WASHINGTON - The Federal Reserve Board quietly dropped a controversial plan last week to move the deadline for Home Mortgage Disclosure Act data up one month to Feb. 1.
The decision was made without discussion as part of the "summary agenda" at the Fed's Nov. 23 meeting.
Banks opposed making the move, claiming they had a hard time completing the reporting by the original March 1 deadline.
"Commenters raise valid criticisms regarding compliance burden," the Fed staff said.
"The industry really wanted this," said Diane Casey, executive director of the Independent Bankers Association of America. "It will help alleviate regulatory burden."
The Fed also noted that the quality of HMDA data could suffer if banks are rushed.
The Fed did go ahead with its proposal to require most banks to make their HMDA data computer readable.
At the same meeting, the Fed ruled that banks no longer must record a customer's entire account number on an ATM receipt.
In an attempt to stem bank fraud, the Fed approved an interim rule cutting back the information banks must print on ATM receipts.
Customers must be able to tell which account was accessed, but banks may print less than the entire account number on the receipt in an effort to foil thieves. The rule takes effect immediately, although the Fed is asking for industry comment before finalizing it.
The Fed governors also approved final risk-based capital rules for institutions that net derivatives contracts. Netting, an industry term, requires a bank to bet that rates or the price of a commodity will both rise and fall. The arrangement prevents a bank from either gaining or losing money. Because banks can't lose, regulators will not require them to hold reserves for the transaction.