Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisals for Higher-Priced Mortgage Loans, 31025-31026 [2020-10964]

Download as PDF Federal Register / Vol. 85, No. 99 / Thursday, May 21, 2020 / Notices 6. There is No Risk of Injury to Occupants from Objects Escaping the Compartment: Mercedes-Benz says there is no potential for items inside the storage compartment to escape and injure vehicle occupants. Although the scope of the standard has always been focused on risks of injury presented by the hard surface of vehicle doors opening in a crash, there is similarly no enhanced risk to safety from items escaping the compartment and causing injury. The compartment door has the potential to open only in specific situations, a frontal crash with loads exceeding 24g of force. The compartment door operates within the requirements of the standard at all other times.2 Even in a crash where the load force was severe enough, the compartment lid would open and completely close again all within approximately 250 ms of the crash. Further, even in a front end crash that was severe enough to open the compartment door, the direction of the crash forces precludes objects from escaping. In a front end collision with high vehicle deceleration, any objects inside the storage compartment at the time would shift forward, in the same direction in which the vehicle is moving. Because the force of deceleration causes the items to shift forward, they will move forward and deeper into the compartment and will remain enclosed within the compartment during the crash event. During the intervening moments following the crash, the door will automatically close and secure the items within the compartment. 7. Mercedes-Benz stated that the above described marking discrepancy does not create a safety risk and that they are not aware of any warranty claims, field reports, customer complaints, legal claims, or injuries related to this noncompliance. Even if the compartment door was to open in the event of a severe crash, there is no increased risk of injury due to the location of the door covering itself, its operation and design that allows it to retract into the console housing and the fact that it will automatically close shut after an extremely short period of time. Vehicle occupants are not at risk of coming into contact with the door itself (when opened or closed) and there is no risk of objects stored inside the compartment from escaping into the occupant space. Mercedes-Benz concluded that the subject noncompliance is inconsequential as it relates to motor 2 The vehicles fully meet the performance requirements when tested to S5.3.l(a) and S5.3.l(b). VerDate Sep<11>2014 17:18 May 20, 2020 Jkt 250001 vehicle safety and that its petition to be exempted from providing notification of the noncompliance, as required by 49 U.S.C. 30118, and a remedy for the noncompliance, as required by 49 U.S.C. 30120, should be granted. NHTSA notes that the statutory provisions (49 U.S.C. 30118(d) and 30120(h)) that permit manufacturers to file petitions for a determination of inconsequentiality allow NHTSA to exempt manufacturers only from the duties found in sections 30118 and 30120, respectively, to notify owners, purchasers, and dealers of a defect or noncompliance and to remedy the defect or noncompliance. Therefore, any decision on this petition only applies to the subject vehicles that Mercedes-Benz no longer controlled at the time it determined that the noncompliance existed. However, any decision on this petition does not relieve vehicle distributors and dealers of the prohibitions on the sale, offer for sale, or introduction or delivery for introduction into interstate commerce of the noncompliant vehicles under their control after Mercedes-Benz notified them that the subject noncompliance existed. Authority: 49 U.S.C. 30118, 30120: delegations of authority at 49 CFR 1.95 and 501.8. Otto G. Matheke III, Director, Office of Vehicle Safety Compliance. [FR Doc. 2020–10954 Filed 5–20–20; 8:45 am] BILLING CODE 4910–59–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Appraisals for Higher-Priced Mortgage Loans Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently SUMMARY: PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 31025 valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning renewal of its information collection titled, ‘‘Appraisals for HigherPriced Mortgage Loans.’’ The OCC also is giving notice that it has sent the collection to OMB for review. DATES: Comments must be submitted on or before June 22, 2020. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: • Email: prainfo@occ.treas.gov. • Mail: Chief Counsel’s Office, Attention: Comment Processing, 1557– 0313, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E– 218, Washington, DC 20219. • Hand Delivery/Courier: 400 7th Street SW, Suite 3E–218, Washington, DC 20219. • Fax: (571) 465–4326. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘1557– 0313’’ in your comment. In general, the OCC will publish comments on www.reginfo.gov without change, including any business or personal information provided, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Additionally, please send a copy of your comments by mail to: OCC Desk Officer, 1557–0313, U.S. Office of Management and Budget, 725 17th Street NW, #10235, Washington, DC 20503 or by email to oira_submission@ omb.eop.gov. You may review comments and other related materials that pertain to this information collection 1 following the close of the 30-day comment period for this notice by any of the following methods: • Viewing Comments Electronically: Go to www.reginfo.gov. Click on the ‘‘Information Collection Review’’ tab. Underneath the ‘‘Currently under Review’’ section heading, from the dropdown menu select ‘‘Department of Treasury’’ and then click ‘‘submit.’’ This information collection can be located by searching by OMB control number ‘‘1557–0313’’ or ‘‘Appraisals for HigherPriced Mortgage Loans.’’ Upon finding 1 On February 24, 2020, the OCC published a 60day notice for this information collection, 84 FR 10511. E:\FR\FM\21MYN1.SGM 21MYN1 31026 Federal Register / Vol. 85, No. 99 / Thursday, May 21, 2020 / Notices the appropriate information collection, click on the related ‘‘ICR Reference Number.’’ On the next screen, select ‘‘View Supporting Statement and Other Documents’’ and then click on the link to any comment listed at the bottom of the screen. • For assistance in navigating www.reginfo.gov, please contact the Regulatory Information Service Center at (202) 482–7340. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, (202) 649–5490 or, for persons who are deaf or hearing impaired, TTY, (202) 649–5597, Chief Counsel’s Office, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E–218, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), Federal agencies must obtain approval from the OMB for each collection of information that they conduct or sponsor. ‘‘Collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. The OCC asks OMB to extend its approval of the collection contained in this notice. Title: Appraisals for Higher-Priced Mortgage Loans. Description: This information collection relates to section 1471 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which added a new section 129H to the Truth in Lending Act (TILA) establishing special appraisal requirements for ‘‘higher-risk mortgages.’’ For certain mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, creditors must obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used. The statute permits the OCC to issue a rule to include exemptions from these requirements. The information collection requirements are found in 12 CFR 34.203(c)(1), (c)(2), (d), (e) and (f). This information is required to protect consumers and promote the safety and soundness of creditors making higherpriced mortgage loans (HPMLs) subject to 12 CFR part 34, subpart G. This information is used by creditors to evaluate real estate collateral securing HPMLs subject to 12 CFR 1026.35(c) and by consumers entering these transactions. The collections of information are mandatory for creditors VerDate Sep<11>2014 17:18 May 20, 2020 Jkt 250001 making HPMLs subject to 12 CFR part 34, subpart G. Under 12 CFR 34.203(e) and (f), a creditor must, no later than the third business day after the creditor receives a consumer’s application for an HPML, provide the consumer with a disclosure that informs the consumer that the creditor may order an appraisal to determine the value of the property and charge the consumer for that appraisal, that the creditor will provide the consumer with a copy of any appraisal, and that the consumer may choose to have an additional appraisal conducted at the expense of the consumer. If a loan is an HPML subject to 12 CFR 34.203(c), then, under 12 CFR 34.203(c)(1) and (2), the creditor is required to obtain a written appraisal prepared by a certified or licensed appraiser who conducts a physical visit of the interior of the property that will secure the transaction (Written Appraisal) and provide a copy of the Written Appraisal to the consumer. Under 12 CFR 34.203(d)(1), a creditor is required to obtain an additional appraisal (Additional Written Appraisal) for an HPML that is subject to 12 CFR part 34, subpart G if: (1) The seller acquired the property securing the loan 90 or fewer days prior to the date of the consumer’s agreement to acquire the property and the price in the consumer’s agreement to acquire the property exceeds the seller’s acquisition price by more than 10 percent; or (2) the seller acquired the property securing the loan 91 to 180 days prior to the date of the consumer’s agreement to acquire the property and the price in the consumer’s agreement to acquire the property exceeds the seller’s acquisition price by more than 20 percent. Under 12 CFR 34.203(d)(3) and (4), the Additional Written Appraisal must meet the requirements described in 12 CFR 34.203(c)(1) and also include an analysis of: (1) The difference between the price at which the seller acquired the property and the price the consumer is obligated to pay to acquire the property; (2) changes in market conditions between the date the seller acquired the property and the date of the consumer’s agreement to acquire the property; and (3) any improvements made to the property between the date the seller acquired the property and the date of the consumer’s agreement to acquire the property. Under 12 CFR 34.203(f), a creditor is required to provide the consumer with a copy of any Additional Written Appraisal. Affected Public: Businesses or other for-profit. Type of Submission: Regular. Burden Estimates: PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 Estimated Number of Respondents: 1,134. Estimated Total Annual Burden: 292 hours. Frequency of Response: On occasion. Comments: On February 24, 2020, the OCC published a 60-day notice for this information collection, 84 FR 10511. No comments were received. Comments continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the information collection burden; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2020–10964 Filed 5–20–20; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8655 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service (IRS), as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Reporting Agent Authorization and Revenue Procedure 2012–32. DATES: Written comments should be received on or before July 20, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or SUMMARY: E:\FR\FM\21MYN1.SGM 21MYN1

Agencies

[Federal Register Volume 85, Number 99 (Thursday, May 21, 2020)]
[Notices]
[Pages 31025-31026]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-10964]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Activities: Information Collection 
Renewal; Submission for OMB Review; Appraisals for Higher-Priced 
Mortgage Loans

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

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

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently valid Office 
of Management and Budget (OMB) control number.
    The OCC is soliciting comment concerning renewal of its information 
collection titled, ``Appraisals for Higher-Priced Mortgage Loans.'' The 
OCC also is giving notice that it has sent the collection to OMB for 
review.

DATES: Comments must be submitted on or before June 22, 2020.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, 1557-0313, Office of the Comptroller of the Currency, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0313'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.
    Additionally, please send a copy of your comments by mail to: OCC 
Desk Officer, 1557-0313, U.S. Office of Management and Budget, 725 17th 
Street NW, #10235, Washington, DC 20503 or by email to 
[email protected].
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-day 
comment period for this notice by any of the following methods:
---------------------------------------------------------------------------

    \1\ On February 24, 2020, the OCC published a 60-day notice for 
this information collection, 84 FR 10511.
---------------------------------------------------------------------------

     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by OMB control 
number ``1557-0313'' or ``Appraisals for Higher-Priced Mortgage 
Loans.'' Upon finding

[[Page 31026]]

the appropriate information collection, click on the related ``ICR 
Reference Number.'' On the next screen, select ``View Supporting 
Statement and Other Documents'' and then click on the link to any 
comment listed at the bottom of the screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, (202) 649-5490 or, 
for persons who are deaf or hearing impaired, TTY, (202) 649-5597, 
Chief Counsel's Office, Office of the Comptroller of the Currency, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501 et seq.), 
Federal agencies must obtain approval from the OMB for each collection 
of information that they conduct or sponsor. ``Collection of 
information'' is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to 
include agency requests or requirements that members of the public 
submit reports, keep records, or provide information to a third party. 
The OCC asks OMB to extend its approval of the collection contained in 
this notice.
    Title: Appraisals for Higher-Priced Mortgage Loans.
    Description: This information collection relates to section 1471 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act, which 
added a new section 129H to the Truth in Lending Act (TILA) 
establishing special appraisal requirements for ``higher-risk 
mortgages.'' For certain mortgages with an annual percentage rate that 
exceeds the average prime offer rate by a specified percentage, 
creditors must obtain an appraisal or appraisals meeting certain 
specified standards, provide applicants with a notification regarding 
the use of the appraisals, and give applicants a copy of the written 
appraisals used. The statute permits the OCC to issue a rule to include 
exemptions from these requirements.
    The information collection requirements are found in 12 CFR 
34.203(c)(1), (c)(2), (d), (e) and (f). This information is required to 
protect consumers and promote the safety and soundness of creditors 
making higher-priced mortgage loans (HPMLs) subject to 12 CFR part 34, 
subpart G. This information is used by creditors to evaluate real 
estate collateral securing HPMLs subject to 12 CFR 1026.35(c) and by 
consumers entering these transactions. The collections of information 
are mandatory for creditors making HPMLs subject to 12 CFR part 34, 
subpart G.
    Under 12 CFR 34.203(e) and (f), a creditor must, no later than the 
third business day after the creditor receives a consumer's application 
for an HPML, provide the consumer with a disclosure that informs the 
consumer that the creditor may order an appraisal to determine the 
value of the property and charge the consumer for that appraisal, that 
the creditor will provide the consumer with a copy of any appraisal, 
and that the consumer may choose to have an additional appraisal 
conducted at the expense of the consumer. If a loan is an HPML subject 
to 12 CFR 34.203(c), then, under 12 CFR 34.203(c)(1) and (2), the 
creditor is required to obtain a written appraisal prepared by a 
certified or licensed appraiser who conducts a physical visit of the 
interior of the property that will secure the transaction (Written 
Appraisal) and provide a copy of the Written Appraisal to the consumer. 
Under 12 CFR 34.203(d)(1), a creditor is required to obtain an 
additional appraisal (Additional Written Appraisal) for an HPML that is 
subject to 12 CFR part 34, subpart G if: (1) The seller acquired the 
property securing the loan 90 or fewer days prior to the date of the 
consumer's agreement to acquire the property and the price in the 
consumer's agreement to acquire the property exceeds the seller's 
acquisition price by more than 10 percent; or (2) the seller acquired 
the property securing the loan 91 to 180 days prior to the date of the 
consumer's agreement to acquire the property and the price in the 
consumer's agreement to acquire the property exceeds the seller's 
acquisition price by more than 20 percent.
    Under 12 CFR 34.203(d)(3) and (4), the Additional Written Appraisal 
must meet the requirements described in 12 CFR 34.203(c)(1) and also 
include an analysis of: (1) The difference between the price at which 
the seller acquired the property and the price the consumer is 
obligated to pay to acquire the property; (2) changes in market 
conditions between the date the seller acquired the property and the 
date of the consumer's agreement to acquire the property; and (3) any 
improvements made to the property between the date the seller acquired 
the property and the date of the consumer's agreement to acquire the 
property. Under 12 CFR 34.203(f), a creditor is required to provide the 
consumer with a copy of any Additional Written Appraisal.
    Affected Public: Businesses or other for-profit.
    Type of Submission: Regular.
    Burden Estimates:
    Estimated Number of Respondents: 1,134.
    Estimated Total Annual Burden: 292 hours.
    Frequency of Response: On occasion.
    Comments: On February 24, 2020, the OCC published a 60-day notice 
for this information collection, 84 FR 10511. No comments were 
received. Comments continue to be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information has practical utility;
    (b) The accuracy of the OCC's estimate of the information 
collection burden;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2020-10964 Filed 5-20-20; 8:45 am]
 BILLING CODE 4810-33-P