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