Notice of Availability of Revised Consumer Information Publication, 35292-35293 [2020-12467]

Download as PDF 35292 Federal Register / Vol. 85, No. 111 / Tuesday, June 9, 2020 / Notices jbell on DSKJLSW7X2PROD with NOTICES described in the paragraph below. Please include with your comments any supporting data or literature citations to help inform decisions on the request for this IHA or a subsequent Renewal IHA. On a case-by-case basis, NMFS may issue a one-time one-year Renewal IHA following notice to the public providing an additional 15 days for public comments when (1) up to another year of identical, or nearly identical, activities as described in the Description of Proposed Activity section of this notice is planned or (2) the activities as described in the Description of Proposed Activity section of this notice would not be completed by the time the IHA expires and a Renewal would allow for completion of the activities beyond that described in the Dates and Duration section of this notice, provided all of the following conditions are met: • A request for renewal is received no later than 60 days prior to the needed Renewal IHA effective date (recognizing that Renewal IHA expiration date cannot extend beyond one year from expiration of the initial IHA); • The request for renewal must include the following: (1) An explanation that the activities to be conducted under the requested Renewal IHA are identical to the activities analyzed under the initial IHA, are a subset of the activities, or include changes so minor (e.g., reduction in pile size) that the changes do not affect the previous analyses, mitigation and monitoring requirements, or take estimates (with the exception of reducing the type or amount of take); and (2) A preliminary monitoring report showing the results of the required monitoring to date and an explanation showing that the monitoring results do not indicate impacts of a scale or nature not previously analyzed or authorized; and • Upon review of the request for Renewal, the status of the affected species or stocks, and any other pertinent information, NMFS determines that there are no more than minor changes in the activities, the mitigation and monitoring measures will remain the same and appropriate, and the findings in the initial IHA remain valid. Dated: June 3, 2020. Donna S. Wieting, Director, Office of Protected Resources, National Marine Fisheries Service. [FR Doc. 2020–12363 Filed 6–8–20; 8:45 am] BILLING CODE 3510–22–P VerDate Sep<11>2014 23:08 Jun 08, 2020 Jkt 250001 BUREAU OF CONSUMER FINANCIAL PROTECTION Notice of Availability of Revised Consumer Information Publication Bureau of Consumer Financial Protection. ACTION: Notice of availability. AGENCY: The Bureau of Consumer Financial Protection (Bureau) announces the availability of an updated consumer publication, the Consumer Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM booklet, required under the Real Estate Settlement Procedures Act (RESPA) implemented by Regulation X and the Truth in Lending Act (TILA) implemented by Regulation Z. This version of the CHARM booklet is updated to align with the Bureau’s educational efforts, to be more concise, and to improve readability and usability. SUMMARY: The updated consumer publication is available for download on the Bureau’s website at www.consumerfinance.gov/learnmore and can also be found in the Catalog of U.S. Government Publications (http:// catalog.gpo.gov), maintained by Superintendent of Documents, U.S. Government Publishing Office, Washington, DC 20402. FOR FURTHER INFORMATION CONTACT: Davida Farrar, Supervisory AttorneyAdvisor, Consumer Education and Engagement Division; Laura Schlachtmeyer, Senior Financial Education Content Specialist, Consumer Education and Engagement Division; Julie Vore, Originations Program Manager, Office of Mortgage Markets; Greg Evans, Senior Compliance Analyst, Consumer Education and Engagement Division; CFPB_reginquiries@cfpb.gov or (202) 435–7700. If you require this document in an alternative electronic format, please contact CFPB_ Accessibility@cfpb.gov. SUPPLEMENTARY INFORMATION: The Bureau is hereby publishing this notice of availability to inform the public of the existence of an updated version of the Consumer Handbook on Adjustable Rate Mortgages booklet. ADDRESSES: Background on the CHARM Booklet In its enactment in 1974, section 5 of RESPA required the provision of ‘‘special information booklets’’ to help persons borrowing money to finance the purchase of residential real estate to understand better the nature and costs of real estate settlement services. Public Law 93–553. PO 00000 Frm 00038 Fmt 4703 Sfmt 4703 In 1987, the Board of Governors of the Federal Reserve System (Board) revised Regulation Z, to require special disclosures for closed-end adjustable rate mortgages (ARMs) secured by the borrower’s principal dwelling with a term greater than one year. 52 FR 48665 (Dec. 24, 1987). The Board and the Federal Home Loan Bank Board (predecessor to the former Office of Thrift Supervision (OTS)) originally developed the CHARM booklet in 1987 to fulfill that requirement and educate consumers about the features and risks associated with adjustable rate mortgages. The Board most recently updated the CHARM booklet in 2006. 71 FR 78437 (Dec. 29, 2006). Under the Dodd-Frank Act, Public Law 111–203, the responsibility for the CHARM Booklet transferred to the Bureau. Under 12 CFR 1026.19(b)(1), creditors must provide the ‘‘booklet titled Consumer Handbook on Adjustable Rate Mortgages, or a suitable substitute’’ to all consumers considering an adjustable rate mortgage. To reflect the transfer to the Bureau and ensure consistency with the Bureau’s rulemakings regulating practices in mortgage origination and servicing that took effect in January 2014, the Bureau made technical and conforming changes to the CHARM booklet and made the revised booklet available in January 2014. 79 FR 1836 (Jan. 10, 2014). Contents of the Updated Version of the CHARM Booklet The Bureau is updating the CHARM booklet so that it aligns with the Bureau’s educational efforts, to be more concise, and to improve readability and usability. New features include a comparison table that describes adjustable rate mortgages and their differences in relation to fixed-rate loan products; an explanation of how an adjustable rate mortgage works; a tutorial on how to review an ARM Loan Estimate and a lender’s ARM program disclosure; a comparison table for the various adjustable and fixed-rate loan offers that reader has received or will receive; and a description of the risks that come with different types of adjustable rate mortgages. This version of the CHARM booklet eliminates references to LIBOR due to the forecasted cessation of LIBOR. The design of the CHARM booklet is intended to have a similar look and feel as Your Home Loan Toolkit (Toolkit), another consumer disclosure for which the Bureau is responsible and that will frequently be received by mortgage applicants at the same time as the CHARM booklet. Similar to the Toolkit’s E:\FR\FM\09JNN1.SGM 09JNN1 Federal Register / Vol. 85, No. 111 / Tuesday, June 9, 2020 / Notices treatment of the Closing Disclosure, a significant portion of the booklet is devoted to encouraging the consumer to review the specific terms offered in their Loan Estimate, which they are also likely to receive at the same time as the CHARM booklet. Portions of the Loan Estimate are reproduced and explained in the revised CHARM booklet. Distribution and Use of the Updated CHARM Booklet Under 12 CFR 1026.19(b), if the annual percentage rate may increase after consummation in a transaction secured by the consumer’s principal dwelling with a term greater than one year, the CHARM booklet must be provided when an application form is provided for an adjustable rate mortgage loan or before the consumer pays a nonrefundable fee, whichever is earlier (except that the disclosures may be delivered or placed in the mail not later than three business days following the receipt of the consumer’s application when the application reaches the creditor by telephone, or through an intermediary agent or broker). Creditors may, at their option, immediately begin using the revised CHARM booklet, or a suitable substitute, to comply with the requirements in Regulation Z. The Bureau understands, however, that some may wish to use their existing stock of the CHARM booklet. Therefore, those who provide this publication may use earlier versions of the CHARM booklet until existing supplies are exhausted. When reprinting the CHARM booklet, the most recent version should be used. Signing Authority The Director of the Bureau, having reviewed and approved this document, is delegating the authority to electronically sign this document to Laura Galban, a Bureau Federal Register Liaison, for purposes of publication in the Federal Register. Dated: June 4, 2020. Laura Galban, Federal Register Liaison, Bureau of Consumer Financial Protection. [FR Doc. 2020–12467 Filed 6–8–20; 8:45 am] BILLING CODE 4810–AM–P jbell on DSKJLSW7X2PROD with NOTICES DEPARTMENT OF DEFENSE Department of the Air Force Notice of Intent To Grant a Partially Exclusive Patent License Department of the Air Force, Department of Defense. AGENCY: VerDate Sep<11>2014 23:08 Jun 08, 2020 Jkt 250001 ACTION: Notice of intent. DEPARTMENT OF DEFENSE Pursuant to the Bayh-Dole Act and implementing regulations, the United States Air Force (Air Force) is issuing this notice of intent to grant a partially exclusive patent license agreement with respect to the field of remote care management of patients with autoimmune disease (which are conditions caused by increased reactivity of the immune system causing tissue damage) to Adyptation Inc., a CCorporation duly organized, validly existing, and in good standing in the State of Delaware, having a place of business at 3040 South Tech Blvd., Miamisburg, OHIO. DATES: Written objections must be filed no later than fifteen (15) calendar days after the date of publication of this Notice. ADDRESSES: Submit written objections to the Air Force Materiel Command Law Office, AFMCLO/JAZ, 2240 B Street, Room 260, Wright-Patterson AFB, OH 45433–7109; Facsimile: (937) 255–3733; or Email: afmclo.jaz.tech@us.af.mil. Include Docket No. ARH–200504A–PL in the subject line of the message. FOR FURTHER INFORMATION CONTACT: Air Force Materiel Command Law Office, AFMCLO/JAZ, 2240 B Street, Rm 260, Wright-Patterson AFB, OH 45433–7109; Facsimile: (937) 255–3733; Email: afmclo.jaz.tech@us.af.mil. SUPPLEMENTARY INFORMATION: The Department of the Air Force intends to grant the partially exclusive patent license agreement for the invention described in: U.S. Patent No. 8,568,145, entitled, ‘‘Predictive Performance Optimizer,’’ filed August 19, 2011, and issued October 29, 2013; and U.S. Patent No. 8,777,628, entitled, ‘‘Predictive Performance Optimizer,’’ filed April 1, 2013, and issued July 15, 2014. The Department of the Air Force may grant the prospective license unless a timely objection is received that sufficiently shows the grant of the license would be inconsistent with the Bayh-Dole Act or implementing regulations. A competing application for a patent license agreement, completed in compliance with 37 CFR 404.8 and received by the Air Force within the period for timely objections, will be treated as an objection and may be considered as an alternative to the proposed license. SUMMARY: Authority: 35 U.S.C. 209; 37 CFR 404. Adriane Paris, Acting Air Force Federal Register Liaison Officer. [FR Doc. 2020–12387 Filed 6–8–20; 8:45 am] BILLING CODE 5001–10–P PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 35293 Office of the Secretary Defense Innovation Board; Notice of Federal Advisory Committee Meeting Under Secretary of Defense for Research & Engineering, Department of Defense (DoD). ACTION: Notice of Federal Advisory Committee meeting. AGENCY: The DoD is publishing this notice to announce that the following Federal Advisory Committee meeting of the Defense Innovation Board (‘‘the Board’’) will take place. DATES: Open to the public, Tuesday, June 23, 2020 from 2:00 p.m. to 4:00 p.m. Eastern Standard Time (EST). FOR FURTHER INFORMATION CONTACT: Ms. Colleen Laughlin, (571) 372–0933 (Voice), colleen.r.laughlin.civ@mail.mil or osd.innovation@mail.mil (Email). Mailing address is Defense Innovation Board, 3030 Defense Pentagon, Room 5E572, Washington, DC 20301–3030. Website: http://innovation.defense.gov. The most up-to-date changes to the meeting agenda can be found on the website. SUPPLEMENTARY INFORMATION: This meeting is being held under the provisions of the Federal Advisory Committee Act (FACA) (5 U.S.C., Appendix), the Government in the Sunshine Act (5 U.S.C. 552b), and 41 CFR 102–3.140 and 102–3.150. Purpose of the Meeting: To obtain, review, and evaluate information related to the Board’s mission in advising the Secretary of Defense and the Deputy Secretary of Defense independent advice and recommendations on innovative means to address future challenges in terms of integrated change to organizational structure and processes, business and functional concepts, and technology applications. The Board focuses on (a) technology and capabilities, (b) practices and operations, (c) people and culture, and (d) other research and analysis of topics raised by the Secretary of Defense, Deputy Secretary of Defense, or the Under Secretary of Defense for Research and Engineering. Agenda: The meeting will begin on June 23, 2020 at 2:00 p.m. EST with opening remarks by Ms. Colleen Laughlin, the Designated Federal Officer (DFO), and Dr. Eric Schmidt, Board Chair. The Science and Technology subcommittee will discuss their work, to include deliberation on a recommendation concerning testing, evaluation, verification, and validation (TEVV) of autonomous systems. The SUMMARY: E:\FR\FM\09JNN1.SGM 09JNN1

Agencies

[Federal Register Volume 85, Number 111 (Tuesday, June 9, 2020)]
[Notices]
[Pages 35292-35293]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-12467]


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BUREAU OF CONSUMER FINANCIAL PROTECTION


Notice of Availability of Revised Consumer Information 
Publication

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice of availability.

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

SUMMARY: The Bureau of Consumer Financial Protection (Bureau) announces 
the availability of an updated consumer publication, the Consumer 
Handbook on Adjustable Rate Mortgages booklet, also known as the CHARM 
booklet, required under the Real Estate Settlement Procedures Act 
(RESPA) implemented by Regulation X and the Truth in Lending Act (TILA) 
implemented by Regulation Z. This version of the CHARM booklet is 
updated to align with the Bureau's educational efforts, to be more 
concise, and to improve readability and usability.

ADDRESSES: The updated consumer publication is available for download 
on the Bureau's website at www.consumerfinance.gov/learnmore and can 
also be found in the Catalog of U.S. Government Publications (http://catalog.gpo.gov), maintained by Superintendent of Documents, U.S. 
Government Publishing Office, Washington, DC 20402.

FOR FURTHER INFORMATION CONTACT: Davida Farrar, Supervisory Attorney-
Advisor, Consumer Education and Engagement Division; Laura 
Schlachtmeyer, Senior Financial Education Content Specialist, Consumer 
Education and Engagement Division; Julie Vore, Originations Program 
Manager, Office of Mortgage Markets; Greg Evans, Senior Compliance 
Analyst, Consumer Education and Engagement Division; 
[email protected] or (202) 435-7700. If you require this 
document in an alternative electronic format, please contact 
[email protected].

SUPPLEMENTARY INFORMATION: The Bureau is hereby publishing this notice 
of availability to inform the public of the existence of an updated 
version of the Consumer Handbook on Adjustable Rate Mortgages booklet.

Background on the CHARM Booklet

    In its enactment in 1974, section 5 of RESPA required the provision 
of ``special information booklets'' to help persons borrowing money to 
finance the purchase of residential real estate to understand better 
the nature and costs of real estate settlement services. Public Law 93-
553.
    In 1987, the Board of Governors of the Federal Reserve System 
(Board) revised Regulation Z, to require special disclosures for 
closed-end adjustable rate mortgages (ARMs) secured by the borrower's 
principal dwelling with a term greater than one year. 52 FR 48665 (Dec. 
24, 1987). The Board and the Federal Home Loan Bank Board (predecessor 
to the former Office of Thrift Supervision (OTS)) originally developed 
the CHARM booklet in 1987 to fulfill that requirement and educate 
consumers about the features and risks associated with adjustable rate 
mortgages. The Board most recently updated the CHARM booklet in 2006. 
71 FR 78437 (Dec. 29, 2006).
    Under the Dodd-Frank Act, Public Law 111-203, the responsibility 
for the CHARM Booklet transferred to the Bureau. Under 12 CFR 
1026.19(b)(1), creditors must provide the ``booklet titled Consumer 
Handbook on Adjustable Rate Mortgages, or a suitable substitute'' to 
all consumers considering an adjustable rate mortgage.
    To reflect the transfer to the Bureau and ensure consistency with 
the Bureau's rulemakings regulating practices in mortgage origination 
and servicing that took effect in January 2014, the Bureau made 
technical and conforming changes to the CHARM booklet and made the 
revised booklet available in January 2014. 79 FR 1836 (Jan. 10, 2014).

Contents of the Updated Version of the CHARM Booklet

    The Bureau is updating the CHARM booklet so that it aligns with the 
Bureau's educational efforts, to be more concise, and to improve 
readability and usability. New features include a comparison table that 
describes adjustable rate mortgages and their differences in relation 
to fixed-rate loan products; an explanation of how an adjustable rate 
mortgage works; a tutorial on how to review an ARM Loan Estimate and a 
lender's ARM program disclosure; a comparison table for the various 
adjustable and fixed-rate loan offers that reader has received or will 
receive; and a description of the risks that come with different types 
of adjustable rate mortgages. This version of the CHARM booklet 
eliminates references to LIBOR due to the forecasted cessation of 
LIBOR.
    The design of the CHARM booklet is intended to have a similar look 
and feel as Your Home Loan Toolkit (Toolkit), another consumer 
disclosure for which the Bureau is responsible and that will frequently 
be received by mortgage applicants at the same time as the CHARM 
booklet. Similar to the Toolkit's

[[Page 35293]]

treatment of the Closing Disclosure, a significant portion of the 
booklet is devoted to encouraging the consumer to review the specific 
terms offered in their Loan Estimate, which they are also likely to 
receive at the same time as the CHARM booklet. Portions of the Loan 
Estimate are reproduced and explained in the revised CHARM booklet.

Distribution and Use of the Updated CHARM Booklet

    Under 12 CFR 1026.19(b), if the annual percentage rate may increase 
after consummation in a transaction secured by the consumer's principal 
dwelling with a term greater than one year, the CHARM booklet must be 
provided when an application form is provided for an adjustable rate 
mortgage loan or before the consumer pays a non-refundable fee, 
whichever is earlier (except that the disclosures may be delivered or 
placed in the mail not later than three business days following the 
receipt of the consumer's application when the application reaches the 
creditor by telephone, or through an intermediary agent or broker).
    Creditors may, at their option, immediately begin using the revised 
CHARM booklet, or a suitable substitute, to comply with the 
requirements in Regulation Z. The Bureau understands, however, that 
some may wish to use their existing stock of the CHARM booklet. 
Therefore, those who provide this publication may use earlier versions 
of the CHARM booklet until existing supplies are exhausted. When 
reprinting the CHARM booklet, the most recent version should be used.

Signing Authority

    The Director of the Bureau, having reviewed and approved this 
document, is delegating the authority to electronically sign this 
document to Laura Galban, a Bureau Federal Register Liaison, for 
purposes of publication in the Federal Register.

    Dated: June 4, 2020.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2020-12467 Filed 6-8-20; 8:45 am]
BILLING CODE 4810-AM-P