Request for Information Regarding the Bureau's Adopted Regulations and New Rulemaking Authorities, 12286-12289 [2018-05612]

Download as PDF 12286 Federal Register / Vol. 83, No. 55 / Wednesday, March 21, 2018 / Proposed Rules impermissible proxy vote? What risks are associated with the use of these products? Would the use of these kinds of solutions encourage greater member participation from those individuals who largely rely on mobile financial services and avoid traditional brick-andmortar branches? Could this technology be provided through a mobile application? sradovich on DSK3GMQ082PROD with PROPOSALS 5. Should the Board eliminate overlaps between the NCUA’s regulations and the FCU bylaws? In reviewing the standard FCU bylaws, NCUA staff identified a number of the NCUA’s regulations that overlap, to some extent, with the standard FCU bylaws. Many of the overlapping standard FCU bylaws provisions are located in Article XVI and address issues such as FCU member confidentiality, conflicts of interest, record retention, and the availability of books and records to FCU members. Do these duplicative regulatory and bylaws requirements increase compliance burden in a manner that outweighs any measurable member benefit? If so, the Board requests specific stakeholder comments on how to address these provisions. If such overlap is problematic, a solution the Board could consider is to remove the overlapping provisions from the standard FCU bylaws to the greatest extent possible and make appropriate adjustments to the NCUA’s regulations to maintain their substantive protections. For example, should the Board remove Article XVI, § 4 of the standard FCU bylaws, which governs conflicts of interests for institutionalaffiliated parties? 18 If so, the Board could make appropriate amendments to its conflicts of interest rule, § 701.4,19 to expand the scope of that rule to cover all institution-affiliated parties of an FCU rather than just FCU directors. Similarly, should the Board remove Article XVI, §§ 5 and 6 and make appropriate changes to the NCUA’s rule governing FCU member access to FCU records, § 701.3,20 and the rule governing record retention, part 749? 21 III. Request for General Comments In addition to requesting specific comments addressing the issues identified above, the Board also requests stakeholder comments on any aspect of the standard FCU bylaws that commenters wish to bring to the Board’s attention to improve the standard FCU 18 12 CFR 701, App. A, Art. XVI, § 4. CFR 701.4. 20 12 CFR 701.3. 21 12 CFR 749. 19 12 VerDate Sep<11>2014 17:00 Mar 20, 2018 Jkt 244001 bylaws’ usefulness and ease of use. Further, the Board invites stakeholders that have previously commented on proposed changes to the standard FCU bylaws to offer additional comments based on recent experiences. The Board asks stakeholders, who are requesting a specific change to a provision of the standard FCU bylaws, to please provide a brief statement regarding whether the FCU Act would permit such a change. Some provisions of the standard FCU bylaws are drawn directly from the FCU Act and, therefore, may not be legally amended. For example, § 109 of the FCU Act provides that an FCU may not charge any other fee for FCU membership other than a ‘‘uniform entrance fee if required by the board of directors.’’ 22 This provision of the FCU Act prohibits FCUs from imposing monthly membership fees and other similar charges 23 and was codified in the standard FCU bylaws to simplify compliance obligations for FCUs.24 Accordingly, any request to change this provision or any similar provisions that correspond to a statutory requirement set out in the FCU Act, regardless of how compelling the stakeholder’s arguments, would be impermissible. In providing this brief supporting statement, the Board asks that stakeholders not only consider whether the statutory text would permit such a change but also whether the change fits within the spirit and intent of the FCU Act.25 By the National Credit Union Administration Board on March 15, 2018. Gerard Poliquin, Secretary of the Board. [FR Doc. 2018–05625 Filed 3–20–18; 8:45 am] BILLING CODE 7535–01–P 22 12 U.S.C. 1759. Monthly Membership Fees, OGC Op. Letter 15–0902 (May 1, 2015). 24 See 12 CFR 701, App. A, Art. II, § 2. 25 It is a ‘‘familiar rule that a thing may be within the letter of a statute and yet not within the statute, because not within its spirit nor within the intention of its makers.’’ Mova Pharmaceutical Corp. v. Shalala, 140 F.3d 1060, 1068 (D.C. Cir. 1998) (citing Holy Trinity Church v. U.S., 143 U.S. 457, 459–60 (1892)). 23 See PO 00000 Frm 00004 Fmt 4702 Sfmt 4702 BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No. CFPB–2018–0011] 12 CFR Chapter X Request for Information Regarding the Bureau’s Adopted Regulations and New Rulemaking Authorities Bureau of Consumer Financial Protection. ACTION: Request for information. AGENCY: The Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Bureau in considering whether, consistent with its statutory authority to prescribe rules pursuant to the Federal consumer financial laws, the Bureau should amend those rules it has promulgated since its creation or issue certain new rules. DATES: Comments must be received by June 19, 2018. ADDRESSES: You may submit responsive information and other comments, identified by Docket No. CFPB–2018– 0011, by any of the following methods: • Electronic: Go to https:// www.regulations.gov. Follow the instructions for submitting comments. • Email: FederalRegisterComments@ cfpb.gov. Include Docket No. CFPB– 2018–0011 in the subject line of the message. • Mail: Comment Intake, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. • Hand Delivery/Courier: Comment Intake, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Please note the number of the topic on which you are commenting at the top of each response (you do not need to address all topics). 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 submissions in response to this request for information, including SUMMARY: E:\FR\FM\21MRP1.SGM 21MRP1 Federal Register / Vol. 83, No. 55 / Wednesday, March 21, 2018 / Proposed Rules sradovich on DSK3GMQ082PROD with PROPOSALS attachments and other supporting materials, will become part of the public record and subject to public disclosure. Proprietary information or sensitive personal information, such as account numbers or Social Security numbers, or names of other individuals, should not be included. Submissions will not be edited to remove any identifying or contact information. FOR FURTHER INFORMATION CONTACT: Thomas L. Devlin and Kristin McPartland, Senior Counsels, Office of Regulations, at 202–435–7700. If you require this document in an alternative electronic format, please contact CFPB_ Accessibility@cfpb.gov. SUPPLEMENTARY INFORMATION: Congress established the Bureau in the DoddFrank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and therein set forth the Bureau’s purpose, objectives, and functions.1 Pursuant to that Act, on July 21, 2011, the ‘‘consumer financial protection functions’’ previously vested in certain other Federal agencies transferred to the Bureau.2 The term ‘‘consumer financial protection function’’ is defined to include ‘‘all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines.’’ 3 The Dodd-Frank Act in turn defines Federal consumer financial law broadly to include ‘‘the provisions of [title X of the Dodd-Frank Act], the enumerated consumer laws, the laws for which authorities are transferred under subtitles F and H, and any rule or order prescribed by the Bureau under [title X], an enumerated consumer law, or pursuant to the authorities transferred under subtitles F and H.’’ 4 Accordingly, Congress generally transferred to the Bureau rulemaking authority for Federal consumer financial laws previously vested in certain other Federal agencies, and the Bureau thereafter assumed responsibility over 1 Public Law 111–203, 124 Stat. 2081 (2010) (codified at 15 U.S.C. 1693a et seq.). Section 1021 of the Dodd-Frank Act states that the Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. Section 1021 also authorized the Bureau to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services, five specific objectives are met. 12 U.S.C. 5511. 2 12 U.S.C. 5581. 3 12 U.S.C. 5581(a)(1). 4 12 U.S.C. 5481(14). VerDate Sep<11>2014 17:00 Mar 20, 2018 Jkt 244001 the various regulations that these agencies had issued under this rulemaking authority (the ‘‘Inherited Regulations’’).5 The Dodd-Frank Act also provided new rulemaking authorities to the Bureau under the Federal consumer financial laws.6 Since the Bureau’s creation, it has prescribed a number of rules under Federal consumer financial law in rulemakings mandated by Congress, as well as in discretionary rulemakings. These Bureau-issued rules and the new authorities created under the DoddFrank Act are referred to collectively in this RFI as the ‘‘Adopted Regulations.’’ The Adopted Regulations have often amended the Inherited Regulations. The Bureau’s Rulemaking Authority. The Dodd-Frank Act states that the Bureau is authorized to ‘‘exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.’’ 7 The Dodd-Frank Act further authorizes the Director of the Bureau to prescribe rules as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, which include enumerated consumer laws as well as provisions of the DoddFrank Act, and to prevent evasions thereof.8 Existing Bureau Work to Examine Adopted Regulations. Section 1022(d) of the Dodd-Frank Act requires the Bureau to conduct an assessment of each significant rule or order adopted by the Bureau under Federal consumer financial law. The Bureau must publish a report of the assessment not later than five years after the effective date of such rule or order. The assessment must address, among other relevant factors, the rule’s effectiveness in meeting the purposes and objectives of title X of the Dodd-Frank Act and the specific goals stated by the Bureau. The assessment also must reflect available evidence and any data that the Bureau reasonably may collect. Before publishing a report of its assessment, the Bureau must invite public comment on recommendations for modifying, expanding, or 5 The Bureau generally restated these regulations first through a series of interim final rules published in the Federal Register and subsequently through a final rule. 81 FR 25323 (Apr. 28, 2016). Bureau rules are generally set forth in title 12, Chapter X of the Code of Federal Regulations. 6 For example, section 1089 of the Dodd-Frank Act amended the Fair Debt Collection Practices Act to authorize the Bureau to ‘‘prescribe rules with respect to the collection of debts by debt collectors,’’ as defined in the Act. See 15 U.S.C. 1692l(d); 78 FR 67847, 67852 (Nov. 12, 2013). 7 12 U.S.C. 5512(a). 8 12 U.S.C. 5512(b)(1). PO 00000 Frm 00005 Fmt 4702 Sfmt 4702 12287 eliminating the significant rule or order.9 More generally, the Dodd-Frank Act also states that the Bureau is authorized to exercise its authorities under Federal consumer financial law for, among other objectives, ‘‘ensuring that, with respect to consumer financial products and services . . . outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens.’’ 10 As discussed further below, the Bureau has issued three Requests for Information to date announcing section 1022(d) assessments of specific Adopted Regulations and seeking comment on the assessments. Overview of This Request for Information The Bureau is using this request for information (RFI) to seek public input regarding the substance of the Adopted Regulations, including whether the Bureau should issue additional rules. The Bureau encourages comments from all interested members of the public. The Bureau anticipates that the responding public may include (among others) entities and their service providers subject to Bureau rules, trade associations that represent these entities, individual consumers, consumer advocates, regulators, and researchers or members of academia. The Bureau previously issued an RFI regarding its rulemaking processes, and plans to issue an RFI about the Bureau’s regulatory implementation and guidance functions. The Bureau also plans to issue an RFI regarding the Inherited Regulations. Accordingly, the purpose of this RFI is to seek feedback on the content of the Adopted Regulations, not the Bureau’s rulemaking processes, implementation initiatives that occur after the issuance of a final rule, or the Inherited Regulations. Also please note that the Bureau is not requesting comment on any pending rulemaking for which the Bureau has issued a Notice of Proposed Rulemaking or otherwise solicited public comment. The Adopted Regulations. The Adopted Regulations include rulemakings adopted under Federal consumer financial law and issued by the Bureau since the designated transfer date in 2011, including rules that were adopted pursuant to specific instructions from Congress.11 The term 9 12 U.S.C. 5512(d). U.S.C. 5511(b)(3). 11 Examples of larger rules issued by the Bureau that would fall under the definition of ‘‘Adopted 10 12 E:\FR\FM\21MRP1.SGM Continued 21MRP1 12288 Federal Register / Vol. 83, No. 55 / Wednesday, March 21, 2018 / Proposed Rules also includes new rulemaking authorities given to the Bureau by the Dodd-Frank Act under the Federal consumer financial laws. The Adopted Regulations generally include all final rulemakings that the Bureau issued after providing notice and seeking public comment, including any accompanying Official Interpretations (commentary) issued by the Bureau. However, the Bureau is not requesting feedback at this time on its 2015 rule under the Home Mortgage Disclosure Act (nor that rule’s subsequent amendments) 12 or its 2017 rule entitled ‘‘Payday, Vehicle Title, and Certain High-Cost Installment Loans,’’ 13 because the Bureau has previously announced that it intends to engage in rulemaking processes to reconsider those rules. The Bureau also previously has announced that it is conducting assessments, pursuant to section 1022(d) of the Dodd-Frank Act, of certain final Bureau rules concerning remittance transfers, mortgage servicing under the Real Estate Settlement Procedures Act, and ability-to-repay and qualified mortgage standards.14 As part of those assessments, the Bureau previously solicited recommendations for modifying, expanding, or eliminating these rules in accordance with section 1022(d)(3). The Bureau will consider for purposes of this RFI, and to the extent relevant, all comments previously received in connection with the assessments. Although respondents to this RFI are free to comment on those rules currently under assessment, respondents should not feel any obligation to include in their responses to this RFI suggestions or observations previously made in the context of those assessments. sradovich on DSK3GMQ082PROD with PROPOSALS Suggested Topics for Commenters To allow the Bureau to more effectively evaluate suggestions, the Bureau requests that, where possible, comments include: • Specific suggestions regarding any potential updates or modifications to the Adopted Regulations, consistent with the laws providing the Bureau with Regulations’’ include the rules the Bureau promulgated pursuant to the Dodd-Frank Act to govern mortgage servicing, mortgage origination, integrated mortgage disclosures, and remittance transfers, and also include discretionary rules the Bureau has adopted such as the rule governing prepaid accounts. This list is non-exclusive; a full list of final rules issued by the Bureau is available at https://www.consumerfinance.gov/policycompliance/rulemaking/final-rules/. 12 80 FR 66127 (Oct. 28, 2015), as subsequently amended. 13 82 FR 54472 (Nov. 17, 2017). 14 77 FR 6194 (Feb. 7, 2012), 78 FR 10695 (Feb. 14, 2013), and 78 FR 6408 (Jan. 30, 2013), each as subsequently amended. VerDate Sep<11>2014 17:00 Mar 20, 2018 Jkt 244001 rulemaking authority and the Bureau’s regulatory and statutory purposes and objectives, and including, in as much detail as possible, the nature of the requested change, and supporting data or other information on impacts and costs of the Adopted Regulations and on the suggested changes thereto; and • Specific identification of any aspects of the Adopted Regulations that should not be modified, consistent with the laws providing the Bureau with rulemaking authority and the Bureau’s regulatory and statutory purposes and objectives, and including, in as much detail as possible, supporting data or other information on impacts and costs, or information related to consumer and public benefit resulting from these rules. The following list represents a preliminary attempt by the Bureau to identify considerations relevant in determining where modifications of the Adopted Regulations or further exercise of the Bureau’s rulemaking authorities may be appropriate. This nonexhaustive list is meant to assist in the formulation of comments and is not intended to restrict the issues that may be addressed. The Bureau requests that, in addressing these questions or others, commenters identify with specificity the Bureau rules at issue, providing legal citations to specific regulations or statutes where appropriate and available. The Bureau invites commenters to identify the products or services that would be affected by any recommendations made by those commenters. Please feel free to comment on some or all of the questions below and on some or all of the Adopted Regulations, but be sure to indicate on which area you are commenting. The Bureau encourages commenters to make their best efforts to limit their comments to the Adopted Regulations; however, the Bureau will consider all comments received under the Inherited Regulations and Adopted Regulations RFIs together. From all of the suggestions, commenters are requested to offer their highest priorities, along with their explanation of how or why they have prioritized suggestions. Commenters are asked to single out their top priority. Suggestions should focus on revisions that the Bureau could implement consistent with its authorities and without Congressional action. The Bureau is seeking feedback on all aspects of the Adopted Regulations, including but not limited to: 1. Aspects of the Adopted Regulations that: a. Should be tailored to particular types of institutions or to institutions of a particular size; PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 b. Create unintended consequences; c. Overlap or conflict with other laws or regulations in a way that makes it difficult or particularly burdensome for institutions to comply; d. Are incompatible or misaligned with new technologies, including by limiting providers’ ability to deliver, electronically, mandatory disclosures or other information that may be relevant to consumers; or e. Could be modified to provide consumers greater protection from the incidence and effects of identity theft. 2. Changes the Bureau could make to the Adopted Regulations, consistent with its statutory authority, to more effectively meet the statutory purposes and objectives set forth in the Federal consumer financial laws, as well as the Bureau’s specific goals for the particular Adopted Regulation. 3. Changes the Bureau could make to the Adopted Regulations, consistent with its statutory authority, that would advance the following statutory purposes and objectives as set forth in section 1021 of the Dodd-Frank Act: a. The statutory purposes set forth in section 1021(a) are: i. All consumers have access to markets for consumer financial products and services; and ii. Markets for consumer financial products and services are fair, transparent, and competitive. b. The statutory objectives set forth in section 1021(b) are: i. Consumers are provided with timely and understandable information to make responsible decisions about financial transactions; ii. Consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination; iii. Outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens; iv. Federal consumer financial law is enforced consistently in order to promote fair competition; and v. Markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. 4. Pilots, field tests, demonstrations, or other activities that the Bureau could launch to better quantify benefits and costs of potential revisions to the Adopted Regulations, or to make compliance with the Adopted Regulations more efficient and effective. 5. Areas where the Bureau has not exercised the full extent of its rulemaking authority in connection with a specific Adopted Regulation or with regard to rulemaking authorities created by the Dodd-Frank Act under E:\FR\FM\21MRP1.SGM 21MRP1 Federal Register / Vol. 83, No. 55 / Wednesday, March 21, 2018 / Proposed Rules the Federal consumer financial laws, and where rulemaking would be beneficial and align with the purposes and objectives of the applicable Federal consumer financial laws. Authority: 12 U.S.C. 5511(c). Dated: March 14, 2018. Mick Mulvaney, Acting Director, Bureau of Consumer Financial Protection. [FR Doc. 2018–05612 Filed 3–20–18; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration National Archives and Records Administration (NARA). For information on the availability of FAA Order 7400.11B at NARA, call (202) 741–6030, or go to https:// www.archives.gov/federal-register/cfr/ ibr-locations.html. FAA Order 7400.11, Airspace Designations and Reporting Points, is published yearly and effective on September 15. FOR FURTHER INFORMATION CONTACT: Kenneth Ready, Airspace Policy Group, Office of Airspace Services, Federal Aviation Administration, 800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267–8783. SUPPLEMENTARY INFORMATION: 14 CFR Part 71 Authority for This Rulemaking [Docket No. FAA–2018–0082; Airspace Docket No. 16–AWP–22] The FAA’s authority to issue rules regarding aviation safety is found in Title 49 of the United States Code. Subtitle I, Section 106 describes the authority of the FAA Administrator. Subtitle VII, Aviation Programs, describes in more detail the scope of the agency’s authority. This rulemaking is promulgated under the authority described in Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the FAA is charged with prescribing regulations to assign the use of airspace necessary to ensure the safety of aircraft and the efficient use of airspace. This regulation is within the scope of that authority as it would establish Class E airspace at Pago Pago International Airport, Pago Pago, AS, to support IFR operations at the airport. Proposed Establishment of Class E Airspace; Pago Pago, American Samoa Federal Aviation Administration (FAA), DOT. ACTION: Notice of proposed rulemaking (NPRM). AGENCY: This action proposes to establish Class E airspace extending upward from 700 feet above the surface at Pago Pago International Airport, Pago Pago, American Samoa (AS), to accommodate the development of instrument flight rules (IFR) operations under standard instrument approach and departure procedures at the airport, and for the safety and management of IFR operations within the National Airspace System. DATES: Comments must be received on or before May 7, 2018. ADDRESSES: Send comments on this proposal to the U.S. Department of Transportation, Docket Operations, 1200 New Jersey Avenue SE, West Building Ground Floor, Room W12–140, Washington, DC 20590; telephone: 1– 800–647–5527, or (202) 366–9826. You must identify FAA Docket No. FAA– 2018–0082 and Airspace Docket No. 16– AWP–22, at the beginning of your comments. You may also submit comments through the internet at https:// www.regulations.gov. FAA Order 7400.11B, Airspace Designations and Reporting Points, and subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/ publications/. For further information, you can contact the Airspace Policy Group, Federal Aviation Administration, 800 Independence Avenue SW, Washington, DC 20591; telephone: (202) 267–8783. The Order is also available for inspection at the sradovich on DSK3GMQ082PROD with PROPOSALS SUMMARY: VerDate Sep<11>2014 17:00 Mar 20, 2018 Jkt 244001 Comments Invited Interested parties are invited to participate in this proposed rulemaking by submitting such written data, views, or arguments as they may desire. Comments that provide the factual basis supporting the views and suggestions presented are particularly helpful in developing reasoned regulatory decisions on the proposal. Comments are specifically invited on the overall regulatory, aeronautical, economic, environmental, and energy-related aspects of the proposal. Communications should identify both docket numbers (FAA Docket No. FAA– 2018–0082 and Airspace Docket No. 16– AWP–22) and be submitted in triplicate to the Docket Management Facility (see ADDRESSES section for address and phone number). You may also submit comments through the internet at https:// www.regulations.gov. Commenters wishing the FAA to acknowledge receipt of their comments on this action must submit with those comments a self-addressed, stamped PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 12289 postcard on which the following statement is made: ‘‘Comments to FAA Docket No. FAA–2018–0082, and Airspace Docket No. 16–AWP–22.’’ The postcard will be date/time stamped and returned to the commenter. All communications received on or before the specified comment closing date will be considered before taking action on the proposed rule. The proposal contained in this action may be changed in light of comments received. All comments submitted will be available for examination in the public docket both before and after the comment closing date. A report summarizing each substantive public contact with FAA personnel concerned with this rulemaking will be filed in the docket. Availability of NPRMs An electronic copy of this document may be downloaded through the internet at https://www.regulations.gov. Recently published rulemaking documents can also be accessed through the FAA’s web page at https:// www.faa.gov/air_traffic/publications/ airspace_amendments/. You may review the public docket containing the proposal, any comments received, and any final disposition in person in the Dockets Office (see the ADDRESSES section for the address and phone number) between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal holidays. An informal docket may also be examined during normal business hours at the office of Western Service Center, Operations Support Group, Federal Aviation Administration, 2200 S 216th Street, Des Moines, WA 98198. Availability and Summary of Documents for Incorporation by Reference This document proposes to amend FAA Order 7400.11B, Airspace Designations and Reporting Points, dated August 3, 2017, and effective September 15, 2017. FAA Order 7400.11B is publicly available as listed in the ADDRESSES section of this document. FAA Order 7400.11B lists Class A, B, C, D, and E airspace areas, air traffic service routes, and reporting points. The Proposal The FAA is proposing an amendment to Title 14 Code of Federal Regulations (14 CFR) part 71 by establishing Class E airspace extending upward from 700 feet above the surface within a 7-mile radius of Pago Pago International Airport, Pago Pago, AS. This airspace is necessary to accommodate IFR E:\FR\FM\21MRP1.SGM 21MRP1

Agencies

[Federal Register Volume 83, Number 55 (Wednesday, March 21, 2018)]
[Proposed Rules]
[Pages 12286-12289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-05612]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

[Docket No. CFPB-2018-0011]

12 CFR Chapter X


Request for Information Regarding the Bureau's Adopted 
Regulations and New Rulemaking Authorities

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Request for information.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
seeking comments and information from interested parties to assist the 
Bureau in considering whether, consistent with its statutory authority 
to prescribe rules pursuant to the Federal consumer financial laws, the 
Bureau should amend those rules it has promulgated since its creation 
or issue certain new rules.

DATES: Comments must be received by June 19, 2018.

ADDRESSES: You may submit responsive information and other comments, 
identified by Docket No. CFPB-2018-0011, by any of the following 
methods:
     Electronic: Go to https://www.regulations.gov. Follow the 
instructions for submitting comments.
     Email: [email protected]. Include Docket 
No. CFPB-2018-0011 in the subject line of the message.
     Mail: Comment Intake, Consumer Financial Protection 
Bureau, 1700 G Street NW, Washington, DC 20552.
     Hand Delivery/Courier: Comment Intake, Consumer Financial 
Protection Bureau, 1700 G Street NW, Washington, DC 20552.
    Instructions: The Bureau encourages the early submission of 
comments. All submissions must include the document title and docket 
number. Please note the number of the topic on which you are commenting 
at the top of each response (you do not need to address all topics). 
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 submissions in response to this request for information, 
including

[[Page 12287]]

attachments and other supporting materials, will become part of the 
public record and subject to public disclosure. Proprietary information 
or sensitive personal information, such as account numbers or Social 
Security numbers, or names of other individuals, should not be 
included. Submissions will not be edited to remove any identifying or 
contact information.

FOR FURTHER INFORMATION CONTACT: Thomas L. Devlin and Kristin 
McPartland, Senior Counsels, Office of Regulations, at 202-435-7700. If 
you require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: Congress established the Bureau in the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) 
and therein set forth the Bureau's purpose, objectives, and 
functions.\1\ Pursuant to that Act, on July 21, 2011, the ``consumer 
financial protection functions'' previously vested in certain other 
Federal agencies transferred to the Bureau.\2\ The term ``consumer 
financial protection function'' is defined to include ``all authority 
to prescribe rules or issue orders or guidelines pursuant to any 
Federal consumer financial law, including performing appropriate 
functions to promulgate and review such rules, orders, and 
guidelines.'' \3\ The Dodd-Frank Act in turn defines Federal consumer 
financial law broadly to include ``the provisions of [title X of the 
Dodd-Frank Act], the enumerated consumer laws, the laws for which 
authorities are transferred under subtitles F and H, and any rule or 
order prescribed by the Bureau under [title X], an enumerated consumer 
law, or pursuant to the authorities transferred under subtitles F and 
H.'' \4\
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    \1\ Public Law 111-203, 124 Stat. 2081 (2010) (codified at 15 
U.S.C. 1693a et seq.). Section 1021 of the Dodd-Frank Act states 
that the Bureau shall seek to implement and, where applicable, 
enforce Federal consumer financial law consistently for the purpose 
of ensuring that all consumers have access to markets for consumer 
financial products and services and that markets for consumer 
financial products and services are fair, transparent, and 
competitive. Section 1021 also authorized the Bureau to exercise its 
authorities under Federal consumer financial law for the purposes of 
ensuring that, with respect to consumer financial products and 
services, five specific objectives are met. 12 U.S.C. 5511.
    \2\ 12 U.S.C. 5581.
    \3\ 12 U.S.C. 5581(a)(1).
    \4\ 12 U.S.C. 5481(14).
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    Accordingly, Congress generally transferred to the Bureau 
rulemaking authority for Federal consumer financial laws previously 
vested in certain other Federal agencies, and the Bureau thereafter 
assumed responsibility over the various regulations that these agencies 
had issued under this rulemaking authority (the ``Inherited 
Regulations'').\5\ The Dodd-Frank Act also provided new rulemaking 
authorities to the Bureau under the Federal consumer financial laws.\6\ 
Since the Bureau's creation, it has prescribed a number of rules under 
Federal consumer financial law in rulemakings mandated by Congress, as 
well as in discretionary rulemakings. These Bureau-issued rules and the 
new authorities created under the Dodd-Frank Act are referred to 
collectively in this RFI as the ``Adopted Regulations.'' The Adopted 
Regulations have often amended the Inherited Regulations.
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    \5\ The Bureau generally restated these regulations first 
through a series of interim final rules published in the Federal 
Register and subsequently through a final rule. 81 FR 25323 (Apr. 
28, 2016). Bureau rules are generally set forth in title 12, Chapter 
X of the Code of Federal Regulations.
    \6\ For example, section 1089 of the Dodd-Frank Act amended the 
Fair Debt Collection Practices Act to authorize the Bureau to 
``prescribe rules with respect to the collection of debts by debt 
collectors,'' as defined in the Act. See 15 U.S.C. 1692l(d); 78 FR 
67847, 67852 (Nov. 12, 2013).
---------------------------------------------------------------------------

    The Bureau's Rulemaking Authority. The Dodd-Frank Act states that 
the Bureau is authorized to ``exercise its authorities under Federal 
consumer financial law to administer, enforce, and otherwise implement 
the provisions of Federal consumer financial law.'' \7\ The Dodd-Frank 
Act further authorizes the Director of the Bureau to prescribe rules as 
may be necessary or appropriate to enable the Bureau to administer and 
carry out the purposes and objectives of the Federal consumer financial 
laws, which include enumerated consumer laws as well as provisions of 
the Dodd-Frank Act, and to prevent evasions thereof.\8\
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    \7\ 12 U.S.C. 5512(a).
    \8\ 12 U.S.C. 5512(b)(1).
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    Existing Bureau Work to Examine Adopted Regulations. Section 
1022(d) of the Dodd-Frank Act requires the Bureau to conduct an 
assessment of each significant rule or order adopted by the Bureau 
under Federal consumer financial law. The Bureau must publish a report 
of the assessment not later than five years after the effective date of 
such rule or order. The assessment must address, among other relevant 
factors, the rule's effectiveness in meeting the purposes and 
objectives of title X of the Dodd-Frank Act and the specific goals 
stated by the Bureau. The assessment also must reflect available 
evidence and any data that the Bureau reasonably may collect. Before 
publishing a report of its assessment, the Bureau must invite public 
comment on recommendations for modifying, expanding, or eliminating the 
significant rule or order.\9\ More generally, the Dodd-Frank Act also 
states that the Bureau is authorized to exercise its authorities under 
Federal consumer financial law for, among other objectives, ``ensuring 
that, with respect to consumer financial products and services . . . 
outdated, unnecessary, or unduly burdensome regulations are regularly 
identified and addressed in order to reduce unwarranted regulatory 
burdens.'' \10\ As discussed further below, the Bureau has issued three 
Requests for Information to date announcing section 1022(d) assessments 
of specific Adopted Regulations and seeking comment on the assessments.
---------------------------------------------------------------------------

    \9\ 12 U.S.C. 5512(d).
    \10\ 12 U.S.C. 5511(b)(3).
---------------------------------------------------------------------------

Overview of This Request for Information

    The Bureau is using this request for information (RFI) to seek 
public input regarding the substance of the Adopted Regulations, 
including whether the Bureau should issue additional rules. The Bureau 
encourages comments from all interested members of the public. The 
Bureau anticipates that the responding public may include (among 
others) entities and their service providers subject to Bureau rules, 
trade associations that represent these entities, individual consumers, 
consumer advocates, regulators, and researchers or members of academia.
    The Bureau previously issued an RFI regarding its rulemaking 
processes, and plans to issue an RFI about the Bureau's regulatory 
implementation and guidance functions. The Bureau also plans to issue 
an RFI regarding the Inherited Regulations. Accordingly, the purpose of 
this RFI is to seek feedback on the content of the Adopted Regulations, 
not the Bureau's rulemaking processes, implementation initiatives that 
occur after the issuance of a final rule, or the Inherited Regulations. 
Also please note that the Bureau is not requesting comment on any 
pending rulemaking for which the Bureau has issued a Notice of Proposed 
Rulemaking or otherwise solicited public comment.
    The Adopted Regulations. The Adopted Regulations include 
rulemakings adopted under Federal consumer financial law and issued by 
the Bureau since the designated transfer date in 2011, including rules 
that were adopted pursuant to specific instructions from Congress.\11\ 
The term

[[Page 12288]]

also includes new rulemaking authorities given to the Bureau by the 
Dodd-Frank Act under the Federal consumer financial laws. The Adopted 
Regulations generally include all final rulemakings that the Bureau 
issued after providing notice and seeking public comment, including any 
accompanying Official Interpretations (commentary) issued by the 
Bureau. However, the Bureau is not requesting feedback at this time on 
its 2015 rule under the Home Mortgage Disclosure Act (nor that rule's 
subsequent amendments) \12\ or its 2017 rule entitled ``Payday, Vehicle 
Title, and Certain High-Cost Installment Loans,'' \13\ because the 
Bureau has previously announced that it intends to engage in rulemaking 
processes to reconsider those rules.
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    \11\ Examples of larger rules issued by the Bureau that would 
fall under the definition of ``Adopted Regulations'' include the 
rules the Bureau promulgated pursuant to the Dodd-Frank Act to 
govern mortgage servicing, mortgage origination, integrated mortgage 
disclosures, and remittance transfers, and also include 
discretionary rules the Bureau has adopted such as the rule 
governing prepaid accounts. This list is non-exclusive; a full list 
of final rules issued by the Bureau is available at https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/.
    \12\ 80 FR 66127 (Oct. 28, 2015), as subsequently amended.
    \13\ 82 FR 54472 (Nov. 17, 2017).
---------------------------------------------------------------------------

    The Bureau also previously has announced that it is conducting 
assessments, pursuant to section 1022(d) of the Dodd-Frank Act, of 
certain final Bureau rules concerning remittance transfers, mortgage 
servicing under the Real Estate Settlement Procedures Act, and ability-
to-repay and qualified mortgage standards.\14\ As part of those 
assessments, the Bureau previously solicited recommendations for 
modifying, expanding, or eliminating these rules in accordance with 
section 1022(d)(3). The Bureau will consider for purposes of this RFI, 
and to the extent relevant, all comments previously received in 
connection with the assessments. Although respondents to this RFI are 
free to comment on those rules currently under assessment, respondents 
should not feel any obligation to include in their responses to this 
RFI suggestions or observations previously made in the context of those 
assessments.
---------------------------------------------------------------------------

    \14\ 77 FR 6194 (Feb. 7, 2012), 78 FR 10695 (Feb. 14, 2013), and 
78 FR 6408 (Jan. 30, 2013), each as subsequently amended.
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Suggested Topics for Commenters

    To allow the Bureau to more effectively evaluate suggestions, the 
Bureau requests that, where possible, comments include:
     Specific suggestions regarding any potential updates or 
modifications to the Adopted Regulations, consistent with the laws 
providing the Bureau with rulemaking authority and the Bureau's 
regulatory and statutory purposes and objectives, and including, in as 
much detail as possible, the nature of the requested change, and 
supporting data or other information on impacts and costs of the 
Adopted Regulations and on the suggested changes thereto; and
     Specific identification of any aspects of the Adopted 
Regulations that should not be modified, consistent with the laws 
providing the Bureau with rulemaking authority and the Bureau's 
regulatory and statutory purposes and objectives, and including, in as 
much detail as possible, supporting data or other information on 
impacts and costs, or information related to consumer and public 
benefit resulting from these rules.
    The following list represents a preliminary attempt by the Bureau 
to identify considerations relevant in determining where modifications 
of the Adopted Regulations or further exercise of the Bureau's 
rulemaking authorities may be appropriate. This non-exhaustive list is 
meant to assist in the formulation of comments and is not intended to 
restrict the issues that may be addressed. The Bureau requests that, in 
addressing these questions or others, commenters identify with 
specificity the Bureau rules at issue, providing legal citations to 
specific regulations or statutes where appropriate and available. The 
Bureau invites commenters to identify the products or services that 
would be affected by any recommendations made by those commenters. 
Please feel free to comment on some or all of the questions below and 
on some or all of the Adopted Regulations, but be sure to indicate on 
which area you are commenting. The Bureau encourages commenters to make 
their best efforts to limit their comments to the Adopted Regulations; 
however, the Bureau will consider all comments received under the 
Inherited Regulations and Adopted Regulations RFIs together.
    From all of the suggestions, commenters are requested to offer 
their highest priorities, along with their explanation of how or why 
they have prioritized suggestions. Commenters are asked to single out 
their top priority. Suggestions should focus on revisions that the 
Bureau could implement consistent with its authorities and without 
Congressional action.
    The Bureau is seeking feedback on all aspects of the Adopted 
Regulations, including but not limited to:
    1. Aspects of the Adopted Regulations that:
    a. Should be tailored to particular types of institutions or to 
institutions of a particular size;
    b. Create unintended consequences;
    c. Overlap or conflict with other laws or regulations in a way that 
makes it difficult or particularly burdensome for institutions to 
comply;
    d. Are incompatible or misaligned with new technologies, including 
by limiting providers' ability to deliver, electronically, mandatory 
disclosures or other information that may be relevant to consumers; or
    e. Could be modified to provide consumers greater protection from 
the incidence and effects of identity theft.
    2. Changes the Bureau could make to the Adopted Regulations, 
consistent with its statutory authority, to more effectively meet the 
statutory purposes and objectives set forth in the Federal consumer 
financial laws, as well as the Bureau's specific goals for the 
particular Adopted Regulation.
    3. Changes the Bureau could make to the Adopted Regulations, 
consistent with its statutory authority, that would advance the 
following statutory purposes and objectives as set forth in section 
1021 of the Dodd-Frank Act:
    a. The statutory purposes set forth in section 1021(a) are:
    i. All consumers have access to markets for consumer financial 
products and services; and
    ii. Markets for consumer financial products and services are fair, 
transparent, and competitive.
    b. The statutory objectives set forth in section 1021(b) are:
    i. Consumers are provided with timely and understandable 
information to make responsible decisions about financial transactions;
    ii. Consumers are protected from unfair, deceptive, or abusive acts 
and practices and from discrimination;
    iii. Outdated, unnecessary, or unduly burdensome regulations are 
regularly identified and addressed in order to reduce unwarranted 
regulatory burdens;
    iv. Federal consumer financial law is enforced consistently in 
order to promote fair competition; and
    v. Markets for consumer financial products and services operate 
transparently and efficiently to facilitate access and innovation.
    4. Pilots, field tests, demonstrations, or other activities that 
the Bureau could launch to better quantify benefits and costs of 
potential revisions to the Adopted Regulations, or to make compliance 
with the Adopted Regulations more efficient and effective.
    5. Areas where the Bureau has not exercised the full extent of its 
rulemaking authority in connection with a specific Adopted Regulation 
or with regard to rulemaking authorities created by the Dodd-Frank Act 
under

[[Page 12289]]

the Federal consumer financial laws, and where rulemaking would be 
beneficial and align with the purposes and objectives of the applicable 
Federal consumer financial laws.

    Authority:  12 U.S.C. 5511(c).

    Dated: March 14, 2018.
Mick Mulvaney,
Acting Director, Bureau of Consumer Financial Protection.
[FR Doc. 2018-05612 Filed 3-20-18; 8:45 am]
BILLING CODE 4810-AM-P
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