Plan for the Review of Bureau Rules for Purposes of the Regulatory Flexibility Act, 21732-21733 [2019-09813]

Download as PDF 21732 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Proposed Rules and invited feedback on these alternatives, while noting that the current Model Form A–9 remains effective under Regulation E.22 The Bureau received more than forty comments in response to the release. In response to the Bureau’s 2018 Call for Evidence Initiative, which included requesting input on all inherited regulations and rulemaking authorities, the Bureau received approximately ten comments that included information about checking account overdrafts generally.23 These comments came from trade groups, financial institutions, and consumer advocates. The comments addressed a wide variety of topics including the overall cost of overdraft, the treatment of overdrafts under the Truth in Lending Act, and potential modifications to the current Model Form A–9. Through these and other outreach efforts, the Bureau has heard concerns expressed by some financial institutions and trade groups regarding the requirements that the opt-in notice be substantially similar to Model Form A– 9 and that the notice may not contain any information not specified in or otherwise permitted by the regulation. Some of these financial institutions have expressed a desire to add additional information to the notice that they believe may be relevant to the consumer’s decision, such as an institution’s policies for making overdraft and balance-related calculations. Finally, the Bureau’s experience suggests there is little overlap, duplication, or conflict between the Overdraft Rule and Federal, State, or other rules. The Bureau has not received any requests for a determination that the Overdraft Rule preempts State law. In October 2015, the Department of Education also issued a final rule that generally prohibits overdraft fees on students’ checking accounts if the financial institution offering the account partners with an entity that handles the school’s financial aid disbursement process.24 jbell on DSK3GLQ082PROD with PROPOSALS II. Request for Comment Consistent with the review plan, the Bureau asks the public to comment on the Overdraft Rule, including the following topics: (1) The nature and extent of the economic impacts of the Rule as a whole and of its major components on 22 https://www.consumerfinance.gov/about-us/ blog/know-you-owe-we-are-designing-newoverdraft-disclosure-forms/. 23 83 FR 12881 (March 26, 2018). 24 See 34 CFR 668.164. VerDate Sep<11>2014 16:43 May 14, 2019 Jkt 247001 small entities, including impacts of the reporting, recordkeeping, and other compliance requirements of the Overdraft Rule, as well as benefits of the Rule. (2) Whether and how the Bureau by rule could reduce the costs of the Overdraft Rule on small entities, consistent with the stated objectives of EFTA and the Overdraft Rule. (3) Any other information relevant to the factors that the Bureau considers in completing a Section 610 Review under the Regulatory Flexibility Act, as described above. Where possible, please submit detailed comments, data, and other information to support any submitted positions. Dated: May 6, 2019. Kathleen L. Kraninger, Director, Bureau of Consumer Financial Protection. [FR Doc. 2019–09812 Filed 5–14–19; 8:45 am] BILLING CODE 4810–AM–P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Chapter X [Docket No. CFPB–2019–0024] Plan for the Review of Bureau Rules for Purposes of the Regulatory Flexibility Act Bureau of Consumer Financial Protection. ACTION: Plan for periodic review of rules and request for comments. AGENCY: The Bureau of Consumer Financial Protection (Bureau) is publishing a plan for the review of rules which have or will have a significant economic impact upon a substantial number of small entities, pursuant to section 610 of the Regulatory Flexibility Act. DATES: Comments must be received by July 15, 2019. ADDRESSES: You may submit responsive information and other comments, identified by Docket No. CFPB–2019– 0024, by any of the following methods: • Electronic: Go to http:// www.regulations.gov. Follow the instructions for submitting comments. • Email: like 2019-NoticeRFAReviewPlan@cfpb.gov. Include Docket No. CFPB–2019–0024 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 SUMMARY: PO 00000 Frm 00006 Fmt 4702 Sfmt 4702 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 specific rule or topic on which you are commenting at the top of each response (you do not need to address all rules or 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 http://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 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: Joseph Baressi and Gregory Evans, 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: The Regulatory Flexibility Act 1 (RFA) requires each agency to consider the effect on small entities for certain rules it promulgates.2 Specifically, section 610(a) of the RFA 3 provides that each agency shall publish in the Federal Register a plan for the periodic review of the rules issued by the agency which have a significant economic impact upon a substantial number of small entities. An agency may amend a plan at any time by publishing the revision in the Federal Register. Congress specified that the purpose of the review shall be to determine whether such rules should be continued without change, or should be amended or rescinded, consistent with the stated objectives of applicable statutes, to minimize any significant economic 1 Public Law 96–354, 94 Stat. 1164. terms ‘‘small entity’’ and ‘‘rule’’ are defined in the RFA. See 5 U.S.C. 601. 3 5 U.S.C. 610(a). 2 The E:\FR\FM\15MYP1.SGM 15MYP1 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Proposed Rules jbell on DSK3GLQ082PROD with PROPOSALS impact of the rules upon a substantial number of such small entities. Congress further provided that the plan shall provide for review of the relevant rules within ten years of their publication as final rules.4 In 2010, Congress established the Bureau through the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).5 The Bureau is now publishing this plan because it anticipates performing reviews in the coming years to comply with section 610 of the RFA (herein ‘‘610 reviews’’). Although the Bureau is not required to do so, it is also requesting comment on its 610 review plan.6 The Bureau’s 610 reviews will generally be separate from and in addition to other Bureau reviews of its regulations. In March 2018, the Bureau issued a request for information (RFI) to seek public input regarding the substance of inherited regulations (those transferred to the Bureau), and issued another RFI for adopted regulations (those issued by the Bureau), including whether the Bureau should issue additional rules.7 The Bureau also conducts an assessment, pursuant to section 1022(d) of the Dodd-Frank Act, of each significant rule or order adopted by the Bureau under Federal consumer financial law and publishes a report of each assessment not later than five years after the effective date of the subject rule or order.8 The Bureau has also announced as part of the semi-annual Unified Agenda of Federal Regulatory and Deregulatory Actions a long-term action to review inherited regulations for the purpose of ensuring that outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed and stated that it expects to focus its initial review on 4 The statute also contains certain additional requirements for rules that existed on the effective date of the RFA, which was January 1, 1981. Id. Those requirements are not applicable to the Bureau’s reviews. 5 Public Law 111–203, 124 Stat. 2081 (2010). 6 Notice and comment is not required because the RFA provides that a plan may be amended by the agency at any time by publishing the revision in the Federal Register. 5 U.S.C. 610(a). Furthermore, the plan is a procedural rule under the Administrative Procedure Act, 5 U.S.C. 553, and therefore it is exempt from its notice and comment requirements. 7 83 FR 12281 (March 21, 2018), 83 FR 12286 (March 21, 2018). 8 To date, the Bureau has published three such assessment reports concerning, respectively, the Bureau’s rules for remittance transfers, mortgage servicing, and ability to repay and qualified mortgage standards. These reports are available at https://www.consumerfinance.gov/data-research/ research-reports/. VerDate Sep<11>2014 16:43 May 14, 2019 Jkt 247001 subparts B and G of Regulation Z, which implements the Truth in Lending Act.9 I. Review Plan Each year, the Bureau plans to initiate 610 reviews of final rules. The Bureau intends to commence the review roughly nine years after each rule’s publication.10 For each rule, the Bureau will first assess whether it is having a significant economic impact on a substantial number of small entities and so is subject to 610 review. The Bureau may also decide to exercise its discretion to review rules issued by the Bureau or by the Bureau’s predecessor agencies that may not otherwise be subject to 610 review. The Bureau will then publish in the Federal Register a list of rules which the Bureau plans to review within the upcoming plan year. In addition to this list, the Bureau will publish, consistent with section 610(c) of the RFA,11 a notice for each rule to be reviewed that will include a brief description of the rule, as well as the need for and legal basis of, the rule. Each of these notices will invite public comment on the rule, and the public may submit relevant data and other information to support any submitted positions. For each rule, the Bureau intends to conduct a review based on information on hand, relevant literature, and information submitted by the public in response to the Bureau’s request for comment. As circumstances warrant, the Bureau may exercise its discretion to request additional data from relevant parties on a voluntary basis or otherwise obtain data from other sources, for example, by purchasing data from a third-party vendor. Consistent with section 610(a) of the RFA, the purpose of the review will be to determine whether the rule should be continued without change, or should be amended or rescinded, consistent with the stated objectives of any applicable statutes, to minimize any significant economic impact of the rules upon a substantial number of small entities.12 As set forth in section 610(b) of the RFA, the Bureau will consider several factors: 1. The continued need for the rule; 2. The nature of public complaints or comments on the rule; 3. The complexity of the rule; 9 See https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=201810&RIN=3170AA73. 10 As permitted by section 605(c) of the RFA, the Bureau may consider a series of closely related rules as one rule for the purposes of section 610. 5 U.S.C. 605(c). 11 5 U.S.C. 610(c). 12 5 U.S.C. 610(a). PO 00000 Frm 00007 Fmt 4702 Sfmt 4702 21733 4. The extent to which the rule overlaps, duplicates, or conflicts with Federal, state, or other rules; and 5. The time since the rule was evaluated or the degree to which technology, market conditions, or other factors have changed the relevant market.13 The Bureau will complete each review within ten years of the publication of the relevant rule as a final rule. The Bureau intends to subsequently announce the determinations made as to follow-on rulemaking activities in the Unified Agenda of Federal Regulatory and Deregulatory Actions or through other appropriate methods. The Bureau may amend this review plan at any time by publishing the revision in the Federal Register. Dated: May 6, 2019. Kathleen L. Kraninger, Director, Bureau of Consumer Financial Protection. [FR Doc. 2019–09813 Filed 5–14–19; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 25 [Docket No.: FAA–2019–0343; Notice No. 19–04] RIN 2120–AL11 Decompression Criteria for Interior Compartments Federal Aviation Administration (FAA), DOT. ACTION: Notice of proposed rulemaking (NPRM). AGENCY: The FAA proposes to revise its standards for pressurized compartment loads such that partitions located immediately adjacent to a decompression hole need not be designed to withstand certain decompression conditions. This action is necessary because, in some cases, it is not practical to design partitions in certain airplane compartments to withstand a large decompression event that occurs within that compartment. Even though individual partition failure would be allowed, continued safe flight and landing would still be required. DATES: Send comments on or before June 14, 2019. ADDRESSES: Send comments identified by docket number FAA–2019–0343 using any of the following methods: SUMMARY: 13 5 U.S.C. 610(b). E:\FR\FM\15MYP1.SGM 15MYP1

Agencies

[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Proposed Rules]
[Pages 21732-21733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09813]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Chapter X

[Docket No. CFPB-2019-0024]


Plan for the Review of Bureau Rules for Purposes of the 
Regulatory Flexibility Act

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Plan for periodic review of rules and request for comments.

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

SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
publishing a plan for the review of rules which have or will have a 
significant economic impact upon a substantial number of small 
entities, pursuant to section 610 of the Regulatory Flexibility Act.

DATES: Comments must be received by July 15, 2019.

ADDRESSES: You may submit responsive information and other comments, 
identified by Docket No. CFPB-2019-0024, by any of the following 
methods:
     Electronic: Go to http://www.regulations.gov. Follow the 
instructions for submitting comments.
     Email: like [email protected]. Include 
Docket No. CFPB-2019-0024 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 specific rule or topic on which you are 
commenting at the top of each response (you do not need to address all 
rules or 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 http://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 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: Joseph Baressi and Gregory Evans, 
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: The Regulatory Flexibility Act \1\ (RFA) 
requires each agency to consider the effect on small entities for 
certain rules it promulgates.\2\ Specifically, section 610(a) of the 
RFA \3\ provides that each agency shall publish in the Federal Register 
a plan for the periodic review of the rules issued by the agency which 
have a significant economic impact upon a substantial number of small 
entities. An agency may amend a plan at any time by publishing the 
revision in the Federal Register. Congress specified that the purpose 
of the review shall be to determine whether such rules should be 
continued without change, or should be amended or rescinded, consistent 
with the stated objectives of applicable statutes, to minimize any 
significant economic

[[Page 21733]]

impact of the rules upon a substantial number of such small entities. 
Congress further provided that the plan shall provide for review of the 
relevant rules within ten years of their publication as final rules.\4\
---------------------------------------------------------------------------

    \1\ Public Law 96-354, 94 Stat. 1164.
    \2\ The terms ``small entity'' and ``rule'' are defined in the 
RFA. See 5 U.S.C. 601.
    \3\ 5 U.S.C. 610(a).
    \4\ The statute also contains certain additional requirements 
for rules that existed on the effective date of the RFA, which was 
January 1, 1981. Id. Those requirements are not applicable to the 
Bureau's reviews.
---------------------------------------------------------------------------

    In 2010, Congress established the Bureau through the Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).\5\ The 
Bureau is now publishing this plan because it anticipates performing 
reviews in the coming years to comply with section 610 of the RFA 
(herein ``610 reviews''). Although the Bureau is not required to do so, 
it is also requesting comment on its 610 review plan.\6\
---------------------------------------------------------------------------

    \5\ Public Law 111-203, 124 Stat. 2081 (2010).
    \6\ Notice and comment is not required because the RFA provides 
that a plan may be amended by the agency at any time by publishing 
the revision in the Federal Register. 5 U.S.C. 610(a). Furthermore, 
the plan is a procedural rule under the Administrative Procedure 
Act, 5 U.S.C. 553, and therefore it is exempt from its notice and 
comment requirements.
---------------------------------------------------------------------------

    The Bureau's 610 reviews will generally be separate from and in 
addition to other Bureau reviews of its regulations. In March 2018, the 
Bureau issued a request for information (RFI) to seek public input 
regarding the substance of inherited regulations (those transferred to 
the Bureau), and issued another RFI for adopted regulations (those 
issued by the Bureau), including whether the Bureau should issue 
additional rules.\7\ The Bureau also conducts an assessment, pursuant 
to section 1022(d) of the Dodd-Frank Act, of each significant rule or 
order adopted by the Bureau under Federal consumer financial law and 
publishes a report of each assessment not later than five years after 
the effective date of the subject rule or order.\8\ The Bureau has also 
announced as part of the semi-annual Unified Agenda of Federal 
Regulatory and Deregulatory Actions a long-term action to review 
inherited regulations for the purpose of ensuring that outdated, 
unnecessary, or unduly burdensome regulations are regularly identified 
and addressed and stated that it expects to focus its initial review on 
subparts B and G of Regulation Z, which implements the Truth in Lending 
Act.\9\
---------------------------------------------------------------------------

    \7\ 83 FR 12281 (March 21, 2018), 83 FR 12286 (March 21, 2018).
    \8\ To date, the Bureau has published three such assessment 
reports concerning, respectively, the Bureau's rules for remittance 
transfers, mortgage servicing, and ability to repay and qualified 
mortgage standards. These reports are available at https://www.consumerfinance.gov/data-research/research-reports/.
    \9\ See https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201810&RIN=3170-AA73.
---------------------------------------------------------------------------

I. Review Plan

    Each year, the Bureau plans to initiate 610 reviews of final rules. 
The Bureau intends to commence the review roughly nine years after each 
rule's publication.\10\ For each rule, the Bureau will first assess 
whether it is having a significant economic impact on a substantial 
number of small entities and so is subject to 610 review. The Bureau 
may also decide to exercise its discretion to review rules issued by 
the Bureau or by the Bureau's predecessor agencies that may not 
otherwise be subject to 610 review. The Bureau will then publish in the 
Federal Register a list of rules which the Bureau plans to review 
within the upcoming plan year. In addition to this list, the Bureau 
will publish, consistent with section 610(c) of the RFA,\11\ a notice 
for each rule to be reviewed that will include a brief description of 
the rule, as well as the need for and legal basis of, the rule. Each of 
these notices will invite public comment on the rule, and the public 
may submit relevant data and other information to support any submitted 
positions.
---------------------------------------------------------------------------

    \10\ As permitted by section 605(c) of the RFA, the Bureau may 
consider a series of closely related rules as one rule for the 
purposes of section 610. 5 U.S.C. 605(c).
    \11\ 5 U.S.C. 610(c).
---------------------------------------------------------------------------

    For each rule, the Bureau intends to conduct a review based on 
information on hand, relevant literature, and information submitted by 
the public in response to the Bureau's request for comment. As 
circumstances warrant, the Bureau may exercise its discretion to 
request additional data from relevant parties on a voluntary basis or 
otherwise obtain data from other sources, for example, by purchasing 
data from a third-party vendor.
    Consistent with section 610(a) of the RFA, the purpose of the 
review will be to determine whether the rule should be continued 
without change, or should be amended or rescinded, consistent with the 
stated objectives of any applicable statutes, to minimize any 
significant economic impact of the rules upon a substantial number of 
small entities.\12\
---------------------------------------------------------------------------

    \12\ 5 U.S.C. 610(a).
---------------------------------------------------------------------------

    As set forth in section 610(b) of the RFA, the Bureau will consider 
several factors:
    1. The continued need for the rule;
    2. The nature of public complaints or comments on the rule;
    3. The complexity of the rule;
    4. The extent to which the rule overlaps, duplicates, or conflicts 
with Federal, state, or other rules; and
    5. The time since the rule was evaluated or the degree to which 
technology, market conditions, or other factors have changed the 
relevant market.\13\
---------------------------------------------------------------------------

    \13\ 5 U.S.C. 610(b).
---------------------------------------------------------------------------

    The Bureau will complete each review within ten years of the 
publication of the relevant rule as a final rule. The Bureau intends to 
subsequently announce the determinations made as to follow-on 
rulemaking activities in the Unified Agenda of Federal Regulatory and 
Deregulatory Actions or through other appropriate methods.
    The Bureau may amend this review plan at any time by publishing the 
revision in the Federal Register.

    Dated: May 6, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2019-09813 Filed 5-14-19; 8:45 am]
 BILLING CODE 4810-AM-P