Proposed Agency Information Collection Activities; Comment Request, 38090-38091 [2021-15289]

Agencies

• FEDERAL RESERVE SYSTEM

[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38090-38091]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15289]


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

FEDERAL RESERVE SYSTEM


Proposed Agency Information Collection Activities; Comment 
Request

AGENCY: Board of Governors of the Federal Reserve System.

ACTION: Notice, request for comment.

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

SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
invites comment on a proposal to extend for three years, without 
revision, the Reporting, Recordkeeping, and Disclosure Requirements 
Associated with the Home Mortgage Disclosure Act (HMDA) Loan/
Application Register Required by Regulation C (FR HMDA LAR; OMB No. 
7100-0247).

DATES: Comments must be submitted on or before September 17, 2021.

ADDRESSES: You may submit comments, identified by FR HMDA LAR, by any 
of the following methods:
     Agency website: https://www.federalreserve.gov/. Follow 
the instructions for submitting comments at https://www.federalreserve.gov/apps/foia/proposedregs.aspx.
     Email: [email protected]. Include the OMB 
number in the subject line of the message.
     Fax: (202) 452-3819 or (202) 452-3102.
     Mail: Ann E. Misback, Secretary, Board of Governors of the 
Federal Reserve System, 20th Street and Constitution Avenue NW, 
Washington, DC 20551.
    All public comments are available from the Board's website at 
https://www.federalreserve.gov/apps/foia/proposedregs.aspx as 
submitted, unless modified for technical reasons or to remove 
personally identifiable information at the commenter's request. 
Accordingly, comments will not be edited to remove any identifying or 
contact information. Public comments may also be viewed electronically 
or in paper in Room 146, 1709 New York Avenue NW, Washington, DC 20006, 
between 9:00 a.m. and 5:00 p.m. on weekdays. For security reasons, the 
Board requires that visitors make an appointment to inspect comments. 
You may do so by calling (202) 452-3684. Upon arrival, visitors will be 
required to present valid government-issued photo identification and to 
submit to security screening in order to inspect and photocopy 
comments.
    Additionally, commenters may send a copy of their comments to the 
Office of Management and Budget (OMB) Desk Officer--Shagufta Ahmed--
Office of Information and Regulatory Affairs, Office of Management and 
Budget, New Executive Office Building, Room 10235, 725 17th Street NW, 
Washington, DC 20503, or by fax to (202) 395-6974.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the PRA to approve and assign OMB control numbers to 
collections of information conducted or sponsored by the Board. In 
exercising this delegated authority, the Board is directed to take 
every reasonable step to solicit comment. In determining whether to 
approve a collection of information, the Board will consider all 
comments received from the public and other agencies.
    A copy of the Paperwork Reduction Act (PRA) OMB submission, 
including the reporting form and instructions, supporting statement, 
and other documentation will be available at https://www.reginfo.gov/public/do/PRAMain, if approved. These documents will also be made 
available on the Board's public website at https://www.federalreserve.gov/apps/reportforms/review.aspx or may be requested 
from the agency clearance officer, whose name appears above.

Request for Comment on Information Collection Proposal

    The Board invites public comment on the following information 
collection, which is being reviewed under authority delegated by the 
OMB under the PRA. Comments are invited on the following:
    a. Whether the proposed collection of information is necessary for 
the proper performance of the Board's functions, including whether the 
information has practical utility;
    b. The accuracy of the Board's estimate of the burden of the 
proposed information collection, including the validity of the 
methodology and assumptions used;
    c. Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    d. Ways to minimize the burden of information collection on 
respondents, including through the use of automated collection 
techniques or other forms of information technology; and
    e. Estimates of capital or startup costs and costs of operation, 
maintenance, and purchase of services to provide information.
    At the end of the comment period, the comments and recommendations 
received will be analyzed to determine the extent to which the Board 
should modify the proposal.

Proposal Under OMB Delegated Authority To Extend for Three Years, 
Without Revision, the Following Information Collection

    Report title: Reporting, Recordkeeping, and Disclosure Requirements 
Associated with the Home Mortgage Disclosure Act (HMDA) Loan/
Application Register Required by Regulation C.
    Agency form number: FR HMDA LAR.
    OMB control number: 7100-0247.
    Frequency: Annually and quarterly.
    Respondents: State member banks, their subsidiaries, subsidiaries 
of bank holding companies, U.S. branches and agencies of foreign banks 
(other than federal branches, federal agencies, and insured state 
branches of foreign banks), commercial lending companies owned or 
controlled by foreign banks, and organizations operating under section 
25 or 25A of the Federal Reserve Act.
    Estimated number of respondents: Reporting--Tier 1 Annual Reporter, 
3; Tier 1 Quarterly Reporter, 1; Tier 2, 131; Tier 2 Partial Reporter, 
308; and Tier 3 Partial Reporter, 33; Recordkeeping--Tier 1 Annual 
Reporter, 3; Tier 1 Quarterly Reporter, 1; Tier 2, 439; and Tier 3, 33; 
and Disclosure--Tier 1 Annual Reporter, 3; and Tier 1 Quarterly 
Reporter, 1.
    Estimated average hours per response: Reporting--Tier 1 Annual 
Reporter, 5,969; Tier 1 Quarterly Reporter, 6,903; Tier 2, 1,232; Tier 
2 Partial Reporter, 986; and Tier 3 Partial Reporter, 64; 
Recordkeeping--Tier 1 Annual Reporter, 4,130; Tier 1 Quarterly 
Reporter, 4,130; Tier 2, 83; and Tier 3, 27; and Disclosure--Tier 1 
Annual

[[Page 38091]]

Reporter, 5; and Tier 1 Quarterly Reporter, 5.
    Estimated annual burden hours: Reporting--Tier 1 Annual Reporter, 
17,907; Tier 1 Quarterly Reporter, 27,612; Tier 2, 161,392; Tier 2 
Partial Reporter, 303,688; and Tier 3 Partial Reporter, 2,112; 
Recordkeeping--Tier 1 Annual Reporter, 12,390; Tier 1 Quarterly 
Reporter, 16,520; Tier 2, 36,437; and Tier 3, 891; and Disclosure--Tier 
1 Annual Reporter, 15; and Tier 1 Quarterly Reporter, 20.
    General description of report: HMDA was enacted in 1975 and is 
implemented by Regulation C. Generally, HMDA requires certain 
depository and non-depository institutions that make certain mortgage 
loans to collect, report, and disclose data about originations and 
purchases of mortgage loans, as well as loan applications that do not 
result in originations (for example, applications that are denied or 
withdrawn). HMDA was enacted to provide regulators and the public with 
loan data that can be used to (1) help determine whether financial 
institutions are serving the housing needs of their communities, (2) 
assist public officials in distributing public-sector investments so as 
to attract private investment to areas where it is needed, and (3) 
assist in identifying possible discriminatory lending patterns and 
enforcing anti-discrimination statutes.\1\ Supervisory agencies, state 
and local public officials, and members of the public use the data to 
aid in the enforcement of the Community Reinvestment Act, the Equal 
Credit Opportunity Act, and the Fair Housing Act and to aid in 
identifying areas for residential redevelopment and rehabilitation.
---------------------------------------------------------------------------

    \1\ See 12 CFR 1003.1(b).
---------------------------------------------------------------------------

    Legal authorization and confidentiality: The FR HMDA LAR is 
authorized pursuant to section 304(j) of HMDA, which requires that the 
Consumer Financial Protection Bureau (Bureau) prescribe by regulation 
the form of loan application register information that must be reported 
by covered financial institutions. Section 1003.5 of Regulation C 
implements this statutory provision, and requires covered financial 
institutions to submit reports to their appropriate federal agency. 
Section 304(h)(2)(A) of HMDA designates the Board as the appropriate 
agency with respect to the entities described above. The FR HMDA LAR is 
mandatory.
    HMDA requires the information collected on the FR HMDA LAR to be 
made available to the general public in the form required under 
regulations prescribed by the Bureau. The Bureau is authorized to 
redact or modify the scope of the information before it is publicly 
disclosed to protect the privacy of loan applicants and to protect 
depository institutions from liability under any federal or state 
privacy law. The redacted information may be kept confidential under 
exemption 6 of the Freedom of Information Act, which protects from 
release information that, if disclosed, would ``constitute a clearly 
unwarranted invasion of personal privacy.'' \2\
---------------------------------------------------------------------------

    \2\ 5 U.S.C. 552(b)(6).

    Board of Governors of the Federal Reserve System, July 13, 2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-15289 Filed 7-16-21; 8:45 am]
BILLING CODE 6210-01-P