Fair Credit Reporting Act Disclosures

• Citation: 85 FR 83749
• Record Number: 2020-28409
• Published date: 23 December 2020
• Section: Rules and Regulations
• Court: Consumer Financial Protection Bureau

83749

Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Rules and Regulations

1

15 U.S.C. 1681g.

2

15 U.S.C. 1681j(a).

had assets of less than $1.322 billion.

Intermediate small bank means a small

bank with assets of at least $330 billion

as of December 31 of both of the prior

two calendar years and less than $1.322

billion as of December 31 of either of the

prior two calendar years.

* * * * *

Federal Deposit Insurance Corporation

12 CFR Chapter III

Authority and Issuance

For the reasons set forth in the

common preamble, the Board of

Directors of the Federal Deposit

Insurance Corporation amends part 345

of chapter III of title 12 of the Code of

Federal Regulations to read as follows:

PART 345—COMMUNITY

REINVESTMENT

■3. The authority citation for part 345

continues to read as follows:

Authority: 12 U.S.C. 1814–1817, 1819–

1820, 1828, 1831u and 2901–2908, 3103–

3104, and 3108(a).

■4. Section 345.12 is amended by

revising paragraph (u)(1) to read as

follows:

§ 345.12 Definitions.

* * * * *

(u) * * * (1) Definition. Small bank

means a bank that, as of December 31

of either of the prior two calendar years,

had assets of less than $1.322 billion.

Intermediate small bank means a small

bank with assets of at least $330 million

as of December 31 of both of the prior

two calendar years and less than $1.322

billion as of December 31 of either of the

prior two calendar years.

* * * * *

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 December 15,

2020.

James P. Sheesley,

Assistant Executive Secretary.

[FR Doc. 2020–28116 Filed 12–22–20; 8:45 am]

BILLING CODE 6210–01–P; 4810–33–P; 6714–01–P

FARM CREDIT ADMINISTRATION

12 CFR Part 615

RIN 3052–AD35

Organization; Funding and Fiscal

Affairs, Loan Policies and Operations,

and Funding Operations; Investment

Eligibility

AGENCY

: Farm Credit Administration.

ACTION

: Notification of effective date.

SUMMARY

: The Farm Credit

Administration (FCA or we) issued a

final rule that amends its investment

regulations to authorize Farm Credit

System (FCS or System) associations to

purchase in the secondary market and

hold as investments, portions of loans

that non-FCS lenders originate, and that

the United States Department of

Agriculture (USDA) fully and

unconditionally guarantees or insures as

to the timely payment of principal and

interest. In accordance with statute, the

effective date of the final rule is no

earlier than 30 days from the date of

publication in the Federal Register

during which either or both House of

Congress are in session.

DATES

: The final rule regulation

amending 12 CFR part 615 published on

October 6, 2020 (85 FR 62945), and

corrected on November 6, 2020 (85 FR

62949), is effective as of December 23,

2020.

FOR FURTHER INFORMATION CONTACT

:

Technical information: David J.

Lewandrowski, Senior Policy Analyst,

Finance & Capital Market Team, Office

of Regulatory Policy, (703) 883–4414,

TTY (703) 883–4056, lewandrowskid@

fca.gov.

Legal information: Richard A. Katz,

Senior Counsel, Office of General

Counsel, (703) 883–4020, TTY (703)

883–4056, katzr@fca.gov.

SUPPLEMENTARY INFORMATION

: On August

13, 2020, the FCA issued a final rule

that amended § 615.5140(b) so FCS

associations are authorized to purchase

in the secondary market and hold as

investments, portions of loans that non-

System lenders originate, and the USDA

fully and unconditionally guarantees as

to the payment of principal and interest.

The final rule was published in the

Federal Register on October 6, 2020.

In accordance with 12 U.S.C.

2252(c)(1), the effective date of the final

rule is no earlier than 30 days from the

date of publication in the Federal

Register during which either or both

Houses of Congress are in session. Based

on the records of the sessions of

Congress, the effective date of the

regulation is December 23, 2020.

Dated: December 7, 2020.

Dale Aultman,

Secretary, Farm Credit Administration Board.

[FR Doc. 2020–27144 Filed 12–22–20; 8:45 am]

BILLING CODE 6705–01–P

BUREAU OF CONSUMER FINANCIAL

PROTECTION

12 CFR Part 1022

Fair Credit Reporting Act Disclosures

AGENCY

: Bureau of Consumer Financial

Protection.

ACTION

: Final rule; official

interpretation.

SUMMARY

: The Bureau of Consumer

Financial Protection (Bureau) is issuing

this final rule amending an appendix for

Regulation V, which implements the

Fair Credit Reporting Act (FCRA). The

Bureau is required to calculate annually

the dollar amount of the maximum

allowable charge for disclosures by a

consumer reporting agency to a

consumer pursuant to FCRA section

609; this final rule establishes the

maximum allowable charge for the 2021

calendar year.

DATES

: This final rule is effective

January 1, 2021.

FOR FURTHER INFORMATION CONTACT

:

Willie Williams, Paralegal Specialist;

Rachel Ross, Attorney-Advisor; Office of

Regulations, at (202) 435–7700. If you

require this document in an alternative

electronic format, please contact CFPB_

Accessibility@cfpb.gov.

SUPPLEMENTARY INFORMATION

: The

Bureau is amending appendix O for

Regulation V, which implements the

FCRA, to establish the maximum

allowable charge for disclosures by a

consumer reporting agency to a

consumer for 2021. The maximum

allowable charge will be $13.00 for

2021.

I. Background

Under section 609 of the FCRA, a

consumer reporting agency must, upon

a consumer’s request, disclose to the

consumer information in the consumer’s

file.

1

Section 612(a) of the FCRA gives

consumers the right to a free file

disclosure upon request once every 12

months from the nationwide consumer

reporting agencies and nationwide

specialty consumer reporting agencies.

2

Section 612 of the FCRA also gives

consumers the right to a free file

disclosure under certain other, specified

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Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Rules and Regulations

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15 U.S.C. 1681j(b)-(d). The maximum allowable

charge announced by the Bureau does not apply to

requests made under section 612(a)–(d) of the

FCRA. The charge does apply when a consumer

who orders a file disclosure has already received a

free annual file disclosure and does not otherwise

qualify for an additional free file disclosure.

4

15 U.S.C. 1681j(f)(1)(A).

5

15 U.S.C. 1681j(f)(2).

6

5 U.S.C. 553(b)(B).

7

5 U.S.C. 603(a), 604(a).

8

44 U.S.C. 3506; 5 CFR part 1320.

circumstances.

3

Where the consumer is

not entitled to a free file disclosure,

section 612(f)(1)(A) of the FCRA

provides that a consumer reporting

agency may impose a reasonable charge

on a consumer for making a file

disclosure. Section 612(f)(1)(A) of the

FCRA provides that the charge for such

a disclosure shall not exceed $8.00 and

shall be indicated to the consumer

before making the file disclosure.

4

Section 612(f)(2) of the FCRA also

states that the $8.00 maximum amount

shall increase on January 1 of each year,

based proportionally on changes in the

Consumer Price Index, with fractional

changes rounded to the nearest fifty

cents.

5

Such increases are based on the

Consumer Price Index for All Urban

Consumers (CPI–U), which is the most

general Consumer Price Index and

covers all urban consumers and all

items.

II. Adjustment

For 2021, the ceiling on allowable

charges under section 612(f) of the

FCRA will be $13.00, an increase of fifty

cents from 2020. The Bureau is using

the $8.00 amount set forth in section

612(f)(1)(A)(i) of the FCRA as the

baseline for its calculation of the

increase in the ceiling on reasonable

charges for certain disclosures made

under section 609 of the FCRA. Since

the effective date of section 612(a) was

September 30, 1997, the Bureau

calculated the proportional increase in

the CPI–U from September 1997 to

September 2020. The Bureau then

determined what modification, if any,

from the original base of $8.00 should

be made effective for 2021, given the

requirement that fractional changes be

rounded to the nearest fifty cents.

Between September 1997 and

September 2020, the CPI–U increased by

61.464 percent from an index value of

161.2 in September 1997 to a value of

260.28 in September 2020. An increase

of 61.464 percent in the $8.00 base

figure would lead to a figure of $12.92.

However, because the statute directs

that the resulting figure be rounded to

the nearest $0.50, the maximum

allowable charge is $13.00. The Bureau

therefore determines that the maximum

allowable charge for the year 2021 will

increase to $13.00.

III. Procedural Requirements

A. Administrative Procedure Act

Under the Administrative Procedure

Act (APA), notice and opportunity for

public comment are not required if the

Bureau finds that notice and public

comment are impracticable,

unnecessary, or contrary to the public

interest.

6

Pursuant to this final rule, in

Regulation V, appendix O is amended to

update the maximum allowable charge

for 2021 under section 612(f). The

amendments in this final rule are

technical and non-discretionary, as they

merely apply the method previously

established in Regulation V for

determining adjustments to the

thresholds. For these reasons, the

Bureau has determined that publishing

a notice of proposed rulemaking and

providing opportunity for public

comment are unnecessary. The

amendments therefore are adopted in

final form.

Section 553(d) of the APA generally

requires publication of a final rule not

less than 30 days before its effective

date, except (1) a substantive rule which

grants or recognizes an exemption or

relieves a restriction; (2) interpretive

rules and statements of policy; or (3) as

otherwise provided by the agency for

good cause found and published with

the rule. 5 U.S.C. 553(d). At a minimum,

the Bureau believes the amendments

made by this rule fall under the third

exception to section 553(d). The Bureau

finds that there is good cause to make

this rule effective on January 1, 2021.

The amendments made by this rule are

technical and non-discretionary, and

apply the method previously

established in the Bureau’s regulations

for automatic adjustments to the

threshold.

B. Regulatory Flexibility Act

Because no notice of proposed

rulemaking is required, the Regulatory

Flexibility Act does not require an

initial or final regulatory flexibility

analysis.

7

C. Paperwork Reduction Act

In accordance with the Paperwork

Reduction Act of 1995,

8

the Bureau

reviewed this final rule. No collections

of information pursuant to the

Paperwork Reduction Act are contained

in the final rule.

D. Congressional Review Act

Pursuant to the Congressional Review

Act (5 U.S.C. 801 et seq.), the Bureau

will submit a report containing this rule

and other required information to the

United States Senate, the United States

House of Representatives, and the

Comptroller General of the United

States prior to the rule taking effect. The

Office of Information and Regulatory

Affairs (OIRA) has designated this rule

as not a ‘‘major rule’’ as defined by 5

U.S.C. 804(2).

IV. Signing Authority

The Acting Associate Director for

Research, Markets and Regulations, Dan

S. Sokolov, having reviewed and

approved this document, is delegating

the authority to electronically sign this

document to Grace Feola, a Bureau

Federal Register Liaison, for purposes of

publication in the Federal Register.

List of Subjects in 12 CFR Part 1022

Banks, banking, Consumer protection,

Credit unions, Holding companies,

National banks, Privacy, Reporting and

recordkeeping requirements, Savings

associations.

Authority and Issuance

For the reasons set forth in the

preamble, the Bureau amends

Regulation V, 12 CFR part 1022, as set

forth below:

PART 1022—FAIR CREDIT

REPORTING (REGULATION V)

■1. The authority citation for part 1022

continues to read as follows:

Authority: 12 U.S.C. 5512, 5581; 15 U.S.C.

1681a, 1681b, 1681c, 1681c–1, 1681e, 1681g,

1681i, 1681j, 1681m, 1681s, 1681s–2, 1681s–

3, and 1681t; Sec. 214, Pub. L. 108–159, 117

Stat. 1952.

■2. Appendix O is revised to read as

follows:

Appendix O to Part 1022—Reasonable

Charges for Certain Disclosures

Section 612(f) of the FCRA, 15 U.S.C.

1681j(f), directs the Bureau to increase the

maximum allowable charge a consumer

reporting agency may impose for making a

disclosure to the consumer pursuant to

section 609 of the FCRA, 15 U.S.C. 1681g, on

January 1 of each year, based proportionally

on changes in the Consumer Price Index,

with fractional changes rounded to the

nearest fifty cents. The Bureau will publish

notice of the maximum allowable charge

each year by amending this appendix. For

calendar year 2021, the maximum allowable

charge is $13.00. For historical purposes:

1. For calendar year 2012, the maximum

allowable disclosure charge was $11.50.

2. For calendar year 2013, the maximum

allowable disclosure charge was $11.50.

3. For calendar year 2014, the maximum

allowable disclosure charge was $11.50.

4. For calendar year 2015, the maximum

allowable disclosure charge was $12.00.

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Federal Register / Vol. 85, No. 247 / Wednesday, December 23, 2020 / Rules and Regulations

5. For calendar year 2016, the maximum

allowable disclosure charge was $12.00.

6. For calendar year 2017, the maximum

allowable disclosure charge was $12.00.

7. For calendar year 2018, the maximum

allowable disclosure charge was $12.00.

8. For calendar year 2019, the maximum

allowable disclosure charge was $12.50.

9. For calendar year 2020, the maximum

allowable disclosure charge was $12.50.

10. For calendar year 2021, the maximum

allowable disclosure charge is $13.00.

Dated: December 18, 2020.

Grace Feola,

Federal Register Liaison, Bureau of Consumer

Financial Protection.

[FR Doc. 2020–28409 Filed 12–22–20; 8:45 am]

BILLING CODE 4810–AM–P

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA–2020–0841; Product

Identifier 2020–NM–087–AD; Amendment

39–21366; AD 2020–26–11]

RIN 2120–AA64

Airworthiness Directives; Airbus SAS

Airplanes

AGENCY

: Federal Aviation

Administration (FAA), Department of

Transportation (DOT).

ACTION

: Final rule.

SUMMARY

: The FAA is adopting a new

airworthiness directive (AD) for certain

Airbus SAS Model A300 F4–605R

airplanes and Model A310–324

airplanes. This AD was prompted by a

report that certain emergency locator

transmitter (ELT) lithium batteries lack

protection against current injection.

This AD requires modification of the

airplane circuit connecting the ELT

battery, as specified in a European

Union Aviation Safety Agency (EASA)

AD, which is incorporated by reference.

The FAA is issuing this AD to address

the unsafe condition on these products.

DATES

: This AD is effective January 27,

2021.

The Director of the Federal Register

approved the incorporation by reference

of a certain publication listed in this AD

as of January 27, 2021.

ADDRESSES

: For material incorporated

by reference (IBR) in this AD, contact

the EASA, Konrad-Adenauer-Ufer 3,

50668 Cologne, Germany; phone: +49

221 8999 000; email: ADs@

easa.europa.eu; internet:

www.easa.europa.eu. You may find this

IBR material on the EASA website at

https://ad.easa.europa.eu. You may

view this IBR material at the FAA,

Airworthiness Products Section,

Operational Safety Branch, 2200 South

216th St., Des Moines, WA. For

information on the availability of this

material at the FAA, call 206–231–3195.

It is also available in the AD docket on

the internet at https://

www.regulations.gov by searching for

and locating Docket No. FAA–2020–

0841.

Examining the AD Docket

You may examine the AD docket on

the internet at https://

www.regulations.gov by searching for

and locating Docket No. FAA–2020–

0841; or in person at Docket Operations

between 9 a.m. and 5 p.m., Monday

through Friday, except Federal holidays.

The AD docket contains this final rule,

any comments received, and other

information. The address for Docket

Operations is U.S. Department of

Transportation, Docket Operations, M–

30, West Building Ground Floor, Room

W12–140, 1200 New Jersey Avenue SE,

Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT

: Dan

Rodina, Aerospace Engineer, Large

Aircraft Section, International

Validation Branch, FAA, 2200 South

216th St., Des Moines, WA 98198;

phone and fax: 206–231–3225; email:

dan.rodina@faa.gov.

SUPPLEMENTARY INFORMATION

:

Discussion

The EASA, which is the Technical

Agent for the Member States of the

European Union, has issued EASA AD

2020–0108, dated May 14, 2020 (EASA

AD 2020–0108) (also referred to as the

Mandatory Continuing Airworthiness

Information, or the MCAI), to correct an

unsafe condition for certain Airbus SAS

Model A300–600 series airplanes and

Model A310 series airplanes.

The FAA issued a notice of proposed

rulemaking (NPRM) to amend 14 CFR

part 39 by adding an AD that would

apply to certain Airbus SAS Model

A300 F4–605R airplanes and Model

A310–324 airplanes. The NPRM

published in the Federal Register on

September 16, 2020 (85 FR 57802). The

NPRM was prompted by a report that

certain ELT lithium batteries lack

protection against current injection. The

NPRM proposed to require modification

of the airplane circuit connecting the

ELT battery, as specified in a EASA AD.

The FAA is issuing this AD to address

ELT lithium batteries lacking protection

against current injection, which could

induce a local battery fire, even after a

significant delay, and could result in

damage to the airplane and injury to

occupants. See the MCAI for additional

background information.

Comments

The FAA gave the public the

opportunity to participate in developing

this final rule. The FAA received no

comments on the NPRM or on the

determination of the cost to the public.

Conclusion

The FAA reviewed the relevant data

and determined that air safety and the

public interest require adopting this

final rule as proposed, except for minor

editorial changes. The FAA has

determined that these minor changes:

•Are consistent with the intent that

was proposed in the NPRM for

addressing the unsafe condition; and

•Do not add any additional burden

upon the public than was already

proposed in the NPRM.

Related Service Information Under 1

CFR Part 51

EASA AD 2020–0108 describes

procedures for modification of the

airplane circuit connecting the ELT

battery by installing a diode. This

material is reasonably available because

the interested parties have access to it

through their normal course of business

or by the means identified in the

ADDRESSES

section.

Costs of Compliance

The FAA estimates that this AD

affects 6 airplanes of U.S. registry. The

FAA estimates the following costs to

comply with this AD:

E

STIMATED

C

OSTS FOR

R

EQUIRED

A

CTIONS

Labor cost Parts cost Cost per

product Cost on U.S.

operators

2 work-hours × $85 per hour = $170 .......................................................................................... $50 $220 $1,320

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