Federal Reserve System June 21, 2023 – Federal Register Recent Federal Regulation Documents
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Quality Control Standards for Automated Valuation Models
The OCC, Board, FDIC, NCUA, CFPB, and FHFA (collectively, the agencies) invite comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer's principal dwelling. Under the proposal, the agencies would require institutions that engage in certain credit decisions or securitization determinations to adopt policies, practices, procedures, and control systems to ensure that AVMs used in these transactions to determine the value of mortgage collateral adhere to quality control standards designed to ensure a high level of confidence in the estimates produced by AVMs; protect against the manipulation of data; seek to avoid conflicts of interest; require random sample testing and reviews; and comply with applicable nondiscrimination laws.
Privacy Act of 1974; System of Records
Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board of Governors of the Federal Reserve System (Board) proposes to establish a new system of records, entitled BGFRS- 45, ``FRBDebt Collection Records.'' BGFRS-45 includes records concerning debts owed to the Board or to the United States (including but not limited to restitution collectible by the United States) that arise out of the Board's operations or other activities, and records concerning the Board's efforts to collect these debts. The Board will create, collect, and maintain these records to support its debt collection efforts, and to facilitate compliance with statutory and regulatory requirements.
Privacy Act of 1974; System of Records
Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board of Governors of the Federal Reserve System (Board) proposes to modify an existing system of records entitled BGFRS-20, ``FRBSurvey of Consumer Finances'' to account for changes necessitated by title III of the Foundations for Evidence-Based Policymaking Act of 2018 (Evidence Act). BGFRS-20 is a system of records that covers the Survey of Consumer Finances (SCF), which is a voluntary triennial survey of a representative sample of households that collects information on household finances, income, employment, attitudes and demographics.
Privacy Act of 1974; System of Records
Pursuant to the provisions of the Privacy Act of 1974, notice is given that the Board of Governors of the Federal Reserve System (Board) proposes to modify an existing system of records, entitled BGFRS-9, ``FRBSupplier Files.'' BGFRS-9 includes the supplier information form, W-9 tax identification document, and any other information pertaining to a supplier's status.
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