How has the reporting of borrower ethnicity and race under HMDA changed?
In 2002, the Board amended Regulation C’s rules for collection of information about applicants’ ethnicity and race, to conform them to revised standards of the Office of Management and Budget (OMB) for collection of such data. These standards are available at http://www.whitehouse.gov/omb/fedreg/1997standards.html. The new rules for collecting ethnicity and race information under HMDA became effective with the collection of 2004 data. Therefore, the change may complicate comparisons based on race between 2004 HMDA data and HMDA data from earlier years. For more information about the changes, go to http://www.federalreserve.gov/boarddocs/press/bcreg/2004/20041210/attachment2.pdf – PDF 128k (PDF Help) 25. How will changes in OMB’s standards for defining metropolitan and micropolitan statistical areas affect comparison of 2004 HMDA data with previous years’ data? HMDA requires the use of metropolitan statistical areas defined by the OMB for determining coverage, reporting property locatio
