High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X), 54844-54846 [2012-21998]
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54844
Federal Register / Vol. 77, No. 173 / Thursday, September 6, 2012 / Proposed Rules
finance charge. This aspect of the TILARESPA Integration Proposal largely
mirrors a 2009 proposed rule published
by the Board of Governors of the Federal
Reserve System (Board), which was not
finalized before TILA rulemaking
authority transferred to the Bureau
(2009 Closed-End Proposal).2
The TILA-RESPA Integration Proposal
provides for a bifurcated comment
process. Comments regarding the
proposed amendments to §§ 1026.1(c)
and 1026.4 must be received on or
before September 7, 2012. For all other
proposed amendments, comments must
be received on or before November 6,
2012.
The TILA-RESPA Integration Proposal
describes the rationale for a bifurcated
comment process. With respect to the
proposed changes to the definition of
the finance charge, the proposed rule
notes that the Bureau expects to issue
several final rules to implement
provisions of title XIV of the DoddFrank Act by January 21, 2013, that
address loan pricing thresholds for
coverage of various substantive
requirements under the Home
Ownership and Equity Protection Act
(HOEPA) and other Dodd-Frank Act
provisions that are based, at least in
part, on the finance charge and
corresponding annual percentage rate
(APR).3 Accordingly, the Bureau wished
to evaluate comments on the expanded
definition of the finance charge
simultaneously with comments on the
other proposed rules, and therefore
provided a comment period of 60 days
for the proposed amendments to
§ 1026.4, rather than the 120-day
comment period provided for most
2 74
FR 43232 (Aug. 26, 2009).
these other rulemakings are as
follows: (1) Expanded protections for high-cost
mortgage loans under HOEPA pursuant to TILA
sections 103(bb) and 129, as amended by DoddFrank Act sections 1431 through 1433 (see
proposed rule at 77 FR 49089 (Aug. 15, 2012)); (2)
requirements for creditors to determine that a
consumer can repay a mortgage loan and the
establishment of minimum standards for
compliance, such as by making a ‘‘qualified
mortgage,’’ pursuant to TILA section 129C, as
established by Dodd-Frank Act sections 1411 and
1412 (see proposed rule at 76 FR 27390 (May 11,
2011)); (3) required escrow account disclosures and
mandatory escrow accounts for certain first-lien
higher-priced mortgage loans pursuant to TILA
section 129D, as established by Dodd-Frank Act
sections 1461 and 1462 (see proposed rule at 76 FR
11598 (Mar. 2, 2011)); and (4) required appraisals
for higher-risk mortgages pursuant to TILA section
129H, as established by Dodd-Frank Act section
1471 (see proposed rule at https://
s3.amazonaws.com/publicinspection.federalregister.gov/2012-20432.pdf;
Federal Register publication scheduled for
September 5, 2012). The TILA-RESPA Integration
Proposal explains in detail the intersection of the
proposed more inclusive finance charge and these
other rulemakings. See 77 FR 51116, 51144–46.
TKELLEY on DSK3SPTVN1PROD with PROPOSALS
3 Generally,
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Jkt 226001
other aspects of the proposed rule. The
Bureau also believed a shorter comment
period would be appropriate for the
proposed changes to the finance charge
definition given that this aspect of the
proposal largely mirrors the 2009
Closed-End Proposal. The Bureau also
sought comment on the timing of
implementation of the proposed
changes to the finance charge definition
in light of the Bureau’s other
rulemakings.
Based on informal feedback received
by the Bureau since publishing the
TILA-RESPA Integration Proposal, the
Bureau now believes that it is
appropriate to provide additional time
for commenters to provide their views
on the proposed changes to the
definition of the finance charge. The
Bureau recently published proposed
rules related to HOEPA protections and
mandatory appraisals for certain higherrisk mortgages; those proposals discuss
certain means of reconciling an
expanded definition of the finance
charge with coverage thresholds that
depend on the finance charge or APR.
The Bureau understands that
commenters may need additional time
to evaluate the proposed more inclusive
finance charge in light of these
proposals, as well as prior proposed
rules published by the Board related to
qualified mortgages and mandatory
escrow accounts that discuss similar
issues. In particular, the TILA-RESPA
Integration Proposal specifically
requests data that will allow the Bureau
to perform a quantitative analysis to
determine the impacts of a broader
finance charge definition on the
coverage thresholds for these other
regimes. The Bureau understands that
such data collection may require
additional time and that commenters
may wish to evaluate any data they
collect when preparing their comments.
For these reasons, the Bureau is
extending the comment period for the
proposed changes to § 1026.4 in the
TILA-RESPA Integration Proposal to
November 6, 2012. In light of this
extended comment period and the
subsequent, necessary analysis of
comments and data received, the Bureau
does not expect to address any proposed
changes to § 1026.4 until after the
Bureau has met its deadlines to issue
final rules to implement requirements of
the Dodd-Frank Act that would
otherwise take effect on January 21,
2013. Instead, the Bureau expects to
address the proposals to expand the
finance charge when it finalizes the
disclosures in the TILA-RESPA
Integration Proposal.
The comment period for the proposed
changes to § 1026.1(c) concerning
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Sfmt 4702
certain disclosure requirements under
the Dodd-Frank Act, which ends
September 7, 2012, is unchanged. In
addition, the comment period for all
other aspects of the TILA-RESPA
Integration Proposal containing
proposed amendments, which ends
November 6, 2012, is unchanged. In a
separate notice, the Bureau is also
extending to November 6, 2012, the
comment period for the portions of the
Bureau’s HOEPA Proposal regarding
whether and how to account for the
implications of a more inclusive finance
charge on the scope of HOEPA coverage.
If the Bureau expands the definition of
the finance charge, the Bureau will at
the same time address the proposals to
adjust the coverage thresholds that
depend on the finance charge or the
APR in the HOEPA Proposal and the
other proposed rules implementing title
XIV of the Dodd-Frank Act. The Bureau
continues to encourage commenters to
submit comments during the relevant
comment periods.
Dated: August 30, 2012.
Richard Cordray,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2012–22000 Filed 9–5–12; 8:45 am]
BILLING CODE 4810–AM–P
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
[Docket No. CFPB–2012–0029]
RIN 3170–AA12
High-Cost Mortgage and
Homeownership Counseling
Amendments to the Truth in Lending
Act (Regulation Z) and
Homeownership Counseling
Amendments to the Real Estate
Settlement Procedures Act (Regulation
X)
Bureau of Consumer Financial
Protection.
ACTION: Notice of request for public
comment; extension of comment period.
AGENCY:
On July 9, 2012, the
Consumer Financial Protection Bureau
(Bureau) published on its Web site and
transmitted to the Federal Register a
notice requesting comment on, among
other things, proposed changes to
Regulation Z (Truth in Lending) to
implement amendments to the Truth in
Lending Act made by the Dodd-Frank
Wall Street Reform and Consumer
Protection Act that expand the types of
mortgage loans that are subject to the
protections of the Home Ownership and
SUMMARY:
E:\FR\FM\06SEP1.SGM
06SEP1
TKELLEY on DSK3SPTVN1PROD with PROPOSALS
Federal Register / Vol. 77, No. 173 / Thursday, September 6, 2012 / Proposed Rules
Equity Protection Act of 1994 (HOEPA)
(the HOEPA Proposal). The proposed
rule was published in the Federal
Register on August 15, 2012. See 77 FR
49089 (Aug. 15, 2012). The proposed
rule set a comment deadline of
September 7, 2012. In a separate
rulemaking published on the Bureau’s
Web site on July 9, 2012 and published
in the Federal Register on August 23,
2012 (see 77 FR 51116 (Aug. 23, 2012)),
the Bureau proposed changes to the
definition of the finance charge, which
would result in a simpler, more
inclusive definition of the finance
charge (TILA-RESPA Integration
Proposal). In light of these proposed
changes, the HOEPA Proposal seeks
comment on whether and how to
account for the implications of a more
inclusive finance charge on the scope of
HOEPA coverage. Although the TILARESPA Integration Proposal set an
initial comment deadline regarding the
proposed changes to the finance charge
definition of September 7, 2012, by
separate notice, the Bureau is extending
that deadline to November 6, 2012. For
the same reasons discussed in that
notice, the Bureau has determined that
an extension of the comment period
until November 6, 2012 for the portion
of the HOEPA Proposal regarding
whether and how to account for the
implications of a more inclusive finance
charge on the scope of HOEPA coverage
is appropriate. This extension does not
apply to any other aspect of the HOEPA
Proposal.
DATES: The comment period for whether
and how to account for the implications
of a more inclusive finance charge on
the scope of HOEPA coverage, see
proposed § 1026.32(a)(1)(i) and (b)(1)(i),
is extended to November 6, 2012. The
comment period for all other proposed
amendments in that notice, which ends
on September 7, 2012, is unchanged.
ADDRESSES: You may submit comments,
identified by Docket No. CFPB–2012–
0028 or RIN 3170–AA19, by any of the
following methods:
• Electronic: https://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail/Hand Delivery/Courier:
Monica Jackson, Office of the Executive
Secretary, Consumer Financial
Protection Bureau, 1700 G Street NW.,
Washington, DC 20552.
Instructions: All submissions should
include the agency name and docket
number or Regulatory Information
Number (RIN) for this rulemaking.
Because paper mail in the Washington,
DC area and at the Bureau is subject to
delay, commenters are encouraged to
submit comments electronically. In
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16:15 Sep 05, 2012
Jkt 226001
general, all comments received will be
posted without change to https://
www.regulations.gov. In addition,
comments will be available for public
inspection and copying at 1700 G Street,
NW., Washington, DC 20552, on official
business days between the hours of 10
a.m. and 5 p.m. Eastern Time. You can
make an appointment to inspect the
documents by telephoning (202) 435–
7275.
All comments, including attachments
and other supporting materials, will
become part of the public record and
subject to public disclosure. Sensitive
personal information, such as account
numbers or Social Security Numbers,
should not be included. Comments will
not be edited to remove any identifying
or contact information.
FOR FURTHER INFORMATION CONTACT:
Priscilla Walton-Fein, Counsel, or Paul
Mondor, Managing Counsel, Office of
Regulations, at (202) 435–7700.
SUPPLEMENTARY INFORMATION: On July 9,
2012, the Consumer Financial
Protection Bureau (Bureau) published
on its Web site and transmitted to the
Federal Register a notice requesting
comment on, among other things,
proposed changes to Regulation Z
(Truth in Lending) to implement
amendments to the Truth in Lending
Act (TILA) made by the Dodd-Frank
Wall Street Reform and Consumer
Protection Act that expand the types of
mortgage loans that are subject to the
protections of the Home Ownership and
Equity Protection Act of 1994 (HOEPA)
(the HOEPA Proposal). The proposed
rule was published in the Federal
Register on August 15, 2012. See 77 FR
49089 (Aug. 15, 2012). The proposed
rule set a comment deadline of
September 7, 2012.1
In a separate rulemaking published on
the Bureau’s Web site on July 9, 2012
and published in the Federal Register
on August 23, 2012 (77 FR 51116 (Aug.
23, 2012)), the Bureau proposed changes
to the definition of the finance charge,
which would result in a simpler, more
inclusive definition of the finance
charge (the TILA-RESPA Integration
Proposal). Although the proposed
changes to the definition of the finance
charge were proposed in this separate
rulemaking, the HOEPA Proposal seeks
comment on whether and how to
account for the implications of a more
inclusive finance charge on the scope of
HOEPA coverage, if the more inclusive
finance charge is adopted. In particular,
the HOEPA Proposal seeks comment
and data on potential modifications to
HOEPA’s annual percentage rate (APR)
1 Comments on the Paperwork Reduction Act
(PRA) analysis are due October 15, 2012.
PO 00000
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54845
coverage threshold (proposed
§ 1026.32(a)) and points and fees
threshold (proposed § 1026.32(b)) to
account for an expanded finance charge,
and also seeks comment on the timing
of implementation for any change to the
definition of finance charge and any
related change to the HOEPA APR and
points and fees thresholds.
The TILA-RESPA Integration Proposal
set an initial comment deadline
regarding the proposed changes to the
definition of the finance charge of
September 7, 2012. This comment
period was based in part on the
Bureau’s desire to evaluate comments
on the expanded definition of the
finance charge simultaneously with
comments on the other proposed rules,
including the HOEPA Proposal, that
address loan pricing thresholds for
coverage of various substantive
requirements that are based on the
finance charge and corresponding APR.
However, by separate notice, the Bureau
is extending that comment deadline to
November 6, 2012. For the same reasons
discussed in that notice, the Bureau has
determined that it is appropriate to
extend the comment period regarding
whether and how to account for the
implications of a more inclusive finance
charge on the scope of HOEPA coverage
until November 6, 2012. The comment
period for all other proposed
amendments in the HOEPA Proposal,
which ends September 7, 2012, is
unchanged.
In light of the extended comment
periods and the subsequent, necessary
analysis of comments and data received,
the Bureau does not expect to address
any proposed changes to the definition
of the finance charge or the related
portions of the HOEPA Proposal until
after the Bureau has met its deadlines to
issue final rules to implement
requirements of the Dodd-Frank Act that
would otherwise take effect on January
21, 2013. Instead, the Bureau expects to
address the proposal to expand the
finance charge when it finalizes the
disclosures in the TILA-RESPA
Integration Proposal. If the Bureau
expands the definition of the finance
charge, the Bureau will at the same time
address the proposals to adjust the
coverage thresholds that depend on the
finance charge or the APR in the
HOEPA Proposal and the other
proposed rules implementing title XIV
of the Dodd-Frank Act.
The comment period for all other
aspects of the HOEPA Proposal, which
ends September 7, 2012, is unchanged.
The Bureau continues to encourage
commenters to submit comments during
the relevant comment periods.
E:\FR\FM\06SEP1.SGM
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54846
Federal Register / Vol. 77, No. 173 / Thursday, September 6, 2012 / Proposed Rules
Dated: August 31, 2012.
Meredith Fuchs,
General Counsel, Bureau of Consumer
Financial Protection.
[FR Doc. 2012–21998 Filed 9–5–12; 8:45 am]
BILLING CODE 4810–AM–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2012–0930; Directorate
Identifier 2011–NM–251–AD]
RIN 2120–AA64
Airworthiness Directives; Bombardier,
Inc. Airplanes
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of proposed rulemaking
(NPRM).
AGENCY:
We propose to adopt a new
airworthiness directive (AD) for certain
Bombardier, Inc. Model BD–100–1A10
(Challenger 300) airplanes. This
proposed AD was prompted by reports
of failure of a screw cap or end cap of
the auxiliary hydraulic system
accumulator while on the ground,
which resulted in loss of use of that
hydraulic system and high-energy
impact damage to adjacent systems and
structures. This proposed AD would
require inspecting for the correct serial
number of a certain hydraulic system
accumulator, and replacing affected
hydraulic system accumulators with
new or serviceable accumulators. We
are proposing this AD to prevent failure
of a screw cap or end cap and loss of
the related hydraulic system, which
could result in damage to airplane
structure and consequent reduced
controllability of the airplane.
DATES: We must receive comments on
this proposed AD by October 22, 2012.
ADDRESSES: You may send comments by
any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov. Follow the
instructions for submitting comments.
• Fax: (202) 493–2251.
• Mail: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE.,
Washington, DC 20590.
• Hand Delivery: U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5
p.m., Monday through Friday, except
Federal holidays.
TKELLEY on DSK3SPTVN1PROD with PROPOSALS
SUMMARY:
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Jkt 226001
For service information identified in
this proposed AD, contact Bombardier,
ˆ
Inc., 400 Cote-Vertu Road West, Dorval,
´
Quebec H4S 1Y9, Canada; telephone
514–855–5000; fax 514–855–7401; email
thd.crj@aero.bombardier.com; Internet
https://www.bombardier.com. You may
review copies of the referenced service
information at the FAA, Transport
Airplane Directorate, 1601 Lind Avenue
SW., Renton, WA. For information on
the availability of this material at the
FAA, call 425–227–1221.
Examining the AD Docket
You may examine the AD docket on
the Internet at https://
www.regulations.gov; or in person at the
Docket Operations office between 9 a.m.
and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket
contains this proposed AD, the
regulatory evaluation, any comments
received, and other information. The
street address for the Docket Operations
office (telephone (800) 647–5527) is in
the ADDRESSES section. Comments will
be available in the AD docket shortly
after receipt.
FOR FURTHER INFORMATION CONTACT:
Cesar Gomez, Aerospace Engineer,
Airframe and Mechanical Systems
Branch, ANE–171, FAA, New York
Aircraft Certification Office (ACO), 1600
Stewart Avenue, Suite 410, Westbury,
New York 11590; telephone (516) 228–
7318; fax (516) 794–5531.
SUPPLEMENTARY INFORMATION:
Comments Invited
We invite you to send any written
relevant data, views, or arguments about
this proposed AD. Send your comments
to an address listed under the
ADDRESSES section. Include ‘‘Docket No.
FAA–2012–0930; Directorate Identifier
2011–NM–251–AD’’ at the beginning of
your comments. We specifically invite
comments on the overall regulatory,
economic, environmental, and energy
aspects of this proposed AD. We will
consider all comments received by the
closing date and may amend this
proposed AD based on those comments.
We will post all comments we
receive, without change, to https://
www.regulations.gov, including any
personal information you provide. We
will also post a report summarizing each
substantive verbal contact we receive
about this proposed AD.
Discussion
Transport Canada Civil Aviation
(TCCA), which is the aviation authority
for Canada, has issued Canadian
Airworthiness Directive CF–2011–41,
dated October 31, 2011 (referred to after
this as ‘‘the MCAI’’), to correct an unsafe
PO 00000
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Fmt 4702
Sfmt 4702
condition for the specified products.
The MCAI states:
Seven cases of on-ground hydraulic
accumulator screw cap/end cap failure have
been experienced on CL–600–2B19
aeroplanes, resulting in loss of the associated
hydraulic system and high-energy impact
damage to adjacent systems and structure. To
date, the lowest number of flight cycles
accumulated at the time of failure has been
6991.
Although there have been no failures to
date on any BD–100–1A10 aeroplanes,
accumulators similar to those installed on the
CL–600–2B19 are installed on them. The
affected part numbers (P/Ns) of the
accumulators installed on BD–100–1A10 are
900095–1 (Auxiliary Hydraulic System
accumulator), 08–60219–001 (Inboard Brake
accumulator), and 08–60218–001 (Outboard
Brake accumulator).
A detailed analysis of the calculated line
of trajectory of a failed screw cap/end cap for
the accumulator has been conducted,
resulting in the identification of areas where
systems and/or structural components could
potentially be damaged. Although all of the
failures to date have occurred on the ground,
an in-flight failure affecting such components
could potentially have an adverse effect on
the controllability of the aeroplane.
This [TCCA] directive provides the initial
action by mandating the replacement of the
Auxiliary Hydraulic System accumulators
that are not identified by the letter ‘‘E’’ after
the serial number on the identification plate.
Further corrective actions are anticipated to
rectify similar safety concerns with the
Inboard and Outboard Brake accumulators.
You may obtain further information by
examining the MCAI in the AD docket.
Relevant Service Information
Bombardier has issued Service
Bulletin 100–29–14, dated December 16,
2010. The actions described in this
service information are intended to
correct the unsafe condition identified
in the MCAI.
FAA’s Determination and Requirements
of This Proposed AD
This product has been approved by
the aviation authority of another
country, and is approved for operation
in the United States. Pursuant to our
bilateral agreement with the State of
Design Authority, we have been notified
of the unsafe condition described in the
MCAI and service information
referenced above. We are proposing this
AD because we evaluated all pertinent
information and determined an unsafe
condition exists and is likely to exist or
develop on other products of the same
type design.
Costs of Compliance
We estimate that this proposed AD
would affect 75 airplanes of U.S.
registry. We estimate the following costs
to comply with this proposed AD
E:\FR\FM\06SEP1.SGM
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]]>Agencies
[Federal Register Volume 77, Number 173 (Thursday, September 6, 2012)]
[Proposed Rules]
[Pages 54844-54846]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-21998]
-----------------------------------------------------------------------
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1026
[Docket No. CFPB-2012-0029]
RIN 3170-AA12
High-Cost Mortgage and Homeownership Counseling Amendments to the
Truth in Lending Act (Regulation Z) and Homeownership Counseling
Amendments to the Real Estate Settlement Procedures Act (Regulation X)
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Notice of request for public comment; extension of comment
period.
-----------------------------------------------------------------------
SUMMARY: On July 9, 2012, the Consumer Financial Protection Bureau
(Bureau) published on its Web site and transmitted to the Federal
Register a notice requesting comment on, among other things, proposed
changes to Regulation Z (Truth in Lending) to implement amendments to
the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and
Consumer Protection Act that expand the types of mortgage loans that
are subject to the protections of the Home Ownership and
[[Page 54845]]
Equity Protection Act of 1994 (HOEPA) (the HOEPA Proposal). The
proposed rule was published in the Federal Register on August 15, 2012.
See 77 FR 49089 (Aug. 15, 2012). The proposed rule set a comment
deadline of September 7, 2012. In a separate rulemaking published on
the Bureau's Web site on July 9, 2012 and published in the Federal
Register on August 23, 2012 (see 77 FR 51116 (Aug. 23, 2012)), the
Bureau proposed changes to the definition of the finance charge, which
would result in a simpler, more inclusive definition of the finance
charge (TILA-RESPA Integration Proposal). In light of these proposed
changes, the HOEPA Proposal seeks comment on whether and how to account
for the implications of a more inclusive finance charge on the scope of
HOEPA coverage. Although the TILA-RESPA Integration Proposal set an
initial comment deadline regarding the proposed changes to the finance
charge definition of September 7, 2012, by separate notice, the Bureau
is extending that deadline to November 6, 2012. For the same reasons
discussed in that notice, the Bureau has determined that an extension
of the comment period until November 6, 2012 for the portion of the
HOEPA Proposal regarding whether and how to account for the
implications of a more inclusive finance charge on the scope of HOEPA
coverage is appropriate. This extension does not apply to any other
aspect of the HOEPA Proposal.
DATES: The comment period for whether and how to account for the
implications of a more inclusive finance charge on the scope of HOEPA
coverage, see proposed Sec. 1026.32(a)(1)(i) and (b)(1)(i), is
extended to November 6, 2012. The comment period for all other proposed
amendments in that notice, which ends on September 7, 2012, is
unchanged.
ADDRESSES: You may submit comments, identified by Docket No. CFPB-2012-
0028 or RIN 3170-AA19, by any of the following methods:
Electronic: https://www.regulations.gov. Follow the
instructions for submitting comments.
Mail/Hand Delivery/Courier: Monica Jackson, Office of the
Executive Secretary, Consumer Financial Protection Bureau, 1700 G
Street NW., Washington, DC 20552.
Instructions: All submissions should include the agency name and
docket number or Regulatory Information Number (RIN) for this
rulemaking. Because paper mail in the Washington, DC area and at the
Bureau is subject to delay, commenters are encouraged to submit
comments electronically. In general, all comments received will be
posted without change to https://www.regulations.gov. In addition,
comments will be available for public inspection and copying at 1700 G
Street, NW., Washington, DC 20552, on official business days between
the hours of 10 a.m. and 5 p.m. Eastern Time. You can make an
appointment to inspect the documents by telephoning (202) 435-7275.
All comments, including attachments and other supporting materials,
will become part of the public record and subject to public disclosure.
Sensitive personal information, such as account numbers or Social
Security Numbers, should not be included. Comments will not be edited
to remove any identifying or contact information.
FOR FURTHER INFORMATION CONTACT: Priscilla Walton-Fein, Counsel, or
Paul Mondor, Managing Counsel, Office of Regulations, at (202) 435-
7700.
SUPPLEMENTARY INFORMATION: On July 9, 2012, the Consumer Financial
Protection Bureau (Bureau) published on its Web site and transmitted to
the Federal Register a notice requesting comment on, among other
things, proposed changes to Regulation Z (Truth in Lending) to
implement amendments to the Truth in Lending Act (TILA) made by the
Dodd-Frank Wall Street Reform and Consumer Protection Act that expand
the types of mortgage loans that are subject to the protections of the
Home Ownership and Equity Protection Act of 1994 (HOEPA) (the HOEPA
Proposal). The proposed rule was published in the Federal Register on
August 15, 2012. See 77 FR 49089 (Aug. 15, 2012). The proposed rule set
a comment deadline of September 7, 2012.\1\
---------------------------------------------------------------------------
\1\ Comments on the Paperwork Reduction Act (PRA) analysis are
due October 15, 2012.
---------------------------------------------------------------------------
In a separate rulemaking published on the Bureau's Web site on July
9, 2012 and published in the Federal Register on August 23, 2012 (77 FR
51116 (Aug. 23, 2012)), the Bureau proposed changes to the definition
of the finance charge, which would result in a simpler, more inclusive
definition of the finance charge (the TILA-RESPA Integration Proposal).
Although the proposed changes to the definition of the finance charge
were proposed in this separate rulemaking, the HOEPA Proposal seeks
comment on whether and how to account for the implications of a more
inclusive finance charge on the scope of HOEPA coverage, if the more
inclusive finance charge is adopted. In particular, the HOEPA Proposal
seeks comment and data on potential modifications to HOEPA's annual
percentage rate (APR) coverage threshold (proposed Sec. 1026.32(a))
and points and fees threshold (proposed Sec. 1026.32(b)) to account
for an expanded finance charge, and also seeks comment on the timing of
implementation for any change to the definition of finance charge and
any related change to the HOEPA APR and points and fees thresholds.
The TILA-RESPA Integration Proposal set an initial comment deadline
regarding the proposed changes to the definition of the finance charge
of September 7, 2012. This comment period was based in part on the
Bureau's desire to evaluate comments on the expanded definition of the
finance charge simultaneously with comments on the other proposed
rules, including the HOEPA Proposal, that address loan pricing
thresholds for coverage of various substantive requirements that are
based on the finance charge and corresponding APR. However, by separate
notice, the Bureau is extending that comment deadline to November 6,
2012. For the same reasons discussed in that notice, the Bureau has
determined that it is appropriate to extend the comment period
regarding whether and how to account for the implications of a more
inclusive finance charge on the scope of HOEPA coverage until November
6, 2012. The comment period for all other proposed amendments in the
HOEPA Proposal, which ends September 7, 2012, is unchanged.
In light of the extended comment periods and the subsequent,
necessary analysis of comments and data received, the Bureau does not
expect to address any proposed changes to the definition of the finance
charge or the related portions of the HOEPA Proposal until after the
Bureau has met its deadlines to issue final rules to implement
requirements of the Dodd-Frank Act that would otherwise take effect on
January 21, 2013. Instead, the Bureau expects to address the proposal
to expand the finance charge when it finalizes the disclosures in the
TILA-RESPA Integration Proposal. If the Bureau expands the definition
of the finance charge, the Bureau will at the same time address the
proposals to adjust the coverage thresholds that depend on the finance
charge or the APR in the HOEPA Proposal and the other proposed rules
implementing title XIV of the Dodd-Frank Act.
The comment period for all other aspects of the HOEPA Proposal,
which ends September 7, 2012, is unchanged. The Bureau continues to
encourage commenters to submit comments during the relevant comment
periods.
[[Page 54846]]
Dated: August 31, 2012.
Meredith Fuchs,
General Counsel, Bureau of Consumer Financial Protection.
[FR Doc. 2012-21998 Filed 9-5-12; 8:45 am]
BILLING CODE 4810-AM-P
