12 USC 2803 - Maintenance of records and public disclosure

U.S Code last checked for updates: Apr 27, 2024

§ 2803.

Maintenance of records and public disclosure

(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 chapter).

(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 were 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 [12 U.S.C. 1707 et seq.] or under title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.] or which are guaranteed under chapter 37 of title 38;

(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 5102 of this title;

(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

(d)

Duration of disclosure requirements

(e)

Format for disclosures

(f)

Data disclosure system; operation, etc.

(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 [12 U.S.C. 1702 et seq., 1707 et seq.].

(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 chapter, 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 chapter;

(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 1813(q) of this title, 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 2802(2)(A) 1

 See References in Text note below.

of this title 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

(i)

Exemptions

(1)

Closed-end mortgage loans

(2)

Open-end lines of credit

(3)

 ² Required compliance

(3)

 ² Exemption from certain disclosure requirements

(j)

Loan application register information

(1)

In general

(2)

Format of disclosure

(A)

Unedited format

(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

(3)

Change of form not required

(4)

Reasonable charge for 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

(7)

Minimizing compliance costs

(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 Bureau.

(2)

Notice that data is subject to correction after final review

(3)

Reasonable charge for information

(l)

Prompt disclosures

(1)

In general

(2)

Maximum disclosure period

(A)

6- and 9-month maximum periods

Except as provided in subsections (j)(5) and (k)(1) 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

(m)

Opportunity to reduce compliance burden

(1)

In general

(A)

Satisfaction of public availability requirements

(B)

Provision of information upon request

(2)

Form of information

(n)

Timing of certain disclosures

(o)

Definitions

In this section—

(1)

the term “insured credit union” has the meaning given the term in section 1752 of this title; and

(2)

the term “insured depository institution” has the meaning given the term in section 1813 of this title.

(Pub. L. 94–200, title III, § 304, Dec. 31, 1975, 89 Stat. 1125; Pub. L. 96–399, title III, § 340(a), Oct. 8, 1980, 94 Stat. 1657; Pub. L. 98–181, title I [title VII, § 701(a)], Nov. 30, 1983, 97 Stat. 1266; Pub. L. 100–242, title V, §§ 565(a)(2), 570(h), Feb. 5, 1988, 101 Stat. 1945, 1950; Pub. L. 101–73, title XII, § 1211(a)–(c)(2)(C), (f), (i), (j), Aug. 9, 1989, 103 Stat. 524–526; Pub. L. 102–242, title II, § 212(a)(1), Dec. 19, 1991, 105 Stat. 2299; Pub. L. 102–550, title IX, § 932(a), (b), Oct. 28, 1992, 106 Stat. 3889, 3891; Pub. L. 104–208, div. A, title II, § 2225(b), Sept. 30, 1996, 110 Stat. 3009–416; Pub. L. 111–203, title X, § 1094(1), (3), July 21, 2010, 124 Stat. 2097; Pub. L. 115–174, title I, § 104(a), (c), May 24, 2018, 132 Stat. 1300, 1301.)

cite as: 12 USC 2803