Home Mortgage Disclosure, 60673-60674 [2017-27491]

Download as PDF 60673 Rules and Regulations Federal Register Vol. 82, No. 245 Friday, December 22, 2017 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. I. Background 12 CFR Part 203 [Regulation C; Docket No. R–1590] RIN 7100 AE–92 Home Mortgage Disclosure Board of Governors of the Federal Reserve System. ACTION: Final rule. AGENCY: The Board of Governors of the Federal Reserve System (Board) is repealing its Regulation C, which was issued to implement the Home Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including HMDA, from the Board to the Bureau of Consumer Financial Protection (Bureau). HMDA requires covered financial institutions to collect and report loan data in connection with residential mortgage applications and loans. Although the Board retains authority to issue some consumer financial protection rules, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the Bureau. In December 2011, the Bureau published an interim final rule establishing its own Regulation C to implement HMDA, which superseded the Board’s Regulation C. In October 2015, the Bureau revised its own Regulation C to expand and revise the data collection and reporting regime required under HMDA, as amended by the Dodd-Frank Act. In April 2016, the Bureau published a final rule adopting the December 2011 interim final rule, as revised by the October 2015 final rule. Accordingly, the Board is repealing its Regulation C and the Official Staff Commentary that accompanies the regulation. sradovich on DSK3GMQ082PROD with RULES SUMMARY: The final rule is effective January 22, 2018. DATES: 16:04 Dec 21, 2017 Nikita M. Pastor, Senior Counsel, Division of Consumer and Community Affairs, at (202) 452–3667, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: FEDERAL RESERVE SYSTEM VerDate Sep<11>2014 FOR FURTHER INFORMATION CONTACT: Jkt 244001 The Home Mortgage Disclosure Act (HMDA), 12 U.S.C. 2801 et seq., historically was implemented by the Board’s Regulation C, published at 12 CFR part 203. The purpose of the act and regulation is to provide the public with sufficient information about mortgage loans to determine whether financial institutions are serving the housing credit needs of their communities; encourage private investments to areas in need; and collect and report applicant and borrower characteristic data to identify potential lending discrimination. Accordingly, HMDA requires covered financial institutions to report loan data in connection with mortgage loan applications. Title X of the Dodd-Frank Act transferred rulemaking authority for a number of consumer financial protection laws from the Board to the Bureau, effective July 21, 2011, with some exceptions. In connection with the transfer of the Board’s rulemaking authority for HMDA, the Bureau published an interim final rule to establish its own Regulation C, 12 CFR part 1003, to implement HMDA (Bureau Interim Final Rule).1 In October 2015, the Bureau finalized its own Regulation C, including rules that expand and revise the data collection and reporting regime required under HMDA, as amended by the Dodd-Frank Act.2 In April 2016, the Bureau published a final rule adopting the December 2011 interim final rule, as revised by the October 2015 final rule. Accordingly, the Board is repealing its Regulation C and the Official Staff Commentary that accompanies the regulation.3 1 12 CFR part 1003. See 76 FR 78465 (Dec. 19, 2011). 2 See Home Mortgage Disclosure (Regulation C), 80 FR 66128 (Oct. 28, 2015), as amended by 82 FR 43088 (Sept. 13, 2017). 3 See 81 FR 25323 (April 28, 2016). PO 00000 Frm 00001 Fmt 4700 Sfmt 4700 Under Section 1029(a) of the DoddFrank Act, the Board generally retains authority to issue rules for certain motor vehicle dealers that are predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both. For purposes of Section 1029, a ‘‘motor vehicle’’ is defined to include, among other things, motor homes, recreational vehicle trailers (RVs) and recreational boats.4 The Dodd-Frank Act also provided several exceptions to the Board’s rulemaking authority over motor vehicle dealers. Specifically, Section 1029(b)(1) of the Dodd-Frank Act provides that the Board’s rulemaking authority does not apply to any motor vehicle dealer to the extent that the motor vehicle dealer ‘‘provides consumers with any services related to residential or commercial mortgages or self-financing transactions involving real property.’’ 5 Thus, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the Bureau. Accordingly, on February 22, 2016 (81 FR 8667), the Board published a proposal to repeal its Regulation C (Proposed Rule). II. Discussion Two commenters responded to the proposed repeal of the Board’s Regulation C. These commenters supported the Board’s proposal to repeal its Regulation C in order to avoid confusion and simplify compliance. The Board is finalizing the repeal of Regulation C, as proposed. As discussed in the proposal, entities that are subject to HMDA must collect and report loan data to the appropriate federal agency on its housing-related loan activities (i.e., mortgage loan applications). HMDA’s requirements concerning mortgage loans were implemented in Regulation C to apply to home purchase loans secured by a dwelling (or refinancings) and home improvement loans.6 The Dodd-Frank 4 Dodd-Frank Act, Public Law 111–2033, Section 1029(f)(1). 5 Dodd-Frank Act, Public Law 111–2033, Section 1029(b)(1). 6 Regulation C covers loans secured by a ‘‘dwelling,’’ which is defined as any residential structure, whether or not it is attached to real property, which would include mobile homes or manufactured homes. 12 CFR 1003.2. Under the Bureau’s 2015 final rule, however, recreational vehicles used as a residence are not covered as E:\FR\FM\22DER1.SGM Continued 22DER1 60674 Federal Register / Vol. 82, No. 245 / Friday, December 22, 2017 / Rules and Regulations Act transferred the Board’s rulemaking authority under HMDA and other enumerated consumer protection laws to the Bureau, but Section 1029 of the Dodd-Frank Act also preserved the Board’s rulemaking authority over certain motor vehicle dealers, with some exceptions. The rulemaking authority retained by the Board under Section 1029, however, does not extend to residential or commercial mortgages or self-financing transactions involving real property.7 Thus, all rulemaking authority under HMDA, which pertains only to mortgage loan transactions, was transferred to the Bureau. The repeal of the Board’s Regulation C, 12 CFR part 203, also repeals the Official Staff Commentary that accompanies the regulations. sradovich on DSK3GMQ082PROD with RULES III. Final Regulatory Flexibility Analysis The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA) generally requires an agency to perform an assessment of the impact a rule is expected to have on small entities. Based on its analysis, and for the reasons stated below, the Board believes that this final rule will not have a significant economic impact on a substantial number of small entities. 1. Statement of the need for, and objectives of, the proposed rule. As noted above, title X of the Dodd-Frank Act transferred rulemaking authority for HMDA and other enumerated consumer financial protection laws from the Board to the Bureau, effective July 21, 2011. Although the Board retains authority to issue some consumer financial protection rules, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the Bureau. In December 2011, the Bureau issued an Interim Final Rule to implement HMDA pursuant to the transfer of rulemaking authority, as amended further by final rules issued by the Bureau in October 2015, pursuant to the Dodd-Frank Act. Accordingly, the Board is repealing the Board’s Regulation C, 12 CFR part 203, and the Official Staff Commentary that accompanies the regulation, which has been superseded by the final rules issued by the Bureau. 2. Summary of issues raised by comments in response to the initial regulatory flexibility analysis. The dwellings for purposes of HMDA. See 80 FR 66128, 66145 (Oct. 28, 2015). 7 Section 1029(b)(1) of the Dodd-Frank Act states: Subsection (a) shall not apply to any person, to the extent such person (1) provides consumers with any services related to residential or commercial mortgages or self-financing transaction involving real property. . . .’’ 12 U.S.C. 5519(b). VerDate Sep<11>2014 16:04 Dec 21, 2017 Jkt 244001 Board did not receive any comments on the initial regulatory flexibility analysis. 3. Small entities affected by the final rule. Any entity that is currently covered by HMDA is subject to the rules issued by the Bureau, located in 12 CFR part 1003. Therefore the Board believes the repeal of its Regulation C will not affect any entity, including any small entity. 4. Recordkeeping, reporting, and compliance requirements. The final rule repeals the Board’s Regulation C, 12 CFR part 203, and therefore does not impose any recordkeeping, reporting, or compliance requirements on any entities. 5. Significant alternatives to the final revisions. Because the repeal of Regulation C will have no impact, there are no alternatives that would further minimize the economic impact of the final rule on small entities. IV. Paperwork Reduction Act In accordance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule under the authority delegated to the Federal Reserve by the Office of Management and Budget (OMB). The final rule contains no collections of information under the PRA. See 44 U.S.C. 3502(3). Accordingly, there is no paperwork burden associated with the final rule. List of Subjects in 12 CFR Part 203 Banks, Banking, Federal Reserve System, Mortgages, Reporting and recordkeeping requirements. PART 203—[REMOVED AND RESERVED] For the reasons set forth in the preamble, under the authority of 12 U.S.C. 5581, the Board removes and reserves Regulation C, 12 CFR part 203. ■ By order of the Board of Governors of the Federal Reserve System. Ann E. Misback, Secretary of the Board. [FR Doc. 2017–27491 Filed 12–21–17; 8:45 am] BILLING CODE 6210–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 117 [Docket No. USCG–2017–1048] Drawbridge Operation Regulation; Merrimack River, Newburyport, MA AGENCY: PO 00000 Coast Guard, DHS. Frm 00002 Fmt 4700 Sfmt 4700 Notice of deviation from drawbridge regulation. ACTION: The Coast Guard has issued a temporary deviation from the operating schedule that governs the US1 Bridge across the Merrimack River, mile 3.4, at Newburyport, MA. The deviation is necessary to replace the electrical power and control systems which are at the end of their life cycle. This deviation allows the bridge to be closed to navigation. DATES: This deviation is effective from 12:01 a.m. on January 2, 2018 through 11:59 p.m. on April 15, 2018. ADDRESSES: The docket for this deviation, USCG–2017–1048 is available at http://www.regulations.gov. Type the docket number in the ‘‘SEARCH’’ box and click ‘‘SEARCH’’. Click on Open Docket Folder on the line associated with this deviation. FOR FURTHER INFORMATION CONTACT: If you have questions on this temporary deviation, call or email Mr. Jeffrey Stieb, First Coast Guard District Bridge Branch, Coast Guard; telephone 617– 223–8364, email Jeffrey.D.Stieb@ uscg.mil. SUPPLEMENTARY INFORMATION: The owner of the bridge, the Massachusetts Department of Transportation, requested a temporary deviation. The existing electrical power and control system malfunctions and is at the end of its expected life. The US1 Bridge across the Merrimac River, mile 3.4, at Newburyport, Massachusetts, has a vertical clearance in the closed position of 35 feet at mean high water. The existing bridge operating regulations are found at 33 CFR 117.605. This temporary deviation allows the bridge to remain in the closed to navigation position from 12:01 a.m. on January 2, 2018 through 11:59 p.m. on April 15, 2018. The deviation will have negligible effect on vessel navigation. The waterway is transited primarily by seasonal recreational vessels of various sizes. During this time period, no requests for an opening were made in 2016 and only one request was made in 2017. Vessels that can pass through the bridge in the closed position may do so at anytime. The bridge will not be able to open for emergencies; however, Coast Guard and harbormaster vessels are able to pass through the bridge in the closed position. The Newburyport and Salisbury harbormasters support the repair work being conducted in the winter season rather than the recreational boating season. The Massachusetts Department of Transportation has notified local yacht SUMMARY: E:\FR\FM\22DER1.SGM 22DER1

Agencies

[Federal Register Volume 82, Number 245 (Friday, December 22, 2017)]
[Rules and Regulations]
[Pages 60673-60674]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27491]



========================================================================
Rules and Regulations
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains regulatory documents 
having general applicability and legal effect, most of which are keyed 
to and codified in the Code of Federal Regulations, which is published 
under 50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by the Superintendent of Documents. 

========================================================================


Federal Register / Vol. 82, No. 245 / Friday, December 22, 2017 / 
Rules and Regulations

[[Page 60673]]



FEDERAL RESERVE SYSTEM

12 CFR Part 203

[Regulation C; Docket No. R-1590]
RIN 7100 AE-92


Home Mortgage Disclosure

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is repealing its Regulation C, which was issued to implement the Home 
Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (Dodd-Frank Act) transferred 
rulemaking authority for a number of consumer financial protection 
laws, including HMDA, from the Board to the Bureau of Consumer 
Financial Protection (Bureau). HMDA requires covered financial 
institutions to collect and report loan data in connection with 
residential mortgage applications and loans. Although the Board retains 
authority to issue some consumer financial protection rules, all 
rulemaking authority under HMDA concerning mortgage loan transactions 
was transferred to the Bureau. In December 2011, the Bureau published 
an interim final rule establishing its own Regulation C to implement 
HMDA, which superseded the Board's Regulation C. In October 2015, the 
Bureau revised its own Regulation C to expand and revise the data 
collection and reporting regime required under HMDA, as amended by the 
Dodd-Frank Act. In April 2016, the Bureau published a final rule 
adopting the December 2011 interim final rule, as revised by the 
October 2015 final rule. Accordingly, the Board is repealing its 
Regulation C and the Official Staff Commentary that accompanies the 
regulation.

DATES: The final rule is effective January 22, 2018.

FOR FURTHER INFORMATION CONTACT: Nikita M. Pastor, Senior Counsel, 
Division of Consumer and Community Affairs, at (202) 452-3667, Board of 
Governors of the Federal Reserve System, 20th and C Streets NW, 
Washington, DC 20551. For users of Telecommunications Device for the 
Deaf (TDD) only, contact (202) 263-4869.

SUPPLEMENTARY INFORMATION:

I. Background

    The Home Mortgage Disclosure Act (HMDA), 12 U.S.C. 2801 et seq., 
historically was implemented by the Board's Regulation C, published at 
12 CFR part 203. The purpose of the act and regulation is to provide 
the public with sufficient information about mortgage loans to 
determine whether financial institutions are serving the housing credit 
needs of their communities; encourage private investments to areas in 
need; and collect and report applicant and borrower characteristic data 
to identify potential lending discrimination. Accordingly, HMDA 
requires covered financial institutions to report loan data in 
connection with mortgage loan applications.
    Title X of the Dodd-Frank Act transferred rulemaking authority for 
a number of consumer financial protection laws from the Board to the 
Bureau, effective July 21, 2011, with some exceptions. In connection 
with the transfer of the Board's rulemaking authority for HMDA, the 
Bureau published an interim final rule to establish its own Regulation 
C, 12 CFR part 1003, to implement HMDA (Bureau Interim Final Rule).\1\ 
In October 2015, the Bureau finalized its own Regulation C, including 
rules that expand and revise the data collection and reporting regime 
required under HMDA, as amended by the Dodd-Frank Act.\2\ In April 
2016, the Bureau published a final rule adopting the December 2011 
interim final rule, as revised by the October 2015 final rule. 
Accordingly, the Board is repealing its Regulation C and the Official 
Staff Commentary that accompanies the regulation.\3\
---------------------------------------------------------------------------

    \1\ 12 CFR part 1003. See 76 FR 78465 (Dec. 19, 2011).
    \2\ See Home Mortgage Disclosure (Regulation C), 80 FR 66128 
(Oct. 28, 2015), as amended by 82 FR 43088 (Sept. 13, 2017).
    \3\ See 81 FR 25323 (April 28, 2016).
---------------------------------------------------------------------------

    Under Section 1029(a) of the Dodd-Frank Act, the Board generally 
retains authority to issue rules for certain motor vehicle dealers that 
are predominantly engaged in the sale and servicing of motor vehicles, 
the leasing and servicing of motor vehicles, or both. For purposes of 
Section 1029, a ``motor vehicle'' is defined to include, among other 
things, motor homes, recreational vehicle trailers (RVs) and 
recreational boats.\4\ The Dodd-Frank Act also provided several 
exceptions to the Board's rulemaking authority over motor vehicle 
dealers. Specifically, Section 1029(b)(1) of the Dodd-Frank Act 
provides that the Board's rulemaking authority does not apply to any 
motor vehicle dealer to the extent that the motor vehicle dealer 
``provides consumers with any services related to residential or 
commercial mortgages or self-financing transactions involving real 
property.'' \5\ Thus, all rulemaking authority under HMDA concerning 
mortgage loan transactions was transferred to the Bureau. Accordingly, 
on February 22, 2016 (81 FR 8667), the Board published a proposal to 
repeal its Regulation C (Proposed Rule).
---------------------------------------------------------------------------

    \4\ Dodd-Frank Act, Public Law 111-2033, Section 1029(f)(1).
    \5\ Dodd-Frank Act, Public Law 111-2033, Section 1029(b)(1).
---------------------------------------------------------------------------

II. Discussion

    Two commenters responded to the proposed repeal of the Board's 
Regulation C. These commenters supported the Board's proposal to repeal 
its Regulation C in order to avoid confusion and simplify compliance. 
The Board is finalizing the repeal of Regulation C, as proposed.
    As discussed in the proposal, entities that are subject to HMDA 
must collect and report loan data to the appropriate federal agency on 
its housing-related loan activities (i.e., mortgage loan applications). 
HMDA's requirements concerning mortgage loans were implemented in 
Regulation C to apply to home purchase loans secured by a dwelling (or 
refinancings) and home improvement loans.\6\ The Dodd-Frank

[[Page 60674]]

Act transferred the Board's rulemaking authority under HMDA and other 
enumerated consumer protection laws to the Bureau, but Section 1029 of 
the Dodd-Frank Act also preserved the Board's rulemaking authority over 
certain motor vehicle dealers, with some exceptions. The rulemaking 
authority retained by the Board under Section 1029, however, does not 
extend to residential or commercial mortgages or self-financing 
transactions involving real property.\7\ Thus, all rulemaking authority 
under HMDA, which pertains only to mortgage loan transactions, was 
transferred to the Bureau. The repeal of the Board's Regulation C, 12 
CFR part 203, also repeals the Official Staff Commentary that 
accompanies the regulations.
---------------------------------------------------------------------------

    \6\ Regulation C covers loans secured by a ``dwelling,'' which 
is defined as any residential structure, whether or not it is 
attached to real property, which would include mobile homes or 
manufactured homes. 12 CFR 1003.2. Under the Bureau's 2015 final 
rule, however, recreational vehicles used as a residence are not 
covered as dwellings for purposes of HMDA. See 80 FR 66128, 66145 
(Oct. 28, 2015).
    \7\ Section 1029(b)(1) of the Dodd-Frank Act states: Subsection 
(a) shall not apply to any person, to the extent such person (1) 
provides consumers with any services related to residential or 
commercial mortgages or self-financing transaction involving real 
property. . . .'' 12 U.S.C. 5519(b).
---------------------------------------------------------------------------

III. Final Regulatory Flexibility Analysis

    The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) (RFA) 
generally requires an agency to perform an assessment of the impact a 
rule is expected to have on small entities. Based on its analysis, and 
for the reasons stated below, the Board believes that this final rule 
will not have a significant economic impact on a substantial number of 
small entities.
    1. Statement of the need for, and objectives of, the proposed rule. 
As noted above, title X of the Dodd-Frank Act transferred rulemaking 
authority for HMDA and other enumerated consumer financial protection 
laws from the Board to the Bureau, effective July 21, 2011. Although 
the Board retains authority to issue some consumer financial protection 
rules, all rulemaking authority under HMDA concerning mortgage loan 
transactions was transferred to the Bureau. In December 2011, the 
Bureau issued an Interim Final Rule to implement HMDA pursuant to the 
transfer of rulemaking authority, as amended further by final rules 
issued by the Bureau in October 2015, pursuant to the Dodd-Frank Act. 
Accordingly, the Board is repealing the Board's Regulation C, 12 CFR 
part 203, and the Official Staff Commentary that accompanies the 
regulation, which has been superseded by the final rules issued by the 
Bureau.
    2. Summary of issues raised by comments in response to the initial 
regulatory flexibility analysis. The Board did not receive any comments 
on the initial regulatory flexibility analysis.
    3. Small entities affected by the final rule. Any entity that is 
currently covered by HMDA is subject to the rules issued by the Bureau, 
located in 12 CFR part 1003. Therefore the Board believes the repeal of 
its Regulation C will not affect any entity, including any small 
entity.
    4. Recordkeeping, reporting, and compliance requirements. The final 
rule repeals the Board's Regulation C, 12 CFR part 203, and therefore 
does not impose any recordkeeping, reporting, or compliance 
requirements on any entities.
    5. Significant alternatives to the final revisions. Because the 
repeal of Regulation C will have no impact, there are no alternatives 
that would further minimize the economic impact of the final rule on 
small entities.

IV. Paperwork Reduction Act

    In accordance with the Paperwork Reduction Act (PRA) of 1995 (44 
U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule 
under the authority delegated to the Federal Reserve by the Office of 
Management and Budget (OMB). The final rule contains no collections of 
information under the PRA. See 44 U.S.C. 3502(3). Accordingly, there is 
no paperwork burden associated with the final rule.

List of Subjects in 12 CFR Part 203

    Banks, Banking, Federal Reserve System, Mortgages, Reporting and 
recordkeeping requirements.

PART 203--[REMOVED AND RESERVED]

0
For the reasons set forth in the preamble, under the authority of 12 
U.S.C. 5581, the Board removes and reserves Regulation C, 12 CFR part 
203.

    By order of the Board of Governors of the Federal Reserve 
System.
Ann E. Misback,
Secretary of the Board.
[FR Doc. 2017-27491 Filed 12-21-17; 8:45 am]
 BILLING CODE 6210-01-P