(a)
Authority. This part, known as Regulation C, is issued by the
Bureau of Consumer Financial Protection (Bureau) 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 Federal
Reserve System (7100-0247), the Department of Housing and Urban Development
(HUD) (2502-0529), the National Credit Union Administration (3133-0166),
and the Bureau of Consumer Financial Protection (3170-0008).
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(b) Purpose.
(1) This part 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 part is intended to encourage unsound lending practices
or the allocation of credit.
(c) Scope. This part applies to financial institutions
as defined in section 1003.2(g). This part requires a financial institution
to submit data to the appropriate Federal agency for the financial
institution as defined in section 1003.5(a)(4), and to disclose certain
data to the public, about covered loans for which the financial institution
receives applications, or that it originates or purchases, and that
are secured by a dwelling located in a State of the United States
of America, the District of Columbia, or the Commonwealth of Puerto
Rico.
