; 94 Stat. 1657--1658), effective October 8, 1980; section 701(a) of title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1266), effective November 30, 1983; sections 565(a)(2) and 570(h) of title V of the Act of February 5, 1988 (Pub. L. No. 100--242; 101 Stat. 1945 and 1950 respectively), effective February 5, 1988; section 1211(a)-(c), (f), (i) and (j) of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 524--526), effective August 9, 1989; section 212(a)(1) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2299) effective December 19, 1991; section 932(a), (b), of title IX of the Act of October 28, 1992 (Pub. L. No. 102-550; 106 Stat. 3889, and 3891, respectively), effective October 28, 1992; section 2225(b) of title II of the Act of September 30, 1996 (Pub. L. No. 104-208; 110 Stat. 3009-415), effective September 30, 1996; section 1094(1) and (3) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

ENFORCEMENT

SEC. 305.  (a)  REGULATIONS.--The Bureau shall prescribe such regulations as may be necessary to carry out the purposes of this title. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary and proper to effectuate the purposes of this title, and prevent circumvention or evasion thereof, or to facilitate compliance therewith.

(b)  POWERS OF CERTAIN OTHER AGENCIES.--

(1)  IN GENERAL.--Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance with the requirements of this title shall be enforced--

(A)  under section 8 of the Federal Deposit Insurance Act, the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), with resepct to--

(i)  any national bank or Federal savings association, and any Federal branch or Federal agency of a foreign bank;

(ii)  any member bank of the Federal Reserve System (other than a national bank), branch or agency of a foreign bank (other than a Federal branch, Federal agency, and insured State branch of a foreign bank), commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25A of the Federal Reserve Act; and

(iii)  any bank or State savings association insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System), any mutual savings bank as, defined in section 3(f) of the Federal Deposit Insurance Act (12 U.S.C. 1813(f)), any insured State branch of a foreign bank, and any other depository institution not referred to in this paragraph or subparagraph (B) or (C);

(B)  under subtitle E of the Consumer Financial Protection Act of 2010, by the Bureau, with respect to any person subject to this subtitle;

(C)  under the Federal Credit Union Act, by the Administrator of the National Credit Union Administration with respect to any insured credit union; and

(D)  with respect to other lending institutions, by the Secretary of Housing and Urban Development.

(2)  INCORPORATED DEFINITIONS.--The terms used in paragraph (1) that are not defined in this title or otherwise defined in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the same meansing as in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 3101); and

(c)  VIOLATIONS OF THIS CHAPTER DEEMED VIOLATIONS OF CERTAIN OTHER PROVISIONS.--For the purpose of the exercise by any agency referred to in subsection (b) of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this title shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (b), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this title, any other authority conferred on it by law.

(d)  OVERALL ENFORCEMENT AUTHORITY OF THE BUREAU OF CONSUMER FINANCIAL PROTECTION.--Subject to subtitle B of the Consumer Financial Protection Act of 2010, enforcement of the requirements imposed under this title is committed to each of the agencies under subsection (b). To facilitate research, examinations, and enforcement, all data collected pursuant to section 304 shall be available to the entities listed under subsection (b). The Bureau may exercise its authorities under the Consumer Financial Protection Act of 2010 to exercise principal authority to examine and enforce compliance by any person with the requirements of this title.

[Codified to 12 U.S.C. 2804]

[Source:  Section 305 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1126), effective June 28, 1976; as amended by section 744(p)(1) of title VII and section 1211(g) of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 440), effective August 9, 1989; section 212(a)(2) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2299), effective December 19, 1991; section 1094(1) and (4) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010 ]

RELATION TO STATE LAWS

SEC. 306.  (a)  This title does not annul, alter, or affect, or exempt any State chartered depository institution subject to the provisions of this title from complying with the laws of any State or subdivision thereof with respect to public disclosure and recordkeeping by depositor institutions, except to the extent that those laws are inconsistent with any provision of this title, and then only to the extent of the inconsistency. The Bureau is authorized to determine whether such inconsistencies exist. The Bureau may not determine that any such law is inconsistent with any provision of this title if the Bureau determines that such law requires the maintenance of records with greater geographic or other detail than is required under this title, or that such law otherwise provides greater disclosure than is required under this title.

(b)  EXEMPTION AUTHORITY.--The Bureau may, by regulation, exempt from the requirements of this title any State-chartered depository institution within any State or subdivision thereof, if the agency determines that, under the law of such State or subdivision, that institution is subject to requirements that are substantially similar to those imposed under this title, and that such law contains adequate provisions for enforcement. Notwithstanding any other provision of this subsection, compliance with the requirements imposed under this subsection shall be enforced by the Office of the Comptroller of the Currency under section 8 of the Federal Deposit Insurance Act, in the case of national banks and Federal savings associations, the deposits of which are insured by the Federal Deposit Insurance Corporation.

[Codified to 12 U.S.C. 2805]

[Source:  Section 306 of title III of the Act of December 31, 1975 (Pub. L. No. 94--209; 89 Stat. 1127), effective June 28, 1976; as amended by section 1087(b) of the Act of November 7, 1988 (Pub. L. No. 100--628; 102 Stat. 3280), effective November 7, 1988; section 744(p)(2) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 440), effective August 9, 1989; section 1094(1) and (5) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

SEC. 307.  COMPLIANCE IMPROVEMENT METHODS.

(a)  IN GENERAL.--

(1)  CONSULTATION REQUIRED.--The Director of the Bureau of Consumer Financial Protection, with the assistance of the Secretary, the Director of the Bureau of the Census, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and such other persons as the Bureau deems appropriate, shall develop or assist in the improvement of, methods of matching addresses and census tracts to facilitate compliance by depository institutions in as economical a manner as possible with the requirements of this title.

(2)  AUTHORIZATION OF APPROPRIATIONS.--There are authorized to be appropriated, such sums as may be necessary to carry out this subsection.

(3)  CONTRACTING AUTHORITY.--The Director of the Bureau of Consumer Financial Protection is authorized to utilize, contract with, act through, or compensate any person or agency in order to carry out this subsection.

(b)  RECOMMENDATIONS TO CONGRESS.--The Director of the Bureau of Consumer Financial Protection shall recommend to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, such additional legislation as the Director of the Bureau of Consumer Financial Protection deems appropriate to carry out the purpose of this title.

[Codified to 12 U.S.C. 2806]

[Source:  Section 307 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1127), effective June 28, 1976; as amended by section 1087(c) of the Act of November 7, 1988 (Pub. L. No. 100--628; 102 Stat. 3280), effective November 7, 1988; section 744(p)(3) of title VII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 440), effective August 9, 1989; section 1094(b) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2101), effective July 21, 2010]

REPORT

SEC. 308.  The Bureau, in consultation with the Secretary of Housing and Urban Development, shall report annually to the Congress on the utility of the requirements of section 304(b)(4).

[Codified to 12 U.S.C. 2807]

[Source:  Section 308 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1128), effective June 28, 1976; as amended by section 701(b) of title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1266 effective November 30, 1983; section 1211(h) of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 526), effective August 9, 1989; section 1084(1) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

EFFECTIVE DATE

SEC. 309. (a)  In General.--This title shall take effect on the one hundred and eightieth day beginning after the date of its enactment. Any institution specified in section 303(2)(A) which has total assets as of its last full fiscal year of $10,000,000 or less is exempt from the provisions of this title. The Bureau, in consultation with the Secretary, may exempt institutions described in section 303(2)(B) that are comparable within their respective industries to institutions that are exempt under the preceding sentence (as determined without regard to the adjustment made by subsection (b)).

(b)  CPI ADJUSTMENTS.--

(1)  IN GENERAL.--Subject to paragraph (2), the dollar amount applicable with respect to institutions described in section 303(2)(A) under the 2d sentence of subsection (a) shall be adjusted annually after December 31, 1996, by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers published by the Bureau of Labor Statistics.

(2)  1-TIME ADJUSTMENT FOR PRIOR INFLATION.--The first adjustment made under paragraph (1) after the date of the enactment of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 shall be the percentage by which--

(A)  the Consumer Price Index described in such paragraph for the calendar year 1996, exceeds

(B)  such Consumer Price Index for the calendar year 1975.

(3)  ROUNDING.--The dollar amount applicable under paragraph (1) for any calendar year shall be the amount determined in accordance with subparagraphs (A) and (B) of paragraph (2) and rounded to the nearest multiple of $1,000,00.

[Codified to 12 U.S.C. 2808]

[Source:  Section 309 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1128), effective June 28, 1976; as amended by section 224(a) of title II of the Act of December 19, 1991 (Pub. L. No. 102--242; 105 Stat. 2307), effective January 1, 1992; section 2225(a) of title II of the Act of September 30, 1996 (Pub. L. No. 104-208; 110 Stat. 3009-415), effective September 30, 1996; section 1094(1) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

COMPILATION OF AGGREGATE DATA

SEC. 310.  (a)  COMMENCEMENT; SCOPE OF DATA AND TABLES.--Beginning with data for calendar year 1980, the Federal Financial Institutions Examination Council shall compile each year, for each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, aggregate data by census tract for all depository institutions which are required to disclose data under section 304 or which are exempt pursuant to section 306(b). The Council shall also produce tables indicating, for each primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, aggregate lending patterns for various categories of census tracts grouped according to location, age of housing stock, income level, and racial characteristics.

(b)  STAFF AND DATA PROCESSING RESOURCES.--The Bureau shall provide staff and data processing resources to the Council to enable it to carry out the provisions of subsection (a).

(c)  AVAILABILITY TO PUBLIC.--The data and tables required pursuant to subsection (a) shall be made available to the public by no later than December 31 of the year following the calendar year on which the data is based.

[Codified to 12 U.S.C. 2809]

[Source:  Section 310 of title III of the Act of December 31, 1975 (Pub. L. No. 94--200; 89 Stat. 1128), effective June 28, 1976; as amended by section 340 of title III of the Act of October 8, 1980 (Pub. L. No. 96--399; 94 Stat. 1658), effective October 8, 1980; section 701(a) of title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1266), effective November 30, 1983; section 1094(1) of title X of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2097), effective July 21, 2010]

DISCLOSURE BY THE SECRETARY; COMMENCEMENT, SCOPE, ETC

SEC. 311.  Beginning with data for calendar year 1980, the Secretary shall make publicly available data in the Secretary's possession for each mortgagee which is not otherwise subject to the requirements of this title and which is not exempt pursuant to section 306(b) (and for each mortgagee making mortgage loans exempted under section 304(g)), with respect to mortgage loans approved (or for which completed applications are received) by the Secretary for insurance under title I or II of the National Housing Act. Such data to be disclosed shall consist of data comparable to the data which would be disclosed if such mortgagee were subject to the requirements of section 304. Disclosure statements containing data for each such mortgagee for a primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas, shall, at a minimum, be publicly available at the central depository of data established pursuant to section 304(f) for such primary metropolitan statistical area, metropolitan statistical area, or consolidated metropolitan statistical area that is not comprised of designated primary metropolitan statistical areas. The Secretary shall also compile and make publicly available aggregate data for such mortgagees by census tract, and tables indicating aggregate lending patterns, in a manner comparable to the information required to be made publicly available in accordance with section 310.

[Codified to 12 U.S.C. 2810]

[Source:  Section 340 of title III of the Act of October 8, 1980 (Pub. L. No. 96--399; 94 Stat. 1658), effective October 8, 1980; as amended by section 701(a) of title VII of the Act of November 30, 1983 (Pub. L. No. 98--181; 97 Stat. 1266), effective November 30, 1983; section 565(a)(3) of title V of the Act of February 5, 1988 (Pub. L. No. 100--242; 101 Stat 1945), effective February 5, 1988; and section 1211(c)(D) of title XII of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 525), effective August 9, 1989]


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