Proposed Collection; Comment Request, 4907-4908 [2014-01742]
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4907
Federal Register / Vol. 79, No. 20 / Thursday, January 30, 2014 / Notices
INSTITUTIONS IN LIQUIDATION
[In alphabetical order]
FDIC Ref.
No.
Bank name
City
State
Date closed
10492 .......
DuPage National Bank .............................................
West Chicago ............................................................
IL .....
1/17/2014
[FR Doc. 2014–01799 Filed 1–29–14; 8:45 am]
BILLING CODE 6714–01–P
FEDERAL HOUSING FINANCE
AGENCY
[No. 2014–N–2]
Proposed Collection; Comment
Request
Federal Housing Finance
Agency.
ACTION: 60-day Notice of submission of
information collection for approval from
the Office of Management and Budget.
AGENCY:
In accordance with the
requirements of the Paperwork
Reduction Act of 1995, the Federal
Housing Finance Agency (FHFA) is
seeking public comments concerning
the currently-approved information
collection ‘‘Monthly Survey of Rates
and Terms on Conventional 1-Family
Nonfarm Mortgage Loans,’’ which has
been assigned control number 2590–
0004 by the Office of Management and
Budget (OMB). FHFA intends to submit
the information collection to OMB for
review and approval of a three-year
extension of the control number, which
is due to expire on March 31, 2014.
DATES: Interested persons may submit
comments on or before March 31, 2014.
ADDRESSES: Submit comments to FHFA
using any one of the following methods:
• Federal eRulemaking Portal: https://
www.regulations.gov. Follow the
instructions for submitting comments. If
you submit your comment to the
Federal eRulemaking Portal, please also
send it by email to FHFA at
Regcomments@fhfa.gov to ensure timely
receipt by the agency.
• Email: Regcomments@fhfa.gov.
Please include Proposed Collection;
Comment Request: ‘‘Monthly Survey of
Rates and Terms on Conventional 1Family Nonfarm Mortgage Loans, (No.
2014–N–2)’’ in the subject line of the
message.
• Mail/Hand Delivery: Federal
Housing Finance Agency, Eighth Floor,
400 Seventh Street SW., Washington,
DC 20024, ATTENTION: Public
Comments/Proposed Collection;
Comment Request: ‘‘Monthly Survey of
Rates and Terms on Conventional 1-
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY:
VerDate Mar<15>2010
18:24 Jan 29, 2014
Jkt 232001
Family Nonfarm Mortgage Loans, (No.
2014–N–2).’’
We will post all public comments we
receive without change, including any
personal information you provide, such
as your name, address, email address,
and telephone number, on the FHFA
Web site at https://www.fhfa.gov. In
addition, copies of all comments
received will be available for
examination by the public on business
days between the hours of 10 a.m. and
3 p.m., at the Federal Housing Finance
Agency, Eighth Floor, 400 Seventh
Street SW., Washington, DC 20024. To
make an appointment to inspect
comments, please call the Office of
General Counsel at 202–649–3804.
FOR FURTHER INFORMATION CONTACT:
David L. Roderer, Senior Financial
Analyst, 202–649–3206 (not a toll-free
number), david.l.roderer@fhfa.gov, or by
regular mail at the Federal Housing
Finance Agency, 400 Seventh Street
SW., Washington, DC 20024. The
telephone number for the
Telecommunications Device for the
Hearing Impaired is 800–877–8339.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information
Collection
FHFA’s Monthly Survey of Rates and
Terms on Conventional 1-Family NonFarm Mortgage Loans, commonly
referred to as the ‘‘Monthly Interest Rate
Survey’’ or ‘‘MIRS,’’ is a monthly survey
of mortgage lenders that solicits
information on the terms and conditions
on all conventional, single-family, fully
amortized, purchase-money mortgage
loans closed during the last five working
days of the preceding month. The MIRS
collects monthly information on interest
rates, loan terms, and house prices by
property type (i.e., new or previously
occupied), by loan type (i.e., fixed- or
adjustable-rate), and by lender type (i.e.,
mortgage companies, savings
associations, commercial banks, and
savings banks), as well as information
on 15-year and 30-year fixed-rate loans.
In addition, the survey collects quarterly
information on conventional loans by
major metropolitan area and by Federal
Home Loan Bank district. The MIRS
does not collect information on loans
insured by the Federal Housing
Administration (FHA) or guaranteed by
PO 00000
Frm 00044
Fmt 4703
Sfmt 4703
the Veterans Administration (VA), loans
secured by multifamily property or
manufactured housing, or loans created
by refinancing another mortgage. The
MIRS is the most comprehensive source
of information on conventional
mortgage rates and terms in the United
States.
The MIRS originated with one of
FHFA’s predecessor agencies, the
former Federal Home Loan Bank Board
(FHLBB) in the 1960s. Among other
things, the FHLBB used data collected
through the MIRS to derive its National
Average Contract Mortgage Rate for the
Purchase of Previously Occupied Homes
by Combined Lenders (ARM Index),
which was used by lenders to set
mortgage rates on adjustable rate
mortgages (ARMs). No statutory or
regulatory provision explicitly required
the FHLBB to conduct the MIRS.
However, for a period in the early
1980s, federally chartered savings
institutions were required to use the
MIRS-derived ARM Index in setting
interest rates on ARMs. Few, if any,
loans from that period remain. After
1981, an unknown but likely very small
proportion of lenders used the ARM
Index to set interest rates on their new
ARMs.
In 1989, Congress enacted the
Financial Institutions Reform Recovery
and Enforcement Act (FIRREA), which
abolished the FHLBB and created the
Federal Housing Finance Board
(Finance Board) to assume many of the
FHLBB’s powers and responsibilities.
FIRREA required the Chairperson of the
Finance Board to ‘‘take such actions as
may be necessary’’ to ensure that the
ARM Index prepared by the FHLBB
continued to be available.1 Although
there was no explicit reference in
FIRREA to the continuation of the
MIRS, the Finance Board viewed that
statutory requirement to continue to
produce the ARM Index as a mandate to
1 See Financial Institutions Reform, Recovery and
Enforcement Act of 1989 (FIRREA), Public Law
101–73, Title IV, § 402(e)(3), 103 Stat. 183, codified
at 12 U.S.C. 1437 note. The statute permitted the
Finance Board to substitute a different ARM index
after notice and comment, but only if the new index
was based upon data substantially similar to that of
the original ARM Index and substitution of the new
ARM index would result in an interest rate
substantially similar to the rate in effect at the time
the new ARM index replaced the existing ARM
Index. See FIRREA § 402(e)(4).
E:\FR\FM\30JAN1.SGM
30JAN1
4908
Federal Register / Vol. 79, No. 20 / Thursday, January 30, 2014 / Notices
continue also to conduct the MIRS, from
which the data used to derive the ARM
Index was obtained. The Finance Board
conducted the MIRS and produced the
ARM Index from 1989 through 2008,
when Congress abolished that agency
and transferred its responsibilities to the
newly-created FHFA.2
Since 2008, FHFA has continued to
conduct the MIRS and produce the
ARM Index.3 By statute, MIRS data is
one of the factors that FHFA is required
to consider in assessing the national
average one-family house price for
purposes of periodically adjusting the
conforming mortgage loan limits of
Fannie Mae and Freddie Mac.4 In
addition, statutes in several states and
U.S. territories, including California,
Michigan, Minnesota, New Jersey,
Wisconsin, and the Virgin Islands, refer
to, or rely upon, the MIRS.5
Many lenders use FHFA’s ARM
Index, derived from MIRS data, to set
interest rates on fixed rate loans. In
addition, businesses, trade associations,
and government agencies at both the
federal and state level rely upon the
MIRS data for various business and
regulatory purposes. For example,
economic policy makers have used the
MIRS data to determine trends in the
mortgage markets, including interest
rates, down payments, terms to
maturity, terms on ARMs, and initial
fees and charges on mortgage loans.
Other federal banking agencies, such as
the Board of Governors of the Federal
Reserve System and the Council of
Economic Advisors, have used the MIRS
results for research purposes.
The OMB number for the information
collection is 2590–0004, which is due to
expire on March 31, 2014. The likely
respondents are mortgage lenders in the
United States.
mstockstill on DSK4VPTVN1PROD with NOTICES
B. Burden Estimate
FHFA estimates the total annual
number of respondents at 70 with 6
responses per respondent (because not
every respondent will have new
mortgage loans to report every month).
The estimate for the average time per
response is 20 minutes. The combined
estimate for the total annual hour
2 See Housing and Economic Recovery Act of
2008 (HERA), Public Law 110–289, Div. A, Title III,
§ 1312, 122 Stat. 2794, codified at 12 U.S.C. 4511
note.
3 The MIRS and the ARM Index are described at
12 CFR 906.5.
4 See 12 U.S.C. 4542.
5 See, e.g., Cal. Civ. Code §§ 1916.7 and 1916.8
(mortgage rates); Mich. Comp. Laws § 445.1621(d)
(mortgage index rates); Minn. Stat. § 92.06
(payments for state land sales); N.J. Rev. Stat.
31:1–1 (interest rates); Wis. Stat. § 138.056 (variable
loan rates); V.I. Code Ann. tit. 11, § 951 (legal rate
of interest).
VerDate Mar<15>2010
18:24 Jan 29, 2014
Jkt 232001
burden is 140 hours (70 respondents ×
6 responses × 0.33 hours).
C. Comment Request
FHFA requests written comments on
the following: (1) Whether the collection
of information is necessary for the
proper performance of FHFA functions,
including whether the information has
practical utility; (2) the accuracy of
FHFA’s estimates of the burdens of the
collection of information; (3) ways to
enhance the quality, utility, and clarity
of the information collected; and (4)
ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Dated: January 23, 2014.
Kevin Winkler,
Chief Information Officer, Federal Housing
Finance Agency.
[FR Doc. 2014–01742 Filed 1–29–14; 8:45 am]
BILLING CODE 8070–01–P
FEDERAL RESERVE SYSTEM
Change in Bank Control Notices;
Acquisitions of Shares of a Bank or
Bank Holding Company
The notificants listed below have
applied under the Change in Bank
Control Act (12 U.S.C. 1817(j)) and
§ 225.41 of the Board’s Regulation Y (12
CFR 225.41) to acquire shares of a bank
or bank holding company. The factors
that are considered in acting on the
notices are set forth in paragraph 7 of
the Act (12 U.S.C. 1817(j)(7)).
The notices are available for
immediate inspection at the Federal
Reserve Bank indicated. The notices
also will be available for inspection at
the offices of the Board of Governors.
Interested persons may express their
views in writing to the Reserve Bank
indicated for that notice or to the offices
of the Board of Governors. Comments
must be received not later than February
19, 2014.
A. Federal Reserve Bank of Richmond
(Adam M. Drimer, Assistant Vice
President) 701 East Byrd Street,
Richmond, Virginia 23261–4528:
1 B. Scott White and Blaine Scott
White, II, both of Castlewood, Virginia,
The B. Scott White Trust, the sole
trustee of which is B. Scott White, and
Tiffany C. White, Evergreen, Colorado;
Sky Investments, LLC, Castlewood,
Virginia, with its members Tiffany C.
White, Blaine S. White II, and The B.
Scott White Trust; SBTB, L.P., a
proposed qualified family partnership,
the partners of which are The B. Scott
White Trust, Tiffany C. White and
PO 00000
Frm 00045
Fmt 4703
Sfmt 4703
Blaine S. White, II; B. Scott White IRA
and; the group acting in concert to
control voting shares of New Peoples
Bankshares, Inc., Honaker, Virginia, and
thereby indirectly control New Peoples
Bank, Inc., Honaker, Virginia.
Board of Governors of the Federal Reserve
System, January 27, 2014.
Michael J. Lewandowski,
Associate Secretary of the Board.
[FR Doc. 2014–01857 Filed 1–29–14; 8:45 am]
BILLING CODE 6210–01–P
FEDERAL RESERVE SYSTEM
Formations of, Acquisitions by, and
Mergers of Bank Holding Companies
The companies listed in this notice
have applied to the Board for approval,
pursuant to the Bank Holding Company
Act of 1956 (12 U.S.C. 1841 et seq.)
(BHC Act), Regulation Y (12 CFR Part
225), and all other applicable statutes
and regulations to become a bank
holding company and/or to acquire the
assets or the ownership of, control of, or
the power to vote shares of a bank or
bank holding company and all of the
banks and nonbanking companies
owned by the bank holding company,
including the companies listed below.
The applications listed below, as well
as other related filings required by the
Board, are available for immediate
inspection at the Federal Reserve Bank
indicated. The applications will also be
available for inspection at the offices of
the Board of Governors. Interested
persons may express their views in
writing on the standards enumerated in
the BHC Act (12 U.S.C. 1842(c)). If the
proposal also involves the acquisition of
a nonbanking company, the review also
includes whether the acquisition of the
nonbanking company complies with the
standards in section 4 of the BHC Act
(12 U.S.C. 1843). Unless otherwise
noted, nonbanking activities will be
conducted throughout the United States.
Unless otherwise noted, comments
regarding each of these applications
must be received at the Reserve Bank
indicated or the offices of the Board of
Governors not later than February 26,
2014.
A. Federal Reserve Bank of Richmond
(Adam M. Drimer, Assistant Vice
President) 701 East Byrd Street,
Richmond, Virginia 23261–4528:
1. Aquesta Financial Holdings, Inc.,
Cornelius, North Carolina; to become a
bank holding company through the
acquisition of 100 percent of the voting
shares of Aquesta Bank, Cornelius,
North Carolina
E:\FR\FM\30JAN1.SGM
30JAN1
Agencies
[Federal Register Volume 79, Number 20 (Thursday, January 30, 2014)]
[Notices]
[Pages 4907-4908]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-01742]
=======================================================================
-----------------------------------------------------------------------
FEDERAL HOUSING FINANCE AGENCY
[No. 2014-N-2]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-day Notice of submission of information collection for
approval from the Office of Management and Budget.
-----------------------------------------------------------------------
SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning the currently-approved information
collection ``Monthly Survey of Rates and Terms on Conventional 1-Family
Nonfarm Mortgage Loans,'' which has been assigned control number 2590-
0004 by the Office of Management and Budget (OMB). FHFA intends to
submit the information collection to OMB for review and approval of a
three-year extension of the control number, which is due to expire on
March 31, 2014.
DATES: Interested persons may submit comments on or before March 31,
2014.
ADDRESSES: Submit comments to FHFA using any one of the following
methods:
Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by email
to FHFA at Regcomments@fhfa.gov to ensure timely receipt by the agency.
Email: Regcomments@fhfa.gov. Please include Proposed
Collection; Comment Request: ``Monthly Survey of Rates and Terms on
Conventional 1-Family Nonfarm Mortgage Loans, (No. 2014-N-2)'' in the
subject line of the message.
Mail/Hand Delivery: Federal Housing Finance Agency, Eighth
Floor, 400 Seventh Street SW., Washington, DC 20024, ATTENTION: Public
Comments/Proposed Collection; Comment Request: ``Monthly Survey of
Rates and Terms on Conventional 1-Family Nonfarm Mortgage Loans, (No.
2014-N-2).''
We will post all public comments we receive without change,
including any personal information you provide, such as your name,
address, email address, and telephone number, on the FHFA Web site at
https://www.fhfa.gov. In addition, copies of all comments received will
be available for examination by the public on business days between the
hours of 10 a.m. and 3 p.m., at the Federal Housing Finance Agency,
Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. To make an
appointment to inspect comments, please call the Office of General
Counsel at 202-649-3804.
FOR FURTHER INFORMATION CONTACT: David L. Roderer, Senior Financial
Analyst, 202-649-3206 (not a toll-free number),
david.l.roderer@fhfa.gov, or by regular mail at the Federal Housing
Finance Agency, 400 Seventh Street SW., Washington, DC 20024. The
telephone number for the Telecommunications Device for the Hearing
Impaired is 800-877-8339.
SUPPLEMENTARY INFORMATION:
A. Need For and Use of the Information Collection
FHFA's Monthly Survey of Rates and Terms on Conventional 1-Family
Non-Farm Mortgage Loans, commonly referred to as the ``Monthly Interest
Rate Survey'' or ``MIRS,'' is a monthly survey of mortgage lenders that
solicits information on the terms and conditions on all conventional,
single-family, fully amortized, purchase-money mortgage loans closed
during the last five working days of the preceding month. The MIRS
collects monthly information on interest rates, loan terms, and house
prices by property type (i.e., new or previously occupied), by loan
type (i.e., fixed- or adjustable-rate), and by lender type (i.e.,
mortgage companies, savings associations, commercial banks, and savings
banks), as well as information on 15-year and 30-year fixed-rate loans.
In addition, the survey collects quarterly information on conventional
loans by major metropolitan area and by Federal Home Loan Bank
district. The MIRS does not collect information on loans insured by the
Federal Housing Administration (FHA) or guaranteed by the Veterans
Administration (VA), loans secured by multifamily property or
manufactured housing, or loans created by refinancing another mortgage.
The MIRS is the most comprehensive source of information on
conventional mortgage rates and terms in the United States.
The MIRS originated with one of FHFA's predecessor agencies, the
former Federal Home Loan Bank Board (FHLBB) in the 1960s. Among other
things, the FHLBB used data collected through the MIRS to derive its
National Average Contract Mortgage Rate for the Purchase of Previously
Occupied Homes by Combined Lenders (ARM Index), which was used by
lenders to set mortgage rates on adjustable rate mortgages (ARMs). No
statutory or regulatory provision explicitly required the FHLBB to
conduct the MIRS. However, for a period in the early 1980s, federally
chartered savings institutions were required to use the MIRS-derived
ARM Index in setting interest rates on ARMs. Few, if any, loans from
that period remain. After 1981, an unknown but likely very small
proportion of lenders used the ARM Index to set interest rates on their
new ARMs.
In 1989, Congress enacted the Financial Institutions Reform
Recovery and Enforcement Act (FIRREA), which abolished the FHLBB and
created the Federal Housing Finance Board (Finance Board) to assume
many of the FHLBB's powers and responsibilities. FIRREA required the
Chairperson of the Finance Board to ``take such actions as may be
necessary'' to ensure that the ARM Index prepared by the FHLBB
continued to be available.\1\ Although there was no explicit reference
in FIRREA to the continuation of the MIRS, the Finance Board viewed
that statutory requirement to continue to produce the ARM Index as a
mandate to
[[Page 4908]]
continue also to conduct the MIRS, from which the data used to derive
the ARM Index was obtained. The Finance Board conducted the MIRS and
produced the ARM Index from 1989 through 2008, when Congress abolished
that agency and transferred its responsibilities to the newly-created
FHFA.\2\
---------------------------------------------------------------------------
\1\ See Financial Institutions Reform, Recovery and Enforcement
Act of 1989 (FIRREA), Public Law 101-73, Title IV, Sec. 402(e)(3),
103 Stat. 183, codified at 12 U.S.C. 1437 note. The statute
permitted the Finance Board to substitute a different ARM index
after notice and comment, but only if the new index was based upon
data substantially similar to that of the original ARM Index and
substitution of the new ARM index would result in an interest rate
substantially similar to the rate in effect at the time the new ARM
index replaced the existing ARM Index. See FIRREA Sec. 402(e)(4).
\2\ See Housing and Economic Recovery Act of 2008 (HERA), Public
Law 110-289, Div. A, Title III, Sec. 1312, 122 Stat. 2794, codified
at 12 U.S.C. 4511 note.
---------------------------------------------------------------------------
Since 2008, FHFA has continued to conduct the MIRS and produce the
ARM Index.\3\ By statute, MIRS data is one of the factors that FHFA is
required to consider in assessing the national average one-family house
price for purposes of periodically adjusting the conforming mortgage
loan limits of Fannie Mae and Freddie Mac.\4\ In addition, statutes in
several states and U.S. territories, including California, Michigan,
Minnesota, New Jersey, Wisconsin, and the Virgin Islands, refer to, or
rely upon, the MIRS.\5\
---------------------------------------------------------------------------
\3\ The MIRS and the ARM Index are described at 12 CFR 906.5.
\4\ See 12 U.S.C. 4542.
\5\ See, e.g., Cal. Civ. Code Sec. Sec. 1916.7 and 1916.8
(mortgage rates); Mich. Comp. Laws Sec. 445.1621(d) (mortgage index
rates); Minn. Stat. Sec. 92.06 (payments for state land sales);
N.J. Rev. Stat. 31:1-1 (interest rates); Wis. Stat. Sec. 138.056
(variable loan rates); V.I. Code Ann. tit. 11, Sec. 951 (legal rate
of interest).
---------------------------------------------------------------------------
Many lenders use FHFA's ARM Index, derived from MIRS data, to set
interest rates on fixed rate loans. In addition, businesses, trade
associations, and government agencies at both the federal and state
level rely upon the MIRS data for various business and regulatory
purposes. For example, economic policy makers have used the MIRS data
to determine trends in the mortgage markets, including interest rates,
down payments, terms to maturity, terms on ARMs, and initial fees and
charges on mortgage loans. Other federal banking agencies, such as the
Board of Governors of the Federal Reserve System and the Council of
Economic Advisors, have used the MIRS results for research purposes.
The OMB number for the information collection is 2590-0004, which
is due to expire on March 31, 2014. The likely respondents are mortgage
lenders in the United States.
B. Burden Estimate
FHFA estimates the total annual number of respondents at 70 with 6
responses per respondent (because not every respondent will have new
mortgage loans to report every month). The estimate for the average
time per response is 20 minutes. The combined estimate for the total
annual hour burden is 140 hours (70 respondents x 6 responses x 0.33
hours).
C. Comment Request
FHFA requests written comments on the following: (1) Whether the
collection of information is necessary for the proper performance of
FHFA functions, including whether the information has practical
utility; (2) the accuracy of FHFA's estimates of the burdens of the
collection of information; (3) ways to enhance the quality, utility,
and clarity of the information collected; and (4) ways to minimize the
burden of the collection of information on respondents, including
through the use of automated collection techniques or other forms of
information technology.
Dated: January 23, 2014.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2014-01742 Filed 1-29-14; 8:45 am]
BILLING CODE 8070-01-P