Application Information Available From the Federal Financial Institutions Examination Council

(LANSING) - The Michigan Office of Financial and Insurance Services announced today that the Federal Financial Institutions Examination Council (FFIEC) has released data compiled under the federal Home Mortgage Disclosure Act.

This data covers mortgage and home improvement loan applications taken by lenders during 1999 and provide information such as the amount and terms of a loan request, the decision made, the census tract where the subject property is located, and certain borrower characteristics. Demographic information and aggregate information on home loans by census tract for each metropolitan area also are available.

The data are available in a variety of media formats from the FFIEC. Questions related to ordering the data may be directed to the Council by telephone at (202) 452-2016 or by facsimile at (202) 452-6497. Both metropolitan area aggregate and institution disclosure data may be downloaded via the FFIEC's HMDA Web page at http://www.ffiec.gov/hmda/.

A form for ordering data is also available via the Web page.

BANK RULES UPDATED

Continued 1999 Banking Code Modernization

"Discarding these antique rules is another step forward in our efforts to modernize Michigan's financial services laws," commented Commissioner Frank M. Fitzgerald. "This action reduces unnecessary regulatory burdens on banks without diminishing our ability to protect the interests of consumers."

The new banking code became effective March 1, 1999. The issues covered by the old rules, including items such as branch banking, investment securities, bank officer borrowings and more, are now adequately addressed in the banking code of 1999, or are incompatible with modern banking practices.