Regulations H and K: Registration of Mortgage Loan Originators, 21691-21692 [2019-09948]

Download as PDF Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Rules and Regulations Document ADAMS accession No. Proposed Certificate of Compliance No. 1015 Amendment No. 7, Certificate of Compliance for Spent Fuel Storage Casks. Proposed Certificate of Compliance No. 1015 Amendment No. 7, Technical Specifications, Appendix A. Proposed Certificate of Compliance No. 1015 Amendment No. 7, Technical Specifications, Appendix B. Certificate of Compliance No. 1015 Amendment No. 7, Preliminary Safety Evaluation Report. ML19057A267 ML19057A265 ML19057A266 § 72.214 List of approved spent fuel storage casks. * ML19057A268 List of Subjects in 10 CFR Part 72 Administrative practice and procedure, Hazardous waste, Indians, Intergovernmental relations, Nuclear energy, Penalties, Radiation protection, Reporting and recordkeeping requirements, Security measures, Spent fuel, Whistleblowing. For the reasons set out in the preamble and under the authority of the Atomic Energy Act of 1954, as amended; the Energy Reorganization Act of 1974, as amended; the Nuclear Waste Policy Act of 1982, as amended; and 5 U.S.C. 552 and 553; the NRC is adopting the following amendments to 10 CFR part 72: PART 72—LICENSING REQUIREMENTS FOR THE INDEPENDENT STORAGE OF SPENT NUCLEAR FUEL, HIGH–LEVEL RADIOACTIVE WASTE, AND REACTOR–RELATED GREATER THAN CLASS C WASTE 1. The authority citation for part 72 continues to read as follows: ■ jbell on DSK3GLQ082PROD with RULES 2. In § 72.214, Certificate of Compliance 1015 is revised to read as follows: ■ The NRC may post materials related to this document, including public comments, on the Federal Rulemaking website at http://www.regulations.gov under Docket ID NRC–2019–0070. The Federal Rulemaking website allows you to receive alerts when changes or additions occur in a docket folder. To subscribe: (1) Navigate to the docket folder (NRC–2019–0070); (2) click the ‘‘Sign up for Email Alerts’’ link; and (3) enter your email address and select how frequently you would like to receive emails (daily, weekly, or monthly). Authority: Atomic Energy Act of 1954, secs. 51, 53, 57, 62, 63, 65, 69, 81, 161, 182, 183, 184, 186, 187, 189, 223, 234, 274 (42 U.S.C. 2071, 2073, 2077, 2092, 2093, 2095, 2099, 2111, 2201, 2210e, 2232, 2233, 2234, VerDate Sep<11>2014 2236, 2237, 2238, 2273, 2282, 2021); Energy Reorganization Act of 1974, secs. 201, 202, 206, 211 (42 U.S.C. 5841, 5842, 5846, 5851); National Environmental Policy Act of 1969 (42 U.S.C. 4332); Nuclear Waste Policy Act of 1982, secs. 117(a), 132, 133, 134, 135, 137, 141, 145(g), 148, 218(a) (42 U.S.C. 10137(a), 10152, 10153, 10154, 10155, 10157, 10161, 10165(g), 10168, 10198(a)); 44 U.S.C. 3504 note. 16:32 May 14, 2019 Jkt 247001 * * * * Certificate Number: 1015. Initial Certificate Effective Date: November 20, 2000. 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[FR Doc. 2019–10017 Filed 5–14–19; 8:45 am] BILLING CODE 7590–01–P FEDERAL RESERVE SYSTEM 12 CFR Parts 208 and 211 [Docket No. R–1622 and RIN 7100 AF–16] Regulations H and K: Registration of Mortgage Loan Originators Board of Governors of the Federal Reserve System. ACTION: Final rule. AGENCY: The Board of Governors of the Federal Reserve System (Board) is repealing its regulations that incorporated the Secure and Fair SUMMARY: PO 00000 Frm 00005 Fmt 4700 Sfmt 4700 21691 Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). Title X of the DoddFrank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including the S.A.F.E. Act, from the Board to the Bureau of Consumer Financial Protection (Bureau). In December 2011, the Bureau published an interim final rule, incorporating the S.A.F.E. Act into its Regulations G and H. In April 2016, the Bureau finalized the interim final rule. Accordingly, the Board is repealing its S.A.F.E. Act regulations. DATES: The final rule is effective June 14, 2019. FOR FURTHER INFORMATION CONTACT: Clinton Chen, Senior Attorney, (202) 452–3952, Justyna Bolter, Attorney, (202) 452–2686, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. For users of Telecommunications Device for the Deaf (TDD) only, contact (202) 263–4869. SUPPLEMENTARY INFORMATION: I. Background The S.A.F.E. Act mandates a nationwide licensing and registration system for residential mortgage loan originators.1 The S.A.F.E. Act requires residential mortgage loan originators employed by depository institutions, subsidiaries that are owned and controlled by a depository institution and regulated by a federal banking agency, and institutions regulated by the Farm Credit Administration (FCA) to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain such registration. Originally, the federal registration requirements of the S.A.F.E. Act were implemented through a coordinated rulemaking of the federal banking agencies and the FCA, the agencies with authority over the federal registration requirements under the S.A.F.E. Act (the ‘‘federal registry agencies’’).2 The Board incorporated the S.A.F.E. Act in its Regulation H, 12 CFR part 208, subpart I, and Regulation K, 12 CFR 211.24(k). Title X of the Dodd-Frank Act amended a number of consumer financial protection laws, including the S.A.F.E. Act.3 The Dodd-Frank Act 1 12 U.S.C. 5101 et seq. FR 44656 (July 28, 2010). The rules were promulgated by the Board; the Office of the Comptroller of the Currency (OCC); the Federal Deposit Insurance Corporation (FDIC); the Office of Thrift Supervision, Treasury (OTS); the FCA; and the National Credit Union Administration (NCUA). 3 Public Law 111–203, 124 Stat. 1376 (2010). 2 75 E:\FR\FM\15MYR1.SGM 15MYR1 21692 Federal Register / Vol. 84, No. 94 / Wednesday, May 15, 2019 / Rules and Regulations transferred rulemaking authority for the S.A.F.E. Act from the federal registry agencies to the Bureau, effective July 21, 2011.4 In connection with the transfer of rulemaking authority for the S.A.F.E. Act to the Bureau, the Bureau published an interim final rule to incorporate the S.A.F.E. Act into its own Regulations G and H, 12 CFR parts 1007 and 1008 (Bureau Interim Final Rule).5 In April 2016, the Bureau finalized the Bureau Interim Final Rule as part of a larger initiative of finalizing interim final rules.6 The Bureau’s regulations that incorporate the S.A.F.E. Act substantially duplicate the federal registry agencies’ coordinated rules and cover the entities that were previously subject to the federal registry agencies’ rules. In September 2018, the Board published a proposal to repeal its regulations that incorporated the S.A.F.E. Act (Proposed Rule).7 II. Discussion The Board received two comments on the Proposed Rule. One commenter supported the Proposed Rule, while the other urged the Board to retain the regulations that it proposed to repeal. For reasons discussed below, the Board is finalizing the repeal of its regulations that incorporated the S.A.F.E. Act as proposed. The commenter that supported the Proposed Rule stated that the registration of mortgage loan originators is burdensome for a small community bank that originates only a handful of mortgage loans each year. The Board notes that, although it is repealing its regulations that incorporated the S.A.F.E. Act, the statutory requirement to register mortgage loan originators still exists in the S.A.F.E. Act, as incorporated into the Bureau’s regulations. The commenter that opposed the Proposed Rule urged the Board to retain its regulations that incorporated the S.A.F.E. Act in order to retain the ability to issue any S.A.F.E. Act rules in the future. The Board’s authority to issue rules, however, is determined by statute. jbell on DSK3GLQ082PROD with RULES 4 See Public Law 111–203, sections 1061 & 1100. The Dodd-Frank Act generally excludes from this transfer of authority, subject to certain exceptions, any rulemaking authority over a motor vehicle dealer that is predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both. Public Law 111–203, section 1029. The rulemaking authority retained by the Board under Section 1029 of the Dodd-Frank Act does not extend to residential mortgages. Thus, all rulemaking authority under the S.A.F.E. Act, which pertains only to mortgage loan originator registrations, was transferred to the Bureau. 5 76 FR 78483 (Dec. 19, 2011). 6 81 FR 25323 (April 28, 2016). 7 83 FR 48402 (Sept. 25, 2018). VerDate Sep<11>2014 16:32 May 14, 2019 Jkt 247001 If Congress were to amend the S.A.F.E. Act in the future to restore rulemaking authority to the Board, the Board could adopt rules under that authority at that time. Accordingly, the Board is finalizing the repeal of its regulations that incorporated the S.A.F.E. Act as proposed. III. Final Regulatory Flexibility Analysis An initial regulatory flexibility analysis (IRFA) was included in the proposal in accordance with section 3(a) of the Regulatory Flexibility Act (RFA), 5 U.S.C. 601 et seq. In the IRFA, the Board requested comment on the effect of the Proposed Rule on small entities and on any significant alternatives that would reduce the regulatory burden on small entities. The Board did not receive any comments. The RFA requires an agency to prepare a final regulatory flexibility analysis (FRFA) unless the agency certifies that the rule will not, if promulgated, have a significant economic impact on a substantial number of small entities. In accordance with section 3(a) of the RFA, the Board has reviewed the final regulation. Based on its analysis, and for the reasons stated below, the Board certifies that the rule will not have a significant economic impact on a substantial number of small entities. The final rule is intended to reflect Congress’s transfer of rulemaking authority for the S.A.F.E. Act from the Board to the Bureau by repealing the Board’s regulations that incorporated the S.A.F.E. Act. The repeal does not impose any recordkeeping, reporting, or compliance requirements on any entities. Any entity that is currently covered by the S.A.F.E. Act is subject to the rules issued by the Bureau, located in 12 CFR part 1007 and 1008. Accordingly, the Board does not expect this final rule to have a significant economic impact on a substantial number of small entities. IV. Paperwork Reduction Act In accordance with the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board reviewed the rule under the authority delegated to the Federal Reserve by the Office of Management and Budget (OMB). The final rule contains no collections of information under to the PRA. See 44 U.S.C. 3502(3). Accordingly, there is no paperwork burden associated with the final rule. PO 00000 List of Subjects 12 CFR Part 208 Accounting, Agriculture, Banks, Banking, Confidential business information, Consumer protection, Crime, Currency, Insurance, Investments, Mortgages, Reporting and recordkeeping requirements, Securities. 12 CFR Part 211 Exports, Foreign banking, Holding companies, Investments, Reporting and recordkeeping requirements. Authority and Issuance For the reasons set forth in the preamble, chapter II of title 12 of the Code of Federal Regulations is amended as follows: PART 208—MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H) 1. The authority citation for part 208 continues to read as follows: ■ Authority: 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321–338a, 371d, 461, 481–486, 601, 611, 1814, 1816, 1818, 1820(d)(9), 1833(j), 1828(o), 1831, 1831o, 1831p–1, 1831r–1, 1831w, 1831x, 1835a, 1882, 2901– 2907, 3105, 3310, 3331–3351, 3353, and 3906–3909; 15 U.S.C. 78b, 781(b), 78l(i), 780– 4(c)(5), 78q, 78q–1, 78w, 1681s, 1681w, 6801 and 6805, 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104b, 4106, and 4128. Subpart I—[Removed and Reserved] 2. Subpart I, consisting of §§ 208.101 through 208.105 and appendix A to subpart I, is removed and reserved. ■ PART 211—INTERNATIONAL BANKING OPERATIONS (REGULATION K) 3. The authority citation for part 211 continues to read as follows: ■ Authority: 12 U.S.C. 221 et seq., 1818, 1835a, 1841 et seq., 3101 et seq., 3901 et seq., and 5101 et seq.; 15 U.S.C. 1681s, 1681w, 6801 and 6805. § 211.24 [Amended] 4. In § 211.24, paragraph (k) is removed. ■ By order of the Board of Governors of the Federal Reserve System, May 9, 2019. Margaret McCloskey Shanks, Deputy Secretary of the Board. [FR Doc. 2019–09948 Filed 5–14–19; 8:45 am] BILLING CODE 6210–01–P Frm 00006 Fmt 4700 Sfmt 9990 E:\FR\FM\15MYR1.SGM 15MYR1

Agencies

[Federal Register Volume 84, Number 94 (Wednesday, May 15, 2019)]
[Rules and Regulations]
[Pages 21691-21692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-09948]


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FEDERAL RESERVE SYSTEM

12 CFR Parts 208 and 211

[Docket No. R-1622 and RIN 7100 AF-16]


Regulations H and K: Registration of Mortgage Loan Originators

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Final rule.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is repealing its regulations that incorporated the Secure and Fair 
Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). Title X of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act) transferred rulemaking authority for a number of consumer 
financial protection laws, including the S.A.F.E. Act, from the Board 
to the Bureau of Consumer Financial Protection (Bureau). In December 
2011, the Bureau published an interim final rule, incorporating the 
S.A.F.E. Act into its Regulations G and H. In April 2016, the Bureau 
finalized the interim final rule. Accordingly, the Board is repealing 
its S.A.F.E. Act regulations.

DATES: The final rule is effective June 14, 2019.

FOR FURTHER INFORMATION CONTACT: Clinton Chen, Senior Attorney, (202) 
452-3952, Justyna Bolter, Attorney, (202) 452-2686, Legal Division, 
Board of Governors of the Federal Reserve System, 20th and C Streets 
NW, Washington, DC 20551. For users of Telecommunications Device for 
the Deaf (TDD) only, contact (202) 263-4869.

SUPPLEMENTARY INFORMATION:

I. Background

    The S.A.F.E. Act mandates a nationwide licensing and registration 
system for residential mortgage loan originators.\1\ The S.A.F.E. Act 
requires residential mortgage loan originators employed by depository 
institutions, subsidiaries that are owned and controlled by a 
depository institution and regulated by a federal banking agency, and 
institutions regulated by the Farm Credit Administration (FCA) to 
register with the Nationwide Mortgage Licensing System and Registry, 
obtain a unique identifier, and maintain such registration. Originally, 
the federal registration requirements of the S.A.F.E. Act were 
implemented through a coordinated rulemaking of the federal banking 
agencies and the FCA, the agencies with authority over the federal 
registration requirements under the S.A.F.E. Act (the ``federal 
registry agencies'').\2\ The Board incorporated the S.A.F.E. Act in its 
Regulation H, 12 CFR part 208, subpart I, and Regulation K, 12 CFR 
211.24(k).
---------------------------------------------------------------------------

    \1\ 12 U.S.C. 5101 et seq.
    \2\ 75 FR 44656 (July 28, 2010). The rules were promulgated by 
the Board; the Office of the Comptroller of the Currency (OCC); the 
Federal Deposit Insurance Corporation (FDIC); the Office of Thrift 
Supervision, Treasury (OTS); the FCA; and the National Credit Union 
Administration (NCUA).
---------------------------------------------------------------------------

    Title X of the Dodd-Frank Act amended a number of consumer 
financial protection laws, including the S.A.F.E. Act.\3\ The Dodd-
Frank Act

[[Page 21692]]

transferred rulemaking authority for the S.A.F.E. Act from the federal 
registry agencies to the Bureau, effective July 21, 2011.\4\ In 
connection with the transfer of rulemaking authority for the S.A.F.E. 
Act to the Bureau, the Bureau published an interim final rule to 
incorporate the S.A.F.E. Act into its own Regulations G and H, 12 CFR 
parts 1007 and 1008 (Bureau Interim Final Rule).\5\ In April 2016, the 
Bureau finalized the Bureau Interim Final Rule as part of a larger 
initiative of finalizing interim final rules.\6\ The Bureau's 
regulations that incorporate the S.A.F.E. Act substantially duplicate 
the federal registry agencies' coordinated rules and cover the entities 
that were previously subject to the federal registry agencies' rules. 
In September 2018, the Board published a proposal to repeal its 
regulations that incorporated the S.A.F.E. Act (Proposed Rule).\7\
---------------------------------------------------------------------------

    \3\ Public Law 111-203, 124 Stat. 1376 (2010).
    \4\ See Public Law 111-203, sections 1061 & 1100. The Dodd-Frank 
Act generally excludes from this transfer of authority, subject to 
certain exceptions, any rulemaking authority over a motor vehicle 
dealer that is predominantly engaged in the sale and servicing of 
motor vehicles, the leasing and servicing of motor vehicles, or 
both. Public Law 111-203, section 1029. The rulemaking authority 
retained by the Board under Section 1029 of the Dodd-Frank Act does 
not extend to residential mortgages. Thus, all rulemaking authority 
under the S.A.F.E. Act, which pertains only to mortgage loan 
originator registrations, was transferred to the Bureau.
    \5\ 76 FR 78483 (Dec. 19, 2011).
    \6\ 81 FR 25323 (April 28, 2016).
    \7\ 83 FR 48402 (Sept. 25, 2018).
---------------------------------------------------------------------------

II. Discussion

    The Board received two comments on the Proposed Rule. One commenter 
supported the Proposed Rule, while the other urged the Board to retain 
the regulations that it proposed to repeal. For reasons discussed 
below, the Board is finalizing the repeal of its regulations that 
incorporated the S.A.F.E. Act as proposed.
    The commenter that supported the Proposed Rule stated that the 
registration of mortgage loan originators is burdensome for a small 
community bank that originates only a handful of mortgage loans each 
year. The Board notes that, although it is repealing its regulations 
that incorporated the S.A.F.E. Act, the statutory requirement to 
register mortgage loan originators still exists in the S.A.F.E. Act, as 
incorporated into the Bureau's regulations.
    The commenter that opposed the Proposed Rule urged the Board to 
retain its regulations that incorporated the S.A.F.E. Act in order to 
retain the ability to issue any S.A.F.E. Act rules in the future. The 
Board's authority to issue rules, however, is determined by statute. If 
Congress were to amend the S.A.F.E. Act in the future to restore 
rulemaking authority to the Board, the Board could adopt rules under 
that authority at that time. Accordingly, the Board is finalizing the 
repeal of its regulations that incorporated the S.A.F.E. Act as 
proposed.

III. Final Regulatory Flexibility Analysis

    An initial regulatory flexibility analysis (IRFA) was included in 
the proposal in accordance with section 3(a) of the Regulatory 
Flexibility Act (RFA), 5 U.S.C. 601 et seq. In the IRFA, the Board 
requested comment on the effect of the Proposed Rule on small entities 
and on any significant alternatives that would reduce the regulatory 
burden on small entities. The Board did not receive any comments. The 
RFA requires an agency to prepare a final regulatory flexibility 
analysis (FRFA) unless the agency certifies that the rule will not, if 
promulgated, have a significant economic impact on a substantial number 
of small entities. In accordance with section 3(a) of the RFA, the 
Board has reviewed the final regulation. Based on its analysis, and for 
the reasons stated below, the Board certifies that the rule will not 
have a significant economic impact on a substantial number of small 
entities.
    The final rule is intended to reflect Congress's transfer of 
rulemaking authority for the S.A.F.E. Act from the Board to the Bureau 
by repealing the Board's regulations that incorporated the S.A.F.E. 
Act. The repeal does not impose any recordkeeping, reporting, or 
compliance requirements on any entities. Any entity that is currently 
covered by the S.A.F.E. Act is subject to the rules issued by the 
Bureau, located in 12 CFR part 1007 and 1008. Accordingly, the Board 
does not expect this final rule to have a significant economic impact 
on a substantial number of small entities.

IV. Paperwork Reduction Act

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

List of Subjects

12 CFR Part 208

    Accounting, Agriculture, Banks, Banking, Confidential business 
information, Consumer protection, Crime, Currency, Insurance, 
Investments, Mortgages, Reporting and recordkeeping requirements, 
Securities.

12 CFR Part 211

    Exports, Foreign banking, Holding companies, Investments, Reporting 
and recordkeeping requirements.

Authority and Issuance

    For the reasons set forth in the preamble, chapter II of title 12 
of the Code of Federal Regulations is amended as follows:

PART 208--MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL 
RESERVE SYSTEM (REGULATION H)

0
1. The authority citation for part 208 continues to read as follows:

    Authority: 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321-338a, 
371d, 461, 481-486, 601, 611, 1814, 1816, 1818, 1820(d)(9), 1833(j), 
1828(o), 1831, 1831o, 1831p-1, 1831r-1, 1831w, 1831x, 1835a, 1882, 
2901-2907, 3105, 3310, 3331-3351, 3353, and 3906-3909; 15 U.S.C. 
78b, 781(b), 78l(i), 780-4(c)(5), 78q, 78q-1, 78w, 1681s, 1681w, 
6801 and 6805, 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104b, 4106, and 
4128.

Subpart I--[Removed and Reserved]

0
2. Subpart I, consisting of Sec. Sec.  208.101 through 208.105 and 
appendix A to subpart I, is removed and reserved.

PART 211--INTERNATIONAL BANKING OPERATIONS (REGULATION K)

0
3. The authority citation for part 211 continues to read as follows:

    Authority:  12 U.S.C. 221 et seq., 1818, 1835a, 1841 et seq., 
3101 et seq., 3901 et seq., and 5101 et seq.; 15 U.S.C. 1681s, 
1681w, 6801 and 6805.


Sec.  211.24   [Amended]

0
4. In Sec.  211.24, paragraph (k) is removed.

    By order of the Board of Governors of the Federal Reserve 
System, May 9, 2019.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
[FR Doc. 2019-09948 Filed 5-14-19; 8:45 am]
 BILLING CODE 6210-01-P