Note to Editors

The attached advisory (97-1) (PDF) reminds national banks that the Office of the Comptroller of the Currency (OCC) may impose civil money penalties on national banks for violations of the data collection and reporting requirements of the Home Mortgage Disclosure Act. The OCC notes that HMDA data from 1993 to 1995 show laudable results, such as a 70 percent increase in conventional mortgage loans to Black Americans and a 48 percent increase to Hispanics. However, the advisory notes that the OCC continues to find significant HMDA data errors, data not reported and data submitted late.