White Collar Exemption Regulations; Public Listening Session, 49869-49870 [2018-21521]
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daltland on DSKBBV9HB2PROD with PROPOSALS
Federal Register / Vol. 83, No. 192 / Wednesday, October 3, 2018 / Proposed Rules
(2) The transaction is complex,
involves a residential real estate
transaction, $250,000 or more of the
transaction value is not insured or
guaranteed by a United States
government agency or United States
government sponsored agency, and the
transaction does not meet the criteria in
paragraph (f) of this section.
(3) A credit union is not required to
obtain an appraisal under this paragraph
(b) if the United States government
agency, or United States government
sponsored agency, obtains an appraisal
by a state-certified appraiser.
(c) Real estate-related financial
transactions requiring an appraisal by
either a state-certified or state-licensed
appraiser. An appraisal performed by a
state-certified appraiser or a state
licensed appraiser is required for any
real estate-related financial transaction
not exempt under paragraph (a) of this
section in which:
(1) The transaction is not complex,
involves a residential real estate
transaction, $250,000 or more of the
transaction value is not insured or
guaranteed by a United States
government agency or United States
government sponsored agency, and the
transaction does not meet the criteria in
paragraph (f) of this section.
(2) If, during the course of an
appraisal of a residential real estate
transaction performed by a statelicensed appraiser, factors are identified
that result in the transaction meeting the
definition of complex, then the credit
union may either:
(i) Ask the state-licensed appraiser to
complete the appraisal and have a statecertified appraiser approve and cosign
the appraisal; or
(ii) Engage a state-certified appraiser
to complete the appraisal.
(3) A credit union is not required to
obtain an appraisal under this paragraph
if the United States government agency,
or United States government sponsored
agency, obtains an appraisal.
(d) Real estate-related financial
transactions requiring a written estimate
of market value. Unless fully insured or
guaranteed by a United States
government agency or United States
government sponsored agency, exempt
under paragraph (a) of this section, or an
appraisal performed by a state-certified
or state-licensed appraiser was obtained,
any real estate-related financial
transaction must be supported by a
written estimate of market value that
was performed by an individual:
(1) Independent of the loan
production and collection processes (if
independence cannot be achieved, the
credit union must be able to
demonstrate clearly that it has prudent
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Jkt 247001
safeguards to isolate its collateral
valuation program from influence or
interference from the loan production
process and collection process);
(2) Having no direct, indirect, or
prospective interest, financial or
otherwise, in the property or the
transaction; and
(3) Qualified and experienced to
perform such estimates of value for the
type and amount of credit being
considered.
(e) Appraisals to address safety and
soundness concerns. The NCUA
reserves the right to require an appraisal
under this subpart whenever the agency
believes it is necessary to address safety
and soundness concerns.
(f) Exemption from appraisals of real
estate located in rural areas.
(1) Notwithstanding any other
provision of law, an appraisal in
connection with a federally related
transaction involving real estate or an
interest in real estate is not required if:
(i) The real estate or interest in real
estate is located in a rural area, as
described in 12 CFR
1026.35(b)(2)(iv)(A);
(ii) The transaction value is less than
$400,000;
(iii) Any party involved in the
transaction that meets the definition of
mortgage originator must be subject to
oversight by a Federal financial
institutions regulatory agency; and
(iv) Not later than three days after the
date on which the Closing Disclosure
Form, made in accordance with 12 CFR
parts 1024 and 1026, relating to the
federally related transaction is given to
the consumer, the credit union (or other
party involved in the transaction that
acts as the mortgage originator) or its
agent, directly or indirectly:
(A) Has contacted not fewer than
three state-certified appraisers or statelicensed appraisers, as applicable, on
the credit union’s (or other party
involved in the transaction that acts as
the mortgage originator) approved
appraiser list in the market area in
accordance with 12 CFR part 226; and
(B) Has documented that no statecertified appraiser or state-licensed
appraiser, as applicable, was available
within five business days beyond
customary and reasonable fee and
timeliness standards for comparable
appraisal assignments, as documented
by the credit union (or other party
involved in the transaction that acts as
the mortgage originator) or its agent.
(2) A credit union (or other party
involved in the transaction that acts as
the mortgage originator) that makes a
loan without an appraisal under the
terms of paragraph (f)(1) of this section
PO 00000
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Fmt 4702
Sfmt 4702
49869
shall not sell, assign, or otherwise
transfer legal title to the loan unless:
(i) The loan is sold, assigned, or
otherwise transferred to another party
by reason of the credit union’s (or
mortgage originator’s) bankruptcy or
insolvency;
(ii) The loan is sold, assigned, or
otherwise transferred to another party
regulated by a Federal financial
institutions regulatory agency, so long
as the loan is retained in portfolio by the
other party;
(iii) The sale, assignment, or transfer
is pursuant to a merger of the credit
union (or mortgage originator) with
another party or the acquisition of the
credit union (or mortgage originator) by
another party or of another party by the
credit union (or mortgage originator); or
(iv) The sale, loan, or transfer is to a
wholly owned subsidiary of the credit
union (or mortgage originator), provided
that, after the sale, assignment, or
transfer, the loan is considered to be an
asset of the credit union (or mortgage
originator) under generally accepted
accounting principles.
(3)(i) For purposes of this paragraph
(f), the term transaction value means the
amount of a loan or extension of credit,
including a loan or extension of credit
that is part of a pool of loans or
extensions of credit; and
(ii) The term mortgage originator has
the meaning given the term in section
103 of the Truth in Lending Act (15
U.S.C. 1602).
(4) This paragraph (f) does not apply
if:
(i) The NCUA requires an appraisal
under paragraph (e) of this section; or
(ii) The loan is a high-cost mortgage,
as defined in section 103 of the Truth
in Lending Act (15 U.S.C. 1602).
[FR Doc. 2018–20946 Filed 10–2–18; 8:45 am]
BILLING CODE 7535–01–P
DEPARTMENT OF LABOR
Wage and Hour Division
29 CFR Part 541
White Collar Exemption Regulations;
Public Listening Session
Wage and Hour Division,
Department of Labor.
ACTION: Notice of public listening
session.
AGENCY:
The Department of Labor will
conduct a public listening session to
gather views on the Part 541 white
collar exemption regulations. The Fair
Labor Standards Act (FLSA) generally
requires covered employers to pay their
SUMMARY:
E:\FR\FM\03OCP1.SGM
03OCP1
49870
Federal Register / Vol. 83, No. 192 / Wednesday, October 3, 2018 / Proposed Rules
employees at least the federal minimum
wage (currently $7.25 an hour) for all
hours worked, and overtime premium
pay of not less than one and one-half
times the employee’s regular rate of pay
for any hours worked over 40 in a
workweek. The FLSA exempts from
both minimum wage and overtime
protection ‘‘any employee employed in
a bona fide executive, administrative, or
professional capacity’’ and delegates to
the Secretary of Labor the power to
define and delimit these terms through
regulation.
DATES: The date, location, and time for
the public listening session is listed
below: October 17, 2018, Washington,
DC, 10 a.m.–12 p.m.
Members of the public may attend
this listening session in person up to the
seating capacity of the room. The
Department will not attempt to achieve
a consensus view in this listening
session, but rather is interested in
hearing the views and ideas of
participants.
To obtain specific location
details and register to attend, please
visit this link: https://
www.eventbrite.com/e/overtime-rulelistening-session-tickets-50661020476.
FOR FURTHER INFORMATION CONTACT:
Stephen Davis, Listening Session
Coordinator, Division of Regulations,
Legislation, and Interpretation, Wage
and Hour Division, U.S. Department of
Labor, Room S–3502, 200 Constitution
Avenue NW, Washington, DC 20210;
telephone: (202) 693–0406 (this is not a
toll-free number). Copies of this notice
may be obtained in alternative formats
(Large Print, Braille, Audio Tape, or
Disc), upon request, by calling (202)
693–0023 (not a toll-free number). TTY/
TTD callers may dial toll-free (877) 889–
5627 to obtain information or request
materials in alternative formats.
SUPPLEMENTARY INFORMATION: On July
26, 2017, the Department of Labor
published a Request for Information
(RFI), Defining and Delimiting the
Exemptions for Executive,
Administrative, Professional, Outside
Sales and Computer Employees. See 82
FR 34616. The RFI was one opportunity
for the public to provide information to
aid the Department in formulating a
proposal to revise the white collar
exemption regulations. Public listening
sessions provide further opportunity for
the public to provide input on issues
related to the salary level test, such as:
1. What is the appropriate salary level
(or range of salary levels) above which
the overtime exemptions for bona fide
executive, administrative, or
daltland on DSKBBV9HB2PROD with PROPOSALS
ADDRESSES:
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17:23 Oct 02, 2018
Jkt 247001
professional employees may apply?
Why?
2. What benefits and costs to
employees and employers might
accompany an increased salary level?
How would an increased salary level
affect real wages (e.g., increasing
overtime pay for employees whose
current salaries are below a new level
but above the current threshold)? Could
an increased salary level reduce
litigation costs by reducing the number
of employees whose exemption status is
unclear? Could this additional certainty
produce other benefits for employees
and employers?
3. What is the best methodology to
determine an updated salary level?
Should the update derive from wage
growth, cost-of-living increases, actual
wages paid to employees, or some other
measure?
4. Should the Department more
regularly update the standard salary
level and the total-annual-compensation
level for highly compensated
employees? If so, how should these
updates be made? How frequently
should updates occur? What benefits, if
any, could result from more frequent
updates?
Dated: September 28, 2018.
Robert Waterman,
Senior Compliance Specialist, Division of
Regulations, Legislation and Interpretation.
[FR Doc. 2018–21521 Filed 10–2–18; 8:45 am]
BILLING CODE 4510–27–P
40 CFR Part 52
[EPA–R09–OAR–2018–0559; FRL–9984–
80—Region 9]
Air Plan Approval; California; Feather
River Air Quality Management District
Environmental Protection
Agency (EPA).
ACTION: Proposed rule.
AGENCY:
The Environmental Protection
Agency (EPA) is proposing to approve a
revision to the Feather River Air Quality
Management District (FRAQMD) portion
of the California State Implementation
Plan (SIP). This revision concerns
emissions of oxides of nitrogen (NOX)
from natural gas-fired water heaters,
small boilers, and process heaters. We
are proposing to approve a local rule to
regulate these emission sources under
the Clean Air Act (CAA or the Act). We
are taking comments on this proposal
and plan to follow with a final action.
SUMMARY:
Frm 00014
Fmt 4702
Submit your comments,
identified by Docket ID No. EPA–R09–
OAR–2018–0559, at https://
www.regulations.gov. For comments
submitted at Regulations.gov, follow the
online instructions for submitting
comments. Once submitted, comments
cannot be edited or removed from
Regulations.gov. The EPA may publish
any comment received to its public
docket. Do not submit electronically any
information you consider to be
Confidential Business Information (CBI)
or other information whose disclosure is
restricted by statute. Multimedia
submissions (audio, video, etc.) must be
accompanied by a written comment.
The written comment is considered the
official comment and should include
discussion of all points you wish to
make. The EPA will generally not
consider comments or comment
contents located outside of the primary
submission (i.e. on the web, cloud, or
other file sharing system). For
additional submission methods, please
contact the person identified in the FOR
FURTHER INFORMATION CONTACT section.
For the full EPA public comment policy,
information about CBI or multimedia
submissions, and general guidance on
making effective comments, please visit
https://www.epa.gov/dockets/
commenting-epa-dockets.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
ENVIRONMENTAL PROTECTION
AGENCY
PO 00000
Any comments must arrive by
November 2, 2018.
DATES:
Sfmt 4702
Robert Schwartz, EPA Region IX, (415)
972–3286, schwartz.robert@epa.gov.
SUPPLEMENTARY INFORMATION:
Throughout this document, ‘‘we,’’ ‘‘us’’
and ‘‘our’’ refer to the EPA.
Table of Contents
I. The State’s Submittal
A. What rule did the State submit?
B. Are there other versions of this rule?
C. What is the purpose of the submitted
rule?
II. The EPA’s Evaluation and Action
A. How is the EPA evaluating the rule?
B. Does the rule meet the evaluation
criteria?
C. EPA Recommendations To Further
Improve the Rule
D. Public comment and proposed action
III. Incorporation by Reference
IV. Statutory and Executive Order Reviews
I. The State’s Submittal
A. What rule did the State submit?
Table 1 lists the rule addressed by this
proposal with the dates that it was
adopted by the local air agency and
submitted by the California Air
Resources Board (CARB).
E:\FR\FM\03OCP1.SGM
03OCP1
]]>Agencies
[Federal Register Volume 83, Number 192 (Wednesday, October 3, 2018)]
[Proposed Rules]
[Pages 49869-49870]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-21521]
=======================================================================
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DEPARTMENT OF LABOR
Wage and Hour Division
29 CFR Part 541
White Collar Exemption Regulations; Public Listening Session
AGENCY: Wage and Hour Division, Department of Labor.
ACTION: Notice of public listening session.
-----------------------------------------------------------------------
SUMMARY: The Department of Labor will conduct a public listening
session to gather views on the Part 541 white collar exemption
regulations. The Fair Labor Standards Act (FLSA) generally requires
covered employers to pay their
[[Page 49870]]
employees at least the federal minimum wage (currently $7.25 an hour)
for all hours worked, and overtime premium pay of not less than one and
one-half times the employee's regular rate of pay for any hours worked
over 40 in a workweek. The FLSA exempts from both minimum wage and
overtime protection ``any employee employed in a bona fide executive,
administrative, or professional capacity'' and delegates to the
Secretary of Labor the power to define and delimit these terms through
regulation.
DATES: The date, location, and time for the public listening session is
listed below: October 17, 2018, Washington, DC, 10 a.m.-12 p.m.
Members of the public may attend this listening session in person
up to the seating capacity of the room. The Department will not attempt
to achieve a consensus view in this listening session, but rather is
interested in hearing the views and ideas of participants.
ADDRESSES: To obtain specific location details and register to attend,
please visit this link: https://www.eventbrite.com/e/overtime-rule-listening-session-tickets-50661020476.
FOR FURTHER INFORMATION CONTACT: Stephen Davis, Listening Session
Coordinator, Division of Regulations, Legislation, and Interpretation,
Wage and Hour Division, U.S. Department of Labor, Room S-3502, 200
Constitution Avenue NW, Washington, DC 20210; telephone: (202) 693-0406
(this is not a toll-free number). Copies of this notice may be obtained
in alternative formats (Large Print, Braille, Audio Tape, or Disc),
upon request, by calling (202) 693-0023 (not a toll-free number). TTY/
TTD callers may dial toll-free (877) 889-5627 to obtain information or
request materials in alternative formats.
SUPPLEMENTARY INFORMATION: On July 26, 2017, the Department of Labor
published a Request for Information (RFI), Defining and Delimiting the
Exemptions for Executive, Administrative, Professional, Outside Sales
and Computer Employees. See 82 FR 34616. The RFI was one opportunity
for the public to provide information to aid the Department in
formulating a proposal to revise the white collar exemption
regulations. Public listening sessions provide further opportunity for
the public to provide input on issues related to the salary level test,
such as:
1. What is the appropriate salary level (or range of salary levels)
above which the overtime exemptions for bona fide executive,
administrative, or professional employees may apply? Why?
2. What benefits and costs to employees and employers might
accompany an increased salary level? How would an increased salary
level affect real wages (e.g., increasing overtime pay for employees
whose current salaries are below a new level but above the current
threshold)? Could an increased salary level reduce litigation costs by
reducing the number of employees whose exemption status is unclear?
Could this additional certainty produce other benefits for employees
and employers?
3. What is the best methodology to determine an updated salary
level? Should the update derive from wage growth, cost-of-living
increases, actual wages paid to employees, or some other measure?
4. Should the Department more regularly update the standard salary
level and the total-annual-compensation level for highly compensated
employees? If so, how should these updates be made? How frequently
should updates occur? What benefits, if any, could result from more
frequent updates?
Dated: September 28, 2018.
Robert Waterman,
Senior Compliance Specialist, Division of Regulations, Legislation and
Interpretation.
[FR Doc. 2018-21521 Filed 10-2-18; 8:45 am]
BILLING CODE 4510-27-P
