FAIR LENDING OVERSIGHT AND ENFORCEMENT.

SEC. 1211. FAIR LENDING OVERSIGHT AND ENFORCEMENT. (a) Information Regarding Income Level, Racial Characteristics, and Gender of Mortgagors and Mortgage Applicants.—Section 304(b) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(b)) is amended— (1) in paragraph (2), by striking out “and” after the semicolon at the end; (2) in paragraph (3), by striking out the period at the end and inserting in lieu thereof “; and”; and (3) by adding at the end the following new paragraph: “(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, and gender.”. (b) Submission to Agencies.—Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended by adding at the end the following: “(h) Submission to Agencies.—The data required to be disclosed under subsection (b)(4) shall be submitted to the appropriate agency for each institution reporting under this title. Notwithstanding the requirement of section 304(a)(2)(A) for disclosure by census tract, the Board, in cooperation with other appropriate regulators, including— “(1) the Comptroller of the Currency for national banks; “(2) the Director of the Office of Thrift Supervision for savings associations; “(3) 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, and any other depository institution described in section 303(2)(A) which is not otherwise referred to in this paragraph; “(4) the National Credit Union Administration Board for credit unions; and 103 STAT. 525 “(5) the Secretary of Housing and Urban Development for other lending institutions not regulated by the agencies referred to in paragraphs (1) through (4), shall develop regulations prescribing the format for such disclosures, the method for submission of the data to the appropriate regulatory agency, and the procedures for disclosing the information to the public. These regulations shall also require the collection of data required to be disclosed under subsection (b)(4) with respect to loans sold by each institution reporting under this title, and, in addition, shall require disclosure of the class of the purchaser of such loans. Any reporting institution may submit in writing to the appropriate agency such additional data or explanations as it deems relevant to the decision to originate or purchase mortgage loans.”. (c) Information Regarding Loan Applications.— (1) General reporting requirement.—Section 304(a)(1) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(a)(2)) is amended by striking out “originated, or” and inserting in lieu thereof “originated (or for which the institution received completed applications), or”. (2) Conforming amendments.— (A) The last sentence of section 304(a)(2) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(a)(2)) is amended by inserting after “originated or purchased” the following: “(or for which completed applications were received)”. (B) Section 304(g)(1) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(g)(1)) is amended by inserting after “made” the following: “(or for which completed applications are received)”. (C) Section 304(g)(2) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(g)(2)) is amended by inserting after “approved” the following: “(or for which completed applications are received)”. (D) The first sentence of section 311 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2810) is amended by inserting after “approved” the following: “(or for which completed applications are received)”. (d) Applicability of Reporting Requirements to All Mortgage Lenders.—Section 303(2) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2802(2)) is amended to read as follows; “(2) 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 deter-mined by the Board; and “(B) includes any other lending institution (as defined in paragraph (4)) other than any institution described in subparagraph (A);”. (e) Completed Application Defined.—Section 303 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2802) is amended— (1) by redesignating paragraphs (3) and (4) as paragraphs (5) and (6), respectively; and 103 STAT. 526 (2) by inserting after paragraph (2) the following new paragraphs: “(3) 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; “(4) the term ‘other lending institutions’ means any person engaged for profit in the business of mortgage lending;”. (f) Applicability of Home Mortgage Disclosure Act.—Section 304(a)(2) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(a)(2)) is amended by inserting at the end the following new sentence: “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.”. (g) Amendment to Enforcement Provisions.—Section 305(b) of the Home Mortgage Disclosure Act of 197 5 (12 U.S.C. 2804(b)) is amended— (1) by striking out “and” at the end of paragraph (2); (2) by striking out the period at the end of paragraph (3) and inserting in lieu thereof “; and”; and (3) by adding at the end the following new paragraph: “(4) other lending institutions, by the Secretary of Housing and Urban Development.”. (h) Report on Utility of Data.—Section 308 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2807) is amended to read as follows: “SEC. 308. REPORT. “The Board, 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),”. (i) Conforming Amendment to Format Requirement.—Section 304(e) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803(e)) is amended by striking out “The Board” and inserting in lieu thereof “Subject to subsection (h), the Board”. (j) Exemption From Certain Disclosure Requirements.—Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2803) is amended by inserting after subsection (h) (as added by subsection (b) of this section) the following new subsection: “(i) Exemption From Certain Disclosure Requirements.—The requirements of subsection (b)(4) 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”. (k) Effective Date.—The amendments made by this section shall apply to each calendar year beginning after December 31, 1989.