Privacy Act of 1974; Matching Program, 48333-48334 [2019-19891]
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Federal Register / Vol. 84, No. 178 / Friday, September 13, 2019 / Notices
difficult to correlate the CARD Act with
specific effects in the marketplace that
have occurred since the issuance of the
Bureau’s last biennial report, and, even
more so, to demonstrate a causal
relationship between the CARD Act and
those effects. Accordingly, while the
Bureau will continue to report on the
CARD Act’s effects where appropriate
and feasible, the Bureau anticipates that
future reports will focus more on overall
conditions in the credit card market.
Continuing past practice, the 2019
report revisits most of the same baseline
indicators as prior reports to track key
market developments and trends. In
addition, the report reviews significant
findings from economics scholarship
focused on the CARD Act. Below is a
summary of the core findings from each
section of the report:
• Total outstanding credit card
balances have continued to grow and at
year-end 2018 were nominally above
pre-recession levels. Throughout the
post-recession period, including the
period since the Bureau’s 2017 Report,
purchase volume has grown faster than
outstanding balances. After falling to
historical lows in the years following
the recession, delinquency and chargeoff rates have increased over the last two
years. Late payment rates have
increased for new originations of
general purpose and private label cards,
both overall and within different credit
tiers.
• The total cost of credit (TCC) on
revolving accounts has increased over
the last two years and in 2018 stood at
18.7 percent, which is the highest
overall level observed in the Bureau’s
biennial reports. Recent TCC increases
are largely the result of increases in the
indices underlying variable rates, such
as the prime rate. General purpose
cards, which generally have interest
rates linked to the prime rate, have
driven the increase across every credit
tier. TCC has fallen over the last two
years for private label cards, in part
because relatively fewer of these cards
have rates linked directly to index rates,
offset by a decline in fees as a share of
balances.
• Most measures of credit card
availability—overall and across credit
score tiers—have remained stable or
decreased slightly since the Bureau’s
2017 Report. Measured by application
volume, consumer demand for credit
cards peaked in 2016. Approval rates
have also declined slightly since 2016.
Driven by lower approval rates, annual
growth in the number of credit card
accounts opened and the amount of
credit line on new accounts has also
leveled off. Even so, total credit line
across all consumer credit cards reached
VerDate Sep<11>2014
17:09 Sep 12, 2019
Jkt 247001
$4.3 trillion in 2018, nearly equal to its
pre-recession high, largely due to the
growth in unused line on accounts held
by consumers with superprime scores.
• Cardholders have increased their
use of rewards cards, thereby driving up
the cost to industry to fund these
products. The level and consumer cost
of balance transfer and cash advance use
remains largely unchanged.
• In the ten years since the CARD Act
was passed, social scientists have
examined the Act’s effects on
consumers and the credit card market as
a whole. Using a range of theoretical
and empirical approaches, scholarship
has looked at a range of potential direct
and indirect effects of the CARD Act,
including pricing, credit availability,
consumer repayment behavior, and
cardholding.
• Since the 2017 Report, issuers have
lowered the range of their daily limits
on debt collection phone calls for
delinquent credit card accounts. In
addition, over that same period, the
volume of balances settled through forprofit debt settlement companies (DSCs)
grew at a faster rate than issuers’ overall
accounts receivable did.
• New technologies further enhance
consumers’ interactions with and
control over their credit cards—from
originating one card rather than another,
to ways of transacting and paying.
Cardholders increasingly use and
service their cards through digital
portals, including those accessed via
mobile devices. New technologies such
as artificial intelligence and machine
learning, as well as new data sources,
are changing how providers are able to
manage risk and provide customer
service.
1.4 Regulatory Agenda
As discussed in its Unified Agenda
for Spring 2019, the Bureau is
undertaking initiatives to review
inherited regulations for the purpose of
ensuring that outdated, unnecessary, or
unduly burdensome regulations are
regularly identified and addressed in
order to reduce unwarranted regulatory
burdens, as well as to fulfill other
purposes and objectives of the Bureau
and the statutes enumerated in the
Dodd-Frank Wall Street Reform and
Consumer Protection Act, including the
Truth In Lending Act (TILA), wherein
the CARD Act is codified.9 As part of its
long-term agenda, the Bureau expects to
focus on subparts B and G of Regulation
Z, which implement the Truth in
Lending Act with respect to open-end
9 See https://www.reginfo.gov/public/do/
eAgendaViewRule?pubId=201904&RIN=3170AA73.
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48333
credit generally and credit cards in
particular. For instance, the Bureau
expects to consider rules to modernize
the procedures for submitting credit
card agreements to the database of credit
card agreements that it is required to
maintain under the CARD Act to reduce
burden on issuers that submit credit
card agreements to the Bureau and make
the database more useful for consumers
and the general public. The Bureau
expects to identify other opportunities
to clarify ambiguities, address
developments in the marketplace, and
modernize or streamline the open-end
credit provisions. That effort will be
informed by the Bureau’s ongoing
monitoring of the consumer credit card
market, including the 2019 report.
Dated: August 16, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial
Protection.
[FR Doc. 2019–19811 Filed 9–12–19; 8:45 am]
BILLING CODE 4810–AM–P
DEPARTMENT OF EDUCATION
Privacy Act of 1974; Matching Program
Department of Education.
Notice of a New Matching
Program.
AGENCY:
ACTION:
This document provides
notice of the re-establishment of a
matching program between the
Department of Education (Department
or ED) and the Department of Homeland
Security, U.S. Citizenship and
Immigration Services (USCIS). ED seeks
access to the information contained in
the DHS–USCIS database (referred to as
the Verification Information System
(VIS)) for the purpose of verifying the
immigration status of applicants for
assistance for title IV federal student
aid.
SUMMARY:
Submit your comments on the
proposed matching program on or
before October 15, 2019.
The matching program will go into
effect at the later of the following two
dates: (1) October 21, 2019, or (2) 30
days after the publication of this notice,
on September 13, 2019, unless
comments have been received from
interested members of the public
requiring modification and replication
of the notice. The matching program
will continue for 18 months after the
effective date and may be extended for
an additional 12 months, if the
respective Data Integrity Boards (DIBs)
of the Department and USCIS determine
that the conditions specified in 5 U.S.C.
552a(o)(2)(D) have been met.
DATES:
E:\FR\FM\13SEN1.SGM
13SEN1
48334
Federal Register / Vol. 84, No. 178 / Friday, September 13, 2019 / Notices
Submit your comments
through the Federal eRulemaking Portal
or via postal mail, commercial delivery,
or hand delivery. We will not accept
comments submitted by fax or by email
or those submitted after the comment
period. To ensure that we do not receive
duplicate copies, please submit your
comments only once. In addition, please
include the Docket ID at the top of your
comments.
• Federal eRulemaking Portal: Go to
https://www.regulations.gov/ to submit
your comments electronically.
Information on using Regulations.gov,
including instructions for accessing
agency documents, submitting
comments, and viewing the docket, is
available on the site under the ‘‘help’’
tab.
• Postal Mail, Commercial Delivery,
or Hand Delivery: If you mail or deliver
your comments about these proposed
regulations, address them to Marya
Dennis, Management and Program
Analyst, U.S. Department of Education,
Federal Student Aid, Union Center
Plaza, 830 First Street NE, Washington,
DC 20002–5345.
ADDRESSES:
khammond on DSKBBV9HB2PROD with NOTICES
Privacy Note: The Department’s policy is
to make all comments received from
members of the public available for public
viewing in their entirety on the Federal
eRulemaking Portal at https://
www.regulations.gov/. Therefore,
commenters should be careful to include in
their comments only information that they
wish to make publicly available.
Assistance to Individuals with
Disabilities in Reviewing the
Rulemaking Record: On request we will
provide an appropriate accommodation
or auxiliary aid to an individual with a
disability who needs assistance to
review the comments or other
documents in the public rulemaking
record for this notice. If you want to
schedule an appointment for this type of
accommodation or auxiliary aid, please
contact the person listed under FOR
FURTHER INFORMATION CONTACT.
FOR FURTHER INFORMATION CONTACT: Ms.
Marya Dennis, Management and
Program Analyst, U.S. Department of
Education, Federal Student Aid, Union
Center Plaza, 830 First Street NE,
Washington, DC 20002–5345.
Telephone: (202) 377–3385.
If you use a telecommunications
device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay
Service (FRS), toll free at 1–800–877–
8339.
SUPPLEMENTARY INFORMATION:
We provide this notice in accordance
with the Privacy Act of 1974, as
amended (5 U.S.C. 552a); Office of
Management and Budget (OMB) Final
VerDate Sep<11>2014
17:09 Sep 12, 2019
Jkt 247001
Guidance Interpreting the Provisions of
Public Law 100–503, the Computer
Matching and Privacy Protection Act of
1988, 54 FR 25818 (June 19, 1989); and
OMB Circular No. A–108, 81 FR 94424
(December 23, 2016).
The prior Computer Matching
Agreement (CMA) was published in the
Federal Register on March 20, 2017 FR
14355). Under the provisions of the
Computer Matching and Privacy
Protection Act of 1988, Public Law 100–
503, the CMA was renewed for an
additional 12 months through October
20, 2019, because: (1) The program was
conducted without change; and (2) each
Data Integrity Board Chairperson
certified in writing that the program was
conducted in compliance with the
CMA. ED and USCIS are now reestablishing the matching program
through this notice.
Participating Agencies
ED and USCIS.
Authority for Conducting the Matching
Program
ED seeks this information for the
purpose of verifying the immigration
status of applicants for assistance, as
authorized by section 484(g) of the
Higher Education Act of 1965, as
amended (HEA), 20 U.S.C. 1091(g),
consistent with the requirements of
section 484(a)(5), 20 U.S.C. 1091(a)(5).
ED is authorized to participate in the
matching program, which is the subject
of this agreement, under the authority of
section 484(g)(3) of the HEA, 20 U.S.C.
1091(g)(3), and 20 U.S.C. 3475. DHS–
USCIS is authorized to participate in
this immigration status verification
system under section 103 of the
Immigration and Nationality Act, as
amended, 8 U.S.C. 1103, and the Illegal
Immigration Reform and Immigrant
Responsibility Act of 1996, Public Law
104–208, 110 Stat. 3009, as amended, 8
U.S.C. 1373(c).
Categories of Individuals
Individuals who have completed the
Free Application for Federal Student
Aid (FAFSA), have indicated that they
are an ‘‘Eligible noncitizen’’ and have
provided their Alien Registration
Number (ARN).
Categories of Records
ED will provide to the DHS the ARN,
Social Security number, first and last
name, and date of birth of each
applicant for financial assistance under
title IV of the HEA who indicates that
they are an ‘‘Eligible noncitizen’’ and
have provided their Alien Registration
Number (ARN) in his or her application
PO 00000
Frm 00010
Fmt 4703
Sfmt 4703
for financial assistance under title IV of
the HEA.
System(s) of Records
ED system of records: Federal Student
Aid Application File (18–11–01) (76 FR
46774, August 3, 2011).
DHS–USCIS system of records:
Systematic Alien Verification for
Entitlements (SAVE) System (81 FR
78619, November 8, 2016).
Accessible Format: Individuals with
disabilities can obtain this document in
an accessible format (such as, braille,
large print, audiotape, or compact disc)
on request to the contact person listed
under FOR FURTHER INFORMATION
CONTACT.
Electronic Access to This Document:
The official version of this document is
the document published in the Federal
Register. You may access the official
edition of the Federal Register and the
Code of Federal Regulations at:
www.govinfo.gov. At this site you can
view this document, as well as all other
documents of this Department
published in the Federal Register, in
text or Adobe Portable Document
Format (PDF). To use PDF you must
have Adobe Acrobat Reader, which is
available free at the site.
You may also access documents of the
Department published in the Federal
Register by using the article search
feature at www.federalregister.gov.
Specifically, through the advanced
search feature at this site, you can limit
your search to documents published by
the Department.
Dated: September 10, 2019.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2019–19891 Filed 9–12–19; 8:45 am]
BILLING CODE 4000–01–P
DEPARTMENT OF EDUCATION
Notice Announcing Availability of
Funds and Application Deadline for the
2019 Temporary Emergency Impact
Aid for Displaced Students Program;
Disaster Recovery Assistance for
Education
Office of Elementary and
Secondary Education, Department of
Education.
ACTION: Notice.
AGENCY:
The Department of Education
(Department) is issuing a notice
announcing the availability of funds and
application deadline for the 2019
Temporary Emergency Impact Aid for
Displaced Students (2019 Emergency
Impact Aid) program under Title VIII of
the Additional Supplemental
SUMMARY:
E:\FR\FM\13SEN1.SGM
13SEN1
]]>Agencies
[Federal Register Volume 84, Number 178 (Friday, September 13, 2019)]
[Notices]
[Pages 48333-48334]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19891]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF EDUCATION
Privacy Act of 1974; Matching Program
AGENCY: Department of Education.
ACTION: Notice of a New Matching Program.
-----------------------------------------------------------------------
SUMMARY: This document provides notice of the re-establishment of a
matching program between the Department of Education (Department or ED)
and the Department of Homeland Security, U.S. Citizenship and
Immigration Services (USCIS). ED seeks access to the information
contained in the DHS-USCIS database (referred to as the Verification
Information System (VIS)) for the purpose of verifying the immigration
status of applicants for assistance for title IV federal student aid.
DATES: Submit your comments on the proposed matching program on or
before October 15, 2019.
The matching program will go into effect at the later of the
following two dates: (1) October 21, 2019, or (2) 30 days after the
publication of this notice, on September 13, 2019, unless comments have
been received from interested members of the public requiring
modification and replication of the notice. The matching program will
continue for 18 months after the effective date and may be extended for
an additional 12 months, if the respective Data Integrity Boards (DIBs)
of the Department and USCIS determine that the conditions specified in
5 U.S.C. 552a(o)(2)(D) have been met.
[[Page 48334]]
ADDRESSES: Submit your comments through the Federal eRulemaking Portal
or via postal mail, commercial delivery, or hand delivery. We will not
accept comments submitted by fax or by email or those submitted after
the comment period. To ensure that we do not receive duplicate copies,
please submit your comments only once. In addition, please include the
Docket ID at the top of your comments.
Federal eRulemaking Portal: Go to https://www.regulations.gov/ to submit your comments electronically.
Information on using Regulations.gov, including instructions for
accessing agency documents, submitting comments, and viewing the
docket, is available on the site under the ``help'' tab.
Postal Mail, Commercial Delivery, or Hand Delivery: If you
mail or deliver your comments about these proposed regulations, address
them to Marya Dennis, Management and Program Analyst, U.S. Department
of Education, Federal Student Aid, Union Center Plaza, 830 First Street
NE, Washington, DC 20002-5345.
Privacy Note: The Department's policy is to make all comments
received from members of the public available for public viewing in
their entirety on the Federal eRulemaking Portal at https://www.regulations.gov/. Therefore, commenters should be careful to
include in their comments only information that they wish to make
publicly available.
Assistance to Individuals with Disabilities in Reviewing the
Rulemaking Record: On request we will provide an appropriate
accommodation or auxiliary aid to an individual with a disability who
needs assistance to review the comments or other documents in the
public rulemaking record for this notice. If you want to schedule an
appointment for this type of accommodation or auxiliary aid, please
contact the person listed under FOR FURTHER INFORMATION CONTACT.
FOR FURTHER INFORMATION CONTACT: Ms. Marya Dennis, Management and
Program Analyst, U.S. Department of Education, Federal Student Aid,
Union Center Plaza, 830 First Street NE, Washington, DC 20002-5345.
Telephone: (202) 377-3385.
If you use a telecommunications device for the deaf (TDD) or a text
telephone (TTY), call the Federal Relay Service (FRS), toll free at 1-
800-877-8339.
SUPPLEMENTARY INFORMATION:
We provide this notice in accordance with the Privacy Act of 1974,
as amended (5 U.S.C. 552a); Office of Management and Budget (OMB) Final
Guidance Interpreting the Provisions of Public Law 100-503, the
Computer Matching and Privacy Protection Act of 1988, 54 FR 25818 (June
19, 1989); and OMB Circular No. A-108, 81 FR 94424 (December 23, 2016).
The prior Computer Matching Agreement (CMA) was published in the
Federal Register on March 20, 2017 FR 14355). Under the provisions of
the Computer Matching and Privacy Protection Act of 1988, Public Law
100-503, the CMA was renewed for an additional 12 months through
October 20, 2019, because: (1) The program was conducted without
change; and (2) each Data Integrity Board Chairperson certified in
writing that the program was conducted in compliance with the CMA. ED
and USCIS are now re-establishing the matching program through this
notice.
Participating Agencies
ED and USCIS.
Authority for Conducting the Matching Program
ED seeks this information for the purpose of verifying the
immigration status of applicants for assistance, as authorized by
section 484(g) of the Higher Education Act of 1965, as amended (HEA),
20 U.S.C. 1091(g), consistent with the requirements of section
484(a)(5), 20 U.S.C. 1091(a)(5). ED is authorized to participate in the
matching program, which is the subject of this agreement, under the
authority of section 484(g)(3) of the HEA, 20 U.S.C. 1091(g)(3), and 20
U.S.C. 3475. DHS-USCIS is authorized to participate in this immigration
status verification system under section 103 of the Immigration and
Nationality Act, as amended, 8 U.S.C. 1103, and the Illegal Immigration
Reform and Immigrant Responsibility Act of 1996, Public Law 104-208,
110 Stat. 3009, as amended, 8 U.S.C. 1373(c).
Categories of Individuals
Individuals who have completed the Free Application for Federal
Student Aid (FAFSA), have indicated that they are an ``Eligible
noncitizen'' and have provided their Alien Registration Number (ARN).
Categories of Records
ED will provide to the DHS the ARN, Social Security number, first
and last name, and date of birth of each applicant for financial
assistance under title IV of the HEA who indicates that they are an
``Eligible noncitizen'' and have provided their Alien Registration
Number (ARN) in his or her application for financial assistance under
title IV of the HEA.
System(s) of Records
ED system of records: Federal Student Aid Application File (18-11-
01) (76 FR 46774, August 3, 2011).
DHS-USCIS system of records: Systematic Alien Verification for
Entitlements (SAVE) System (81 FR 78619, November 8, 2016).
Accessible Format: Individuals with disabilities can obtain this
document in an accessible format (such as, braille, large print,
audiotape, or compact disc) on request to the contact person listed
under FOR FURTHER INFORMATION CONTACT.
Electronic Access to This Document: The official version of this
document is the document published in the Federal Register. You may
access the official edition of the Federal Register and the Code of
Federal Regulations at: www.govinfo.gov. At this site you can view this
document, as well as all other documents of this Department published
in the Federal Register, in text or Adobe Portable Document Format
(PDF). To use PDF you must have Adobe Acrobat Reader, which is
available free at the site.
You may also access documents of the Department published in the
Federal Register by using the article search feature at
www.federalregister.gov. Specifically, through the advanced search
feature at this site, you can limit your search to documents published
by the Department.
Dated: September 10, 2019.
Mark A. Brown,
Chief Operating Officer, Federal Student Aid.
[FR Doc. 2019-19891 Filed 9-12-19; 8:45 am]
BILLING CODE 4000-01-P
