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Federal Register / Vol. 86, No. 244 / Thursday, December 23, 2021 / Rules and Regulations which implements the HMDA asset thresholds, to establish the asset-sized exemption threshold for depository financial institution for 2022. The asset threshold will be $50 million for 2022.
I. Background The Home Mortgage Disclosure Act of 1975 HMDA 1 requires most mortgage lenders located in metropolitan areas to collect data about their housing related lending activity. Annually, lenders must report their data to the appropriate Federal agencies and make the data available to the public. The Bureaus Regulation C 2 implements HMDA.
Prior to 1997, HMDA exempted certain depository institutions as defined in HMDA i.e., banks, savings associations, and credit unions with assets totaling $10 million or less as of the preceding year-end. In 1996, HMDA
was amended to expand the asset-size exemption for these depository institutions.3 The amendment increased the dollar amount of the asset-size exemption threshold by requiring a onetime adjustment of the $10 million figure based on the percentage by which the CPIW for 1996 exceeded the CPI
W for 1975, and it provided for annual adjustments thereafter based on the annual percentage increase in the CPI
W, rounded to the nearest multiple of $1
million.
The definition of financial institution in 1003.2g provides that the Bureau will adjust the asset threshold based on the year-to-year change in the average of the CPIW, not seasonally adjusted, for each 12-month period ending in November, rounded to the nearest $1 million. For 2021, the threshold was $48 million. During the 12-month period ending in November 2021, the average of the CPIW
increased by 4.7 percent. As a result, the exemption threshold is increased to $50
million for 2022. Thus, banks, savings associations, and credit unions with assets of $50 million or less as of December 31, 2021, are exempt from collecting data in 2022. An institutions exemption from collecting data in 2022
does not affect its responsibility to report data it was required to collect in 2021.

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II. Procedural Requirements A. Administrative Procedure Act Under the Administrative Procedure Act APA, notice and opportunity for public comment are not required if the Bureau finds that notice and public comment are impracticable,
unnecessary, or contrary to the public interest.4 Pursuant to this final rule, comment 2g2 in Regulation C, supplement I, is amended to update the exemption threshold. The amendment in this final rule is technical and nondiscretionary, and it merely applies the formula established by Regulation C for determining any adjustments to the exemption threshold. For these reasons, the Bureau has determined that publishing a notice of proposed rulemaking and providing opportunity for public comment are unnecessary.
Therefore, the amendment is adopted in final form.
Section 553d of the APA generally requires publication of a final rule not less than 30 days before its effective date, except 1 a substantive rule which grants or recognizes an exemption or relieves a restriction; 2 interpretive rules and statements of policy; or 3 as otherwise provided by the agency for good cause found and published with the rule.5 At a minimum, the Bureau believes the amendments fall under the third exception to section 553d. The Bureau finds that there is good cause to make the amendments effective on January 1, 2022. The amendment in this final rule is technical and nondiscretionary, and it applies the method previously established in the agencys regulations for determining adjustments to the threshold.
B. Regulatory Flexibility Act Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis.6
C. Paperwork Reduction Act The Bureau has determined that this final rule does not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring approval by the Office of Management and Budget under the Paperwork Reduction Act.7
D. Congressional Review Act Pursuant to the Congressional Review Act 5 U.S.C. 801 et seq., the Bureau will submit a report containing this rule and other required information to the United States Senate, the United States House of Representatives, and the Comptroller General of the United States prior to the rule taking effect. The 45

U.S.C. 553bB.
U.S.C. 553d.
6 5 U.S.C. 603a, 604a.
7 44 U.S.C. 35013521.

1 12

U.S.C. 28012810.
2 12 CFR part 1003.
3 12 U.S.C. 2808b.

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Office of Information and Regulatory Affairs OIRA has designated this rule as not a major rule as defined by 5
U.S.C. 8042.
III. Signing Authority The Associate Director of Research, Markets, and Regulations, Janis K.
Pappalardo, having reviewed and approved this document, is delegating the authority to electronically sign this document to Laura Galban, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register.
List of Subjects in 12 CFR Part 1003
Banks, Banking, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations.
Authority and Issuance For the reasons set forth above, the Bureau amends Regulation C, 12 CFR
part 1003, as set forth below:
PART 1003HOME MORTGAGE
DISCLOSURE REGULATION C
1. The authority citation for part 1003
continues to read as follows:

Authority: 12 U.S.C. 2803, 2804, 2805, 5512, 5581.

2. Amend supplement I to part 1003
by revising 2g Financial Institution under the heading Section 1003.2
Definitions to read as follows:

Supplement I to Part 1003Official Interpretations

Section 1003.2Definitions

2g Financial Institution 1. Preceding calendar year and preceding December 31. The definition of financial institution refers both to the preceding calendar year and the preceding December 31. These terms refer to the calendar year and the December 31 preceding the current calendar year. For example, in 2021, the preceding calendar year is 2020, and the preceding December 31 is December 31, 2020. Accordingly, in 2021, Financial Institution A satisfies the asset-size threshold described in 1003.2g1i if its assets exceeded the threshold specified in comment 2g2 on December 31, 2020. Likewise, in 2021, Financial Institution A does not meet the loan-volume test described in 1003.2g1vA if it originated fewer than 100 closed-end mortgage loans during either 2019 or 2020.
2. Adjustment of exemption threshold for banks, savings associations, and credit unions. For data collection in 2022, the assetsize exemption threshold is $50 million.
Banks, savings associations, and credit unions with assets at or below $50 million as of December 31, 2021, are exempt from collecting data for 2022.

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