Credit Risk Retention-Notification of Commencement of Review; Extension of Review Period, 39099-39100 [2020-13830]
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Federal Register / Vol. 85, No. 126 / Tuesday, June 30, 2020 / Proposed Rules
individual’s contributions to a national
party committee.’’ Petition at 1.
The Petition involves several statutory
and regulatory provisions. The Federal
Election Campaign Act, 52 U.S.C.
30101–45 (‘‘FECA’’), provides that a
‘‘contribution accepted by a candidate,
and any other donation received by an
individual as support for activities of
the individual as a holder of Federal
office, may be used by the candidate or
individual . . . for transfers, without
limitation, to a national, State, or local
committee of a political party.’’ 52
U.S.C. 30114(a)(4). Similarly,
Commission regulations state: ‘‘funds in
a campaign account . . . [m]ay be
transferred without limitation to any
national, State, or local committee of
any political party.’’ 11 CFR 113.2(c). In
addition, generally ‘‘candidates for
Federal office may make unlimited
expenditures from personal funds’’ and
so may contribute unlimited amounts
from personal funds to their authorized
committees.1 11 CFR 110.10.
The Petition asserts that in March
2020 ‘‘a major loophole came to light’’
in how unlimited transfers from
candidates’ authorized committees to
party committees interact with the
allowance for candidates to contribute
unlimited personal funds to their
campaigns. Petition at 2. Citing a news
report, the Petition states that Michael
Bloomberg, recently a candidate for
president, transferred 18 million dollars
from his authorized committee to the
Democratic National Committee
(‘‘DNC’’) at the conclusion of his
campaign and that the transferred funds
‘‘derived from the candidate’s personal
funds, which are not subject to any
contribution limits.’’ Id. The Petition
further states that the reported 18
million dollar transfer from Mr.
Bloomberg’s campaign account ‘‘is more
than 500 times greater than the amount
that he could directly contribute to the
DNC.’’ Id. at 3. Further, the Petition
claims that under the Commission’s
current regulations, ‘‘[w]ealthy
individuals could: declare their
candidacy for any federal elected office;
contribute untold millions of dollars of
his or her own money to the campaign;
promptly withdraw his or her candidacy
after spending a token sum; and
thereafter transfer the balance of the
campaign’s funds to the national party
committee of his or her choice.’’ Id.
According to the Petition, ‘‘[t]his is
clearly not what was intended when
Congress authorized the transfer surplus
campaign funds to national party
committees.’’ Id. To address this
possibility, the Petition proposes that
the Commission revise 11 CFR 113.2(c)
to ‘‘limit the amount that a campaign
committee can transfer to a national
political party committee to the sum
total of contributions received by the
committee that’’ are subject to FECA’s
amount limitations ‘‘on contributions by
individuals, multi-candidate PACs and
party committees.’’ Id.
The Commission seeks comment on
the Petition. The public may inspect the
Petition on the Commission’s website at
https://sers.fec.gov/fosers/.
The Commission will not consider the
Petition’s merits until after the comment
period closes. If the Commission
decides that the Petition has merit, it
may begin a rulemaking proceeding.
The Commission will announce any
action that it takes in the Federal
Register.
DEPARTMENT OF THE TREASURY
Dated: June 18, 2020.
On behalf of the Commission,
Steven T. Walther,
Vice Chairman, Federal Election Commission.
SECURITIES AND EXCHANGE
COMMISSION
[FR Doc. 2020–13573 Filed 6–29–20; 8:45 am]
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Office of the Comptroller of the
Currency
12 CFR Part 43
[Docket No. OCC–2019–0012]
FEDERAL RESERVE SYSTEM
12 CFR Part 244
[Docket No. OP–1688]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 373
RIN 3064–ZA07
FEDERAL HOUSING FINANCE
AGENCY
12 CFR Part 1234
[Notice No. 2019–N–7]
17 CFR Part 246
[Release No. 34–89100]
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
BILLING CODE 6715–01–P
24 CFR Part 267
[FR–6172–N–02]
Credit Risk Retention—Notification of
Commencement of Review; Extension
of Review Period
Office of the Comptroller of the
Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); U.S.
Securities and Exchange Commission
(Commission); Federal Housing Finance
Agency (FHFA); and Department of
Housing and Urban Development
(HUD).
ACTION: Notification of commencement
of review; extension of review period.
AGENCY:
The OCC, Board, FDIC,
Commission, FHFA, and HUD (the
agencies) are providing notice of the
extension of the period for the review,
and publication of determination of the
review, of the definition of qualified
residential mortgage; the communityfocused residential mortgage exemption;
and the exemption for qualifying threeto-four unit residential mortgage loans,
in each case as currently set forth in the
Credit Risk Retention Regulations (as
defined below) as adopted by the
agencies.
SUMMARY:
1 Certain limitations apply to presidential
candidates receiving funds from the Presidential
Election Campaign Fund or the Presidential
Primary Matching Payment Account. See 11 CFR
110.10.
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Federal Register / Vol. 85, No. 126 / Tuesday, June 30, 2020 / Proposed Rules
The period for completion of the
review of the subject residential
mortgage provisions and publication of
notice disclosing determination of this
review is extended until June 20, 2021.
FOR FURTHER INFORMATION CONTACT:
OCC: Daniel Borman, Senior
Attorney, (202) 649–6929 or, for persons
who are deaf or hearing impaired, TTY,
(202) 649–5597, Chief Counsel’s Office;
Ajay Palvia, (202) 649–5505, Senior
Financial Economist, Office of the
Comptroller of the Currency, 400 7th
Street SW, Washington, DC 20219.
Board: Flora H. Ahn, Special Counsel,
(202) 452–2317, David W. Alexander,
Senior Counsel, (202) 452–287, or
Matthew D. Suntag, Senior Counsel,
(202) 452–3694, Legal Division; Donald
N. Gabbai, Lead Financial Institutions
Policy Analyst, Division of Supervision
and Regulation, (202) 452–3358; Karen
Pence, Assistant Director, Division of
Research & Statistics, (202) 452–2342;
Nikita Pastor, Senior Counsel, Division
of Consumer & Community Affairs,
(202) 452–3692; Board of Governors of
the Federal Reserve System, 20th and C
Streets NW, Washington, DC 20551.
FDIC: Rae-Ann Miller, Associate
Director, (202) 898–3898; Kathleen M.
Russo, Counsel, (703) 562–2071,
krusso@fdic.gov; or Phillip E. Sloan,
Counsel, (703) 562–6137, psloan@
fdic.gov, Federal Deposit Insurance
Corporation, 550 17th Street NW,
Washington, DC 20429.
Commission: Arthur Sandel, Special
Counsel; Kayla Roberts, Special
Counsel; Katherine Hsu, Chief, (202)
551–3850, in the Office of Structured
Finance, Division of Corporation
Finance; or Chandler Lutz, Economist,
(202) 551–6600, in the Office of Risk
Analysis, Division of Economic and
Risk Analysis, U.S. Securities and
Exchange Commission, 100 F Street NE,
Washington, DC 20549.
FHFA: Ron Sugarman, Principal
Policy Analyst, Office of Financial
Analysis, Modeling and Simulations,
(202) 649–3208, Ron.Sugarman@
fhfa.gov, or Peggy K. Balsawer,
Associate General Counsel, Office of
General Counsel, (202) 649–3060,
Peggy.Balsawer@fhfa.gov, Federal
Housing Finance Agency, Constitution
Center, 400 7th Street SW, Washington,
DC 20219. The telephone number for
the Telecommunications Device for the
Deaf is (800) 877–8339.
HUD: Keith Becker, Deputy Assistant
Secretary for Risk Management &
Regulatory Affairs, U.S. Department of
Housing & Urban Development, 451 7th
Street SW, Washington, DC 20410;
telephone number (202) 402–3722 (this
is not a toll-free number). Persons with
khammond on DSKJM1Z7X2PROD with PROPOSALS
DATES:
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hearing or speech impairments may
access this number through TTY by
calling the toll-free Federal Relay at
(800) 877–8339.
SUPPLEMENTARY INFORMATION: The credit
risk retention regulations are codified at
12 CFR part 43; 12 CFR part 244; 12 CFR
part 373; 17 CFR part 246; 12 CFR part
1234; and 24 CFR part 267 (the Credit
Risk Retention Regulations). The Credit
Risk Retention Regulations require the
OCC, Board, FDIC, and Commission, in
consultation with the FHFA and HUD,
to commence, and give notice of
commencement of, a review of the
following provisions of the Credit Risk
Retention Regulations no later than
December 24, 2019: (1) The definition of
qualified residential mortgage (QRM) in
section _.13 of the Credit Risk Retention
Regulations; (2) the community-focused
residential mortgage exemption in
section _.19(f) of the Credit Risk
Retention Regulations; and (3) the
exemption for qualifying three-to-four
unit residential mortgage loans in
section _.19(g) of the Credit Risk
Retention Regulations (collectively, the
‘‘subject residential mortgage
provisions’’). The Credit Risk Retention
Regulations also require that, after
completion of this review, but no later
than six months after publication of a
notification announcing the review,
unless extended by the agencies, the
agencies publish a notification
disclosing the determination of their
review. Notification of the
commencement of the review was
published in the Federal Register on
December 20, 2019 (84 FR 70073).
This notification is being published to
give notice that, due to various factors
considered among the agencies,
including market and other disruptions
precipitated by COVID–19, the agencies
have determined to extend the period
for completion of their review of the
subject residential mortgage provisions
and publication of notice disclosing
determination of this review until June
20, 2021.
Brian P. Brooks,
Acting Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System acting through the
Secretary of the Board under delegated
authority.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on June 19, 2020.
James P. Sheesley,
Acting Assistant Executive Secretary.
Dated: June 19, 2020.
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By the Securities and Exchange
Commission.
Vanessa A. Countryman,
Secretary.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
By the Department of Housing and Urban
Development.
Len Wolfson,
Acting Assistant Secretary for Housing—
Federal Housing Commissioner.
[FR Doc. 2020–13830 Filed 6–29–20; 8:45 am]
BILLING CODE 6210–01–P; 4810–33–P; 6210–01–P;
3064–01–P; 8070–01–P; 8011–01–P; 4210–67–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 25
[Docket No. FAA–2019–1054; Notice No. 25–
20–07–SC]
Special Conditions: Boeing
Commercial Airplanes Model 777–9
Airplane; Overhead Flightcrew Rest
Compartment Occupiable During Taxi,
Takeoff, and Landing
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of proposed special
conditions.
AGENCY:
This action proposes special
conditions for the Boeing Commercial
Airplanes (Boeing) Model 777–9
airplane. This airplane will have a novel
or unusual design feature when
compared to the state of technology
envisioned in the airworthiness
standards for transport-category
airplanes. This design feature is an
overhead flightcrew rest (OFCR)
compartment occupiable during taxi,
takeoff, and landing (TT&L). The
applicable airworthiness regulations do
not contain adequate or appropriate
safety standards for this design feature.
These proposed special conditions
contain the additional safety standards
that the Administrator considers
necessary to establish a level of safety
equivalent to that established by the
existing airworthiness standards.
DATES: Send comments on or before
August 14, 2020.
ADDRESSES: Send comments identified
by Docket No. FAA–2019–1054 using
any of the following methods:
• Federal eRegulations Portal: Go to
https://www.regulations.gov/ and follow
the online instructions for sending your
comments electronically.
• Mail: Send comments to Docket
Operations, M–30, U.S. Department of
Transportation (DOT), 1200 New Jersey
SUMMARY:
E:\FR\FM\30JNP1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 126 (Tuesday, June 30, 2020)]
[Proposed Rules]
[Pages 39099-39100]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13830]
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DEPARTMENT OF THE TREASURY
Office of the Comptroller of the Currency
12 CFR Part 43
[Docket No. OCC-2019-0012]
FEDERAL RESERVE SYSTEM
12 CFR Part 244
[Docket No. OP-1688]
FEDERAL DEPOSIT INSURANCE CORPORATION
12 CFR Part 373
RIN 3064-ZA07
FEDERAL HOUSING FINANCE AGENCY
12 CFR Part 1234
[Notice No. 2019-N-7]
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 246
[Release No. 34-89100]
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 267
[FR-6172-N-02]
Credit Risk Retention--Notification of Commencement of Review;
Extension of Review Period
AGENCY: Office of the Comptroller of the Currency, Treasury (OCC);
Board of Governors of the Federal Reserve System (Board); Federal
Deposit Insurance Corporation (FDIC); U.S. Securities and Exchange
Commission (Commission); Federal Housing Finance Agency (FHFA); and
Department of Housing and Urban Development (HUD).
ACTION: Notification of commencement of review; extension of review
period.
-----------------------------------------------------------------------
SUMMARY: The OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies)
are providing notice of the extension of the period for the review, and
publication of determination of the review, of the definition of
qualified residential mortgage; the community-focused residential
mortgage exemption; and the exemption for qualifying three-to-four unit
residential mortgage loans, in each case as currently set forth in the
Credit Risk Retention Regulations (as defined below) as adopted by the
agencies.
[[Page 39100]]
DATES: The period for completion of the review of the subject
residential mortgage provisions and publication of notice disclosing
determination of this review is extended until June 20, 2021.
FOR FURTHER INFORMATION CONTACT:
OCC: Daniel Borman, Senior Attorney, (202) 649-6929 or, for persons
who are deaf or hearing impaired, TTY, (202) 649-5597, Chief Counsel's
Office; Ajay Palvia, (202) 649-5505, Senior Financial Economist, Office
of the Comptroller of the Currency, 400 7th Street SW, Washington, DC
20219.
Board: Flora H. Ahn, Special Counsel, (202) 452-2317, David W.
Alexander, Senior Counsel, (202) 452-287, or Matthew D. Suntag, Senior
Counsel, (202) 452-3694, Legal Division; Donald N. Gabbai, Lead
Financial Institutions Policy Analyst, Division of Supervision and
Regulation, (202) 452-3358; Karen Pence, Assistant Director, Division
of Research & Statistics, (202) 452-2342; Nikita Pastor, Senior
Counsel, Division of Consumer & Community Affairs, (202) 452-3692;
Board of Governors of the Federal Reserve System, 20th and C Streets
NW, Washington, DC 20551.
FDIC: Rae-Ann Miller, Associate Director, (202) 898-3898; Kathleen
M. Russo, Counsel, (703) 562-2071, [email protected]; or Phillip E.
Sloan, Counsel, (703) 562-6137, [email protected], Federal Deposit
Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
Commission: Arthur Sandel, Special Counsel; Kayla Roberts, Special
Counsel; Katherine Hsu, Chief, (202) 551-3850, in the Office of
Structured Finance, Division of Corporation Finance; or Chandler Lutz,
Economist, (202) 551-6600, in the Office of Risk Analysis, Division of
Economic and Risk Analysis, U.S. Securities and Exchange Commission,
100 F Street NE, Washington, DC 20549.
FHFA: Ron Sugarman, Principal Policy Analyst, Office of Financial
Analysis, Modeling and Simulations, (202) 649-3208,
[email protected], or Peggy K. Balsawer, Associate General Counsel,
Office of General Counsel, (202) 649-3060, [email protected],
Federal Housing Finance Agency, Constitution Center, 400 7th Street SW,
Washington, DC 20219. The telephone number for the Telecommunications
Device for the Deaf is (800) 877-8339.
HUD: Keith Becker, Deputy Assistant Secretary for Risk Management &
Regulatory Affairs, U.S. Department of Housing & Urban Development, 451
7th Street SW, Washington, DC 20410; telephone number (202) 402-3722
(this is not a toll-free number). Persons with hearing or speech
impairments may access this number through TTY by calling the toll-free
Federal Relay at (800) 877-8339.
SUPPLEMENTARY INFORMATION: The credit risk retention regulations are
codified at 12 CFR part 43; 12 CFR part 244; 12 CFR part 373; 17 CFR
part 246; 12 CFR part 1234; and 24 CFR part 267 (the Credit Risk
Retention Regulations). The Credit Risk Retention Regulations require
the OCC, Board, FDIC, and Commission, in consultation with the FHFA and
HUD, to commence, and give notice of commencement of, a review of the
following provisions of the Credit Risk Retention Regulations no later
than December 24, 2019: (1) The definition of qualified residential
mortgage (QRM) in section _.13 of the Credit Risk Retention
Regulations; (2) the community-focused residential mortgage exemption
in section _.19(f) of the Credit Risk Retention Regulations; and (3)
the exemption for qualifying three-to-four unit residential mortgage
loans in section _.19(g) of the Credit Risk Retention Regulations
(collectively, the ``subject residential mortgage provisions''). The
Credit Risk Retention Regulations also require that, after completion
of this review, but no later than six months after publication of a
notification announcing the review, unless extended by the agencies,
the agencies publish a notification disclosing the determination of
their review. Notification of the commencement of the review was
published in the Federal Register on December 20, 2019 (84 FR 70073).
This notification is being published to give notice that, due to
various factors considered among the agencies, including market and
other disruptions precipitated by COVID-19, the agencies have
determined to extend the period for completion of their review of the
subject residential mortgage provisions and publication of notice
disclosing determination of this review until June 20, 2021.
Brian P. Brooks,
Acting Comptroller of the Currency.
By order of the Board of Governors of the Federal Reserve System
acting through the Secretary of the Board under delegated authority.
Ann E. Misback,
Secretary of the Board.
Federal Deposit Insurance Corporation.
By order of the Board of Directors.
Dated at Washington, DC, on June 19, 2020.
James P. Sheesley,
Acting Assistant Executive Secretary.
Dated: June 19, 2020.
By the Securities and Exchange Commission.
Vanessa A. Countryman,
Secretary.
Mark A. Calabria,
Director, Federal Housing Finance Agency.
By the Department of Housing and Urban Development.
Len Wolfson,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2020-13830 Filed 6-29-20; 8:45 am]
BILLING CODE 6210-01-P; 4810-33-P; 6210-01-P; 3064-01-P; 8070-01-P;
8011-01-P; 4210-67-P
