Truth in Lending, 46066-46067 [05-15723]

Download as PDF 46066 Federal Register / Vol. 70, No. 152 / Tuesday, August 9, 2005 / Rules and Regulations areas is unknown. However, given that the areas removed from quarantine are urban and suburban communities that include residential areas, a cemetery, a forest preserve, and a portion of O’Hare International Airport, we anticipate that the number of such businesses would be small. Any affected entities located within the areas removed from quarantine stand to benefit from the interim rule, since they are no longer subject to the restrictions in the regulations. However, our experience with the ALB program in Illinois, New York, and New Jersey has shown that the number and value of regulated articles that are, upon inspection, determined to be infested, and therefore denied a certificate or a limited permit for movement, is small. Thus, any benefit for affected entities in the areas removed from quarantine is likely to be minimal, given that the costs associated with the restrictions that have been relieved were themselves minimal. Under these circumstances, the Administrator of the Animal and Plant Health Inspection Service has determined that this action will not have a significant economic impact on a substantial number of small entities. SUMMARY: This document corrects a final rule appearing in the Federal Register on July 1, 2005 (70 FR 37985) amending the NRC’s regulations pertaining to the export and import of radioactive materials. This action is necessary to correct typographical errors and to revise four amendatory changes. DATES: Effective December 28, 2005. FOR FURTHER INFORMATION CONTACT: Suzanne Schuyler-Hayes, Office of International Programs, U.S. Nuclear Regulatory Commission, Washington, DC 20555–0001, telephone (301) 415– 2333, e-mail: ssh@nrc.gov. SUPPLEMENTARY INFORMATION: In FR Doc. 05–12985 published July 1, 2005 (70 FR 37985), make the following corrections: List of Subjects in 7 CFR Part 301 § 110.22 Agricultural commodities, Plant diseases and pests, Quarantine, Reporting and recordkeeping requirements, Transportation. 4. In § 110.22, paragraph (a)(3) is amended by removing ‘‘100 millicuries’’ and adding in its place ‘‘3.7 × 10–3 TBq (100 millicuries).’’ I 3. In § 110.23, paragraph (a)(2) is corrected to read as follows: Accordingly, we are adopting as a final rule, without change, the interim rule that amended 7 CFR part 301 and that was published at 70 FR 21326–21328 on April 26, 2005. I Done in Washington, DC, this 3rd day of August 2005. Elizabeth E. Gaston, Acting Administrator, Animal and Plant Health Inspection Service. [FR Doc. 05–15709 Filed 8–8–05; 8:45 am] BILLING CODE 3410–34–P NUCLEAR REGULATORY COMMISSION 10 CFR Part 110 RIN 3150–AH44 Export and Import of Radioactive Materials: Security Policies; Correction Nuclear Regulatory Commission. ACTION: Final rule: correction. VerDate jul<14>2003 15:06 Aug 08, 2005 Jkt 205001 1. Amendatory instruction 3 is corrected to read as follows: I § 110.21 [Amended] 3. In § 110.21, paragraph (a)(4) is amended by removing ‘‘100 millicuries’’ and adding in its place ‘‘3.7 × 10–3 TBq (100 millicuries).’’ I 2. Amendatory instruction 4 is corrected to read as follows: I [Amended] [Amended] 8. In § 110.40, paragraph (b)(7)(iv) is amended by removing ‘‘1,000 curies of tritium’’ and adding in its place ‘‘37 TBq (1,000 curies) of tritium.’’ I 5. Amendatory instruction 9 is corrected to read as follows: I § 110.41 [Amended] 9. In § 110.41, paragraph (a)(4) is amended by removing ‘‘100 curies of tritium’’ and adding in its place ‘‘3.7 TBq (100 curies) of tritium.’’ I 6. In § 110.42, paragraph (e)(1) is corrected to read as follows: I § 110.42 Export licensing criteria. * * * * * (e) * * * (1) Whether the foreign recipient is authorized based on the authorization or confirmation required by § 110.32(h) to receive and possess the material under the laws and regulations of the importing country; * * * * * Dated at Rockville, Maryland, this 3rd day of August, 2005. For the Nuclear Regulatory Commission. Michael T. Lesar, Federal Register Liaison Officer. [FR Doc. 05–15688 Filed 8–8–05; 8:45 am] BILLING CODE 7590–01–P I PART 301—DOMESTIC QUARANTINE NOTICES AGENCY: PART 110—[AMENDED] § 110.40 FEDERAL RESERVE SYSTEM 12 CFR Part 226 [Regulation Z; Docket No. R–1231] § 110.23 General license for the export of byproduct material. Truth in Lending (a) * * * (2) Actinium-225 and -227, americium-241 and -242m, californium248, -249, -250, -251, -252, -253, and -254, curium-240, -241, -242, -243, -244, -245, -246 and -247, einsteinium-252, -253, -254 and -255, fermium-257, gadolinium-148, mendelevium-258, neptunium-235 and -237, polonium210, and radium-223 must be contained in a device, or a source for use in a device, in quantities of less than 3.7 × 10–3 TBq (100 millicuries) of alpha activity per device or source, unless the export is to a country listed in Sec. 110.30. Individual shipments must be less than the TBq values specified in Category 2 of Table 1 of Appendix P to this Part. Exports of americium and neptunium are subject to the reporting requirements listed in paragraph (b) of this section. * * * * * I 4. Amendatory instruction 8 is corrected to read as follows: AGENCY: PO 00000 Frm 00002 Fmt 4700 Sfmt 4700 Board of Governors of the Federal Reserve System. ACTION: Final rule; staff commentary. SUMMARY: The Board is publishing a final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). The Board is required to adjust annually the dollar amount that triggers requirements for certain home mortgage loans bearing fees above a certain amount. The Home Ownership and Equity Protection Act of 1994 (HOEPA) sets forth rules for home– secured loans in which the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. In keeping with the statute, the Board has annually adjusted the $400 amount based on the annual percentage change reflected in the Consumer Price Index that is in effect on June 1. The adjusted dollar amount for 2006 is $528. E:\FR\FM\09AUR1.SGM 09AUR1 Federal Register / Vol. 70, No. 152 / Tuesday, August 9, 2005 / Rules and Regulations DATES: January 1, 2006. FOR FURTHER INFORMATION CONTACT: Minh–Duc T. Le, Senior Attorney, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, at (202) 452– 3667. For the users of Telecommunications Device for the Deaf (‘‘TDD’’) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: I. Background: The Truth in Lending Act (TILA; 15 U.S.C. 1601 – 1666j) requires creditors to disclose credit terms and the cost of consumer credit as an annual percentage rate. The act requires additional disclosures for loans secured by a consumer’s home, and permits consumers to cancel certain transactions that involve their principal dwelling. TILA is implemented by the Board’s Regulation Z (12 CFR part 226). The Board’s official staff commentary (12 CFR part 226 (Supp. I)) interprets the regulation, and provides guidance to creditors in applying the regulation to specific transactions. In 1995, the Board published amendments to Regulation Z implementing HOEPA, contained in the Riegle Community Development and Regulatory Improvement Act of 1994, Pub. L. 103–325, 108 Stat. 2160 (60 FR 15463). These amendments, contained in §§ 226.32 and 226.34 of the regulation, impose substantive limitations and additional disclosure requirements on certain closed–end home mortgage loans bearing rates or fees above a certain percentage or amount. As enacted, the statute requires creditors to comply with the HOEPA rules if the total points and fees payable by the consumer at or before loan consummation exceed the greater of $400 or 8 percent of the total loan amount. TILA and Regulation Z provide that the $400 figure shall be adjusted annually on January 1 by the annual percentage change in the Consumer Price Index (CPI) that was reported on the preceding June 1. (15 U.S.C. 1602(aa)(3) and 12 CFR 226.32(a)(1)(ii)). The Board adjusted the $400 amount to $510 for the year 2005. The Bureau of Labor Statistics publishes consumer–based indices monthly, but does not ‘‘report’’ a CPI change on June 1; adjustments are reported in the middle of each month. The Board uses the CPI–U index, which is based on all urban consumers and represents approximately 87 percent of the U.S. population, as the index for adjusting the $400 dollar figure. The adjustment to the CPI–U index reported by the Bureau of Labor Statistics on May VerDate jul<14>2003 15:37 Aug 08, 2005 Jkt 205001 15, 2005, was the CPI–U index ‘‘in effect’’ on June 1, and reflects the percentage increase from April 2004 to April 2005. The adjustment to the $400 figure below reflects a 3.51 percent increase in the CPI–U index for this period and is rounded to whole dollars for ease of compliance. II. Adjustment and Commentary Revision Effective January 1, 2006, for purposes of determining whether a home mortgage transaction is covered by 12 CFR 226.32 (based on the total points and fees payable by the consumer at or before loan consummation), a loan is covered if the points and fees exceed the greater of $528 or 8 percent of the total loan amount. Comment 32(a)(1)(ii)–2, which lists the adjustments for each year, is amended to reflect the dollar adjustment for 2006. Because the timing and method of the adjustment is set by statute, the Board finds that notice and public comment on the change are unnecessary. III. Regulatory Flexibility Analysis The Board certifies that this amendment will not have a substantial effect on regulated entities because the only change is to raise the threshold for transactions requiring HOEPA disclosures. List of Subjects 12 CFR Part 226 Advertising, Federal Reserve System, Mortgages, Reporting and recordkeeping requirements, Truth in lending. I For the reasons set forth in the preamble, the Board amends Regulation Z, 12 CFR PART 226, as set forth below: Part 226––TRUTH IN LENDING (REGULATION Z) I 1. The authority citation for part 226 continues to read as follows: Authority:12 U.S.C. 3806; 15 U.S.C. 1604 and 1637(c)(5). 2. In Supplement I to Part 226, under Section 226.32–––Requirements for Certain Closed–End Home Mortgages, under Paragraph 32(a)(1)(ii), paragraph 2. xi. is added. SUPPLEMENT I TO PART 226– OFFICIAL STAFF INTERPRETATIONS * * * * * SUBPART E–SPECIAL RULES FOR CERTAIN HOME MORTGAGE TRANSACTIONS * * * * * Section 226.32–Requirements for Certain Closed–End Home Mortgages 32(a) Coverage * * * * Paragraph 32(a)(1)(ii) * * * * * I PO 00000 Frm 00003 Fmt 4700 Sfmt 4700 46067 2. Annual adjustment of $400 amount. * * * * * xi. For 2006, $528, reflecting a 3.51 percent increase in the CPI–U from June 2004 to June 2005, rounded to the nearest whole dollar. * * * * * By order of the Board of Governors of the Federal Reserve System, acting through the Director of the Division of Consumer and Community Affairs under delegated authority, August 04, 2005. Jennifer J. Johnson, Secretary of the Board. [FR Doc. 05–15723 Filed 8–8–05; 8:45 am] BILLING CODE 6210–01–S DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA–2005–21184; Directorate Identifier 2004–NM–111–AD; Amendment 39–14211; AD 2005–16–06] RIN 2120–AA64 Airworthiness Directives; Boeing Model 747 Airplanes Federal Aviation Administration (FAA), Department of Transportation (DOT). ACTION: Final rule. AGENCY: SUMMARY: The FAA is adopting a new airworthiness directive (AD) for certain Boeing Model 747 airplanes. This AD requires modifying the inflation systems of the upper deck escape slides; singlepiece off-wing escape ramps/slides; twopiece off-wing escape slides; and door 1, 2, 4, and 5 escape slides/rafts. This AD results from a report of 30- to 60-second delays in the inflation of escape slides/ rafts. We are issuing this AD to prevent actuation delays in the inflation systems of the escape slides/rafts, which could result in delayed or failed deployment of escape slides/rafts during emergency evacuation of an airplane. DATES: Effective September 13, 2005. The Director of the Federal Register approved the incorporation by reference of certain publications listed in the AD as of September 13, 2005. ADDRESSES: You may examine the AD docket on the Internet at https:// dms.dot.gov or in person at the Docket Management Facility, U.S. Department of Transportation, 400 Seventh Street SW., Nassif Building, Room PL–401, Washington, DC. Contact Boeing Commercial Airplanes, P.O. Box 3707, Seattle, Washington 98124–2207, for service information identified in this AD. E:\FR\FM\09AUR1.SGM 09AUR1

Agencies

[Federal Register Volume 70, Number 152 (Tuesday, August 9, 2005)]
[Rules and Regulations]
[Pages 46066-46067]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-15723]


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FEDERAL RESERVE SYSTEM

12 CFR Part 226

[Regulation Z; Docket No. R-1231]


Truth in Lending

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule; staff commentary.

-----------------------------------------------------------------------

SUMMARY: The Board is publishing a final rule amending the staff 
commentary that interprets the requirements of Regulation Z (Truth in 
Lending). The Board is required to adjust annually the dollar amount 
that triggers requirements for certain home mortgage loans bearing fees 
above a certain amount. The Home Ownership and Equity Protection Act of 
1994 (HOEPA) sets forth rules for home-secured loans in which the total 
points and fees payable by the consumer at or before loan consummation 
exceed the greater of $400 or 8 percent of the total loan amount. In 
keeping with the statute, the Board has annually adjusted the $400 
amount based on the annual percentage change reflected in the Consumer 
Price Index that is in effect on June 1. The adjusted dollar amount for 
2006 is $528.

[[Page 46067]]


DATES: January 1, 2006.

FOR FURTHER INFORMATION CONTACT: Minh-Duc T. Le, Senior Attorney, 
Division of Consumer and Community Affairs, Board of Governors of the 
Federal Reserve System, at (202) 452-3667. For the users of 
Telecommunications Device for the Deaf (``TDD'') only, contact (202) 
263-4869.

SUPPLEMENTARY INFORMATION:

I. Background:

    The Truth in Lending Act (TILA; 15 U.S.C. 1601 - 1666j) requires 
creditors to disclose credit terms and the cost of consumer credit as 
an annual percentage rate. The act requires additional disclosures for 
loans secured by a consumer's home, and permits consumers to cancel 
certain transactions that involve their principal dwelling. TILA is 
implemented by the Board's Regulation Z (12 CFR part 226). The Board's 
official staff commentary (12 CFR part 226 (Supp. I)) interprets the 
regulation, and provides guidance to creditors in applying the 
regulation to specific transactions.
    In 1995, the Board published amendments to Regulation Z 
implementing HOEPA, contained in the Riegle Community Development and 
Regulatory Improvement Act of 1994, Pub. L. 103-325, 108 Stat. 2160 (60 
FR 15463). These amendments, contained in Sec. Sec.  226.32 and 226.34 
of the regulation, impose substantive limitations and additional 
disclosure requirements on certain closed-end home mortgage loans 
bearing rates or fees above a certain percentage or amount. As enacted, 
the statute requires creditors to comply with the HOEPA rules if the 
total points and fees payable by the consumer at or before loan 
consummation exceed the greater of $400 or 8 percent of the total loan 
amount. TILA and Regulation Z provide that the $400 figure shall be 
adjusted annually on January 1 by the annual percentage change in the 
Consumer Price Index (CPI) that was reported on the preceding June 1. 
(15 U.S.C. 1602(aa)(3) and 12 CFR 226.32(a)(1)(ii)). The Board adjusted 
the $400 amount to $510 for the year 2005.
    The Bureau of Labor Statistics publishes consumer-based indices 
monthly, but does not ``report'' a CPI change on June 1; adjustments 
are reported in the middle of each month. The Board uses the CPI-U 
index, which is based on all urban consumers and represents 
approximately 87 percent of the U.S. population, as the index for 
adjusting the $400 dollar figure. The adjustment to the CPI-U index 
reported by the Bureau of Labor Statistics on May 15, 2005, was the 
CPI-U index ``in effect'' on June 1, and reflects the percentage 
increase from April 2004 to April 2005. The adjustment to the $400 
figure below reflects a 3.51 percent increase in the CPI-U index for 
this period and is rounded to whole dollars for ease of compliance.

II. Adjustment and Commentary Revision

    Effective January 1, 2006, for purposes of determining whether a 
home mortgage transaction is covered by 12 CFR 226.32 (based on the 
total points and fees payable by the consumer at or before loan 
consummation), a loan is covered if the points and fees exceed the 
greater of $528 or 8 percent of the total loan amount. Comment 
32(a)(1)(ii)-2, which lists the adjustments for each year, is amended 
to reflect the dollar adjustment for 2006. Because the timing and 
method of the adjustment is set by statute, the Board finds that notice 
and public comment on the change are unnecessary.

III. Regulatory Flexibility Analysis

    The Board certifies that this amendment will not have a substantial 
effect on regulated entities because the only change is to raise the 
threshold for transactions requiring HOEPA disclosures.

List of Subjects

12 CFR Part 226

    Advertising, Federal Reserve System, Mortgages, Reporting and 
recordkeeping requirements, Truth in lending.

0
For the reasons set forth in the preamble, the Board amends Regulation 
Z, 12 CFR PART 226, as set forth below:
    Part 226--TRUTH IN LENDING (REGULATION Z)
0
1. The authority citation for part 226 continues to read as follows:
    Authority:12 U.S.C. 3806; 15 U.S.C. 1604 and 1637(c)(5).


0
2. In Supplement I to Part 226, under Section 226.32---Requirements for 
Certain Closed-End Home Mortgages, under Paragraph 32(a)(1)(ii), 
paragraph 2. xi. is added.
    SUPPLEMENT I TO PART 226-OFFICIAL STAFF INTERPRETATIONS
    * * * * *
    SUBPART E-SPECIAL RULES FOR CERTAIN HOME MORTGAGE TRANSACTIONS
    * * * * *
    Section 226.32-Requirements for Certain Closed-End Home Mortgages
    32(a) Coverage
    * * * *
    Paragraph 32(a)(1)(ii)
    * * * * *
    2. Annual adjustment of $400 amount.
    * * * * *
    xi. For 2006, $528, reflecting a 3.51 percent increase in the CPI-U 
from June 2004 to June 2005, rounded to the nearest whole dollar.
    * * * * *

    By order of the Board of Governors of the Federal Reserve 
System, acting through the Director of the Division of Consumer and 
Community Affairs under delegated authority, August 04, 2005.
Jennifer J. Johnson,
Secretary of the Board.
[FR Doc. 05-15723 Filed 8-8-05; 8:45 am]
BILLING CODE 6210-01-S
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