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(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 Sec.
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.
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