---
kind: "section"
citation: "12 C.F.R. § 1003.1"
title: "12"
number: "1003.1"
heading: "Authority, purpose, and scope."
url: "https://uscodex.org/cfr/12/1003.1"
---

# §1003.1. Authority, purpose, and scope.

- (a) **Authority.** This part, known as Regulation C, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to the Home Mortgage Disclosure Act (HMDA) ([12 U.S.C. 2801](/usc/12/2801.md) et seq.,) as amended. The information-collection requirements have been approved by the U.S. Office of Management and Budget (OMB) under [44 U.S.C. 3501](/usc/44/3501.md) et seq. and have been assigned OMB numbers for institutions reporting data to the Office of the Comptroller of the Currency (1557-0159), the Federal Deposit Insurance Corporation (3064-0046), the Federal Reserve System (7100-0247), the Department of Housing and Urban Development (HUD) (2502-0529), the National Credit Union Administration (3133-0166), and the Bureau of Consumer Financial Protection (3170-0008).
- (b) **Purpose.**
  - (1) This part implements the Home Mortgage Disclosure Act, which is intended to provide the public with loan data that can be used:
    - (i) To help determine whether financial institutions are serving the housing needs of their communities;
    - (ii) To assist public officials in distributing public-sector investment so as to attract private investment to areas where it is needed; and
    - (iii) To assist in identifying possible discriminatory lending patterns and enforcing antidiscrimination statutes.
  - (2) Neither the act nor this part is intended to encourage unsound lending practices or the allocation of credit.
- (c) **Scope.** This part applies to financial institutions as defined in [§ 1003.2(g)](/cfr/12/1003.2.md?p=g). This part requires a financial institution to submit data to the appropriate Federal agency for the financial institution as defined in [§ 1003.5(a)(4)](/cfr/12/1003.5.md?p=a-4), and to disclose certain data to the public, about covered loans for which the financial institution receives applications, or that it originates or purchases, and that are secured by a dwelling located in a State of the United States of America, the District of Columbia, or the Commonwealth of Puerto Rico.

## Notes

### Amendments

[76 FR 78468, Dec. 19, 2011, as amended at 80 FR 66308, Oct. 28, 2015]

### Authority

Authority: 12 U.S.C. 2803, 2804, 2805, 5512, 5581.

### Source

Source: 76 FR 78468, Dec. 19, 2011, unless otherwise noted.

### Amendments

[76 FR 78468, Dec. 19, 2011, as amended at 80 FR 66308, Oct. 28, 2015]