July 8, 2002 News Archive

Board Publishes Amendments to Regulation C
The Board published additional revisions to Regulation C, which implements the Home Mortgage Disclosure Act. The amendments (PDF) establishing the thresholds for determining the loans for which financial institutions must report loan pricing data and requiring lenders to report the lien status of applications and originated loans are effective January 1, 2004. A technical amendment (PDF) that would require lenders to ask applicants their ethnicity, race, and sex in applications taken by telephone is effective January 1, 2003.

SEC Formally Proposes Framework for Public Accountability Board
The SEC announced proposed rules to reform oversight and improve accountability of auditors of public companies. The proposed rules establish the framework for a board that would not be under the control of the accounting profession and to supplement the SEC's oversight and enforcement efforts.