Home Mortgage Disclosure (Regulation C) Data Points and Coverage; Extension of Comment Period
| Published date | 03 July 2019 |
| Citation | 84 FR 31746 |
| Record Number | 2019-14174 |
| Section | Proposed rules |
| Court | Consumer Financial Protection Bureau |
Federal Register, Volume 84 Issue 128 (Wednesday, July 3, 2019)
[Federal Register Volume 84, Number 128 (Wednesday, July 3, 2019)]
[Proposed Rules]
[Pages 31746-31747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-14174]
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Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
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Federal Register / Vol. 84, No. 128 / Wednesday, July 3, 2019 /
Proposed Rules
[[Page 31746]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Part 1003
[Docket No. CFPB-2019-0020]
RIN 3170-AA97
Home Mortgage Disclosure (Regulation C) Data Points and Coverage;
Extension of Comment Period
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Advance notice of proposed rulemaking; extension of comment
period.
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SUMMARY: On May 8, 2019, the Bureau of Consumer Financial Protection
(Bureau) published in the Federal Register an Advance Notice of
Proposed Rulemaking (ANPR) soliciting comments relating to the data
points the Bureau's October 2015 final rule implementing the Home
Mortgage Disclosure Act (HMDA) added to Regulation C or revised to
require additional information. The ANPR also solicits comments
relating to the requirement that institutions report certain business-
or commercial-purpose transactions under Regulation C. The ANPR
provided a 60-day comment period that will end on July 8, 2019. To
allow interested persons more time to consider and submit their
responses, the Bureau has determined that an extension of the comment
period until October 15, 2019 is appropriate.
DATES: The comment period for the ANPR published May 8, 2019, at 84 FR
20049, is extended. Responses must now be received on or before October
15, 2019.
ADDRESSES: You may submit responsive information and other comments,
identified by Docket No. CFPB-2019-0020 or RIN 3170-AA97, by any of the
following methods:
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
Email: [email protected]. Include Docket No. CFPB-
2019-0020 or RIN 3170-AA97 in the subject line of the message.
Mail: Comment Intake, Bureau of Consumer Financial
Protection, 1700 G Street NW, Washington, DC 20552.
Hand Delivery/Courier: Comment Intake, Bureau of Consumer
Financial Protection, 1700 G Street NW, Washington, DC 20552.
Instructions: When responding to a particular question, please note
the question number at the top of the response. You are not required to
answer all questions to receive consideration of your comments. The
Bureau encourages the early submission of comments.
All submissions should include the agency name and docket number or
Regulatory Information Number (RIN) for this rulemaking. Because paper
mail in the Washington, DC area and at the Bureau is subject to delay,
commenters are encouraged to submit comments electronically. In
general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public
inspection and copying at 1700 G Street NW, Washington, DC 20552, on
official business days between the hours of 10:00 a.m. and 5:00 p.m.
Eastern Time. You can make an appointment to inspect the documents by
telephoning 202-435-7275.
All submissions, including attachments and other supporting
materials, will become part of the public record and subject to public
disclosure. Proprietary information or sensitive personal information,
such as account numbers or Social Security numbers, or names of other
individuals, should not be included. Submissions will not be edited to
remove any identifying or contact information.
The Bureau invites comment on all aspects of the ANPR from all
interested parties. In the event that a respondent may have concerns
about revealing proprietary or personal information, the Bureau
welcomes comments from attorneys, consumer advocacy organizations,
trade associations, or other representatives that do not identify their
clients.
FOR FURTHER INFORMATION CONTACT: Shaakira Gold-Ramirez, Counsel; or
David Hixson, Senior Counsel, Office of Regulations, at 202-435-7700 or
https://reginquiries.consumerfinance.gov/. If you require this document
in an alternative electronic format, please contact
[email protected].
SUPPLEMENTARY INFORMATION: On May 2, 2019, the Bureau issued the ANPR.
The ANPR was published in the Federal Register on May 8, 2019. The ANPR
seeks comment, data, and information from the public relating to
whether to make changes to the data points the Bureau's October 2015
final rule implementing HMDA added to Regulation C or revised to
require additional information. The ANPR also seeks comment, data, and
information from the public relating to the requirement that
institutions report certain business- or commercial-purpose
transactions under Regulation C.
The comment period for the ANPR was set to close on July 8, 2019.
The Bureau has received multiple written requests asking that the
Bureau extend the comment period. The requests indicated that
additional time would enable interested parties to more thoroughly
consider and respond to the questions presented in the ANPR. For
example, a group of three industry trade associations asked that the
Bureau extend the comment period from 60 to 90 days so that, among
other things, they would have sufficient time to survey their members
about the questions presented in the ANPR. A group of 18 consumer
advocacy and other non-profit organizations asked that the Bureau
reissue the ANPR and allow for a new 90-day comment period after the
release of the national loan level dataset for the data collected by
financial institutions in 2018 and the Bureau's annual overview of
residential mortgage lending based on that data (collectively, the 2018
HMDA Data).\1\ These organizations noted that 2018 was the first year
that HMDA and Regulation C have required institutions to collect and
report the data points that are the subject of the ANPR.
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\1\ With respect to the data collected by financial institutions
in 2017, the national loan level dataset and the Bureau's annual
overview can be found on the Bureau's website. See Bureau of
Consumer Fin. Prot., ``Data Point: 2017 Mortgage Market Activity and
Trends'' (May 7, 2018), https://www.consumerfinance.gov/data-research/research-reports/cfpb-data-point-mortgage-market-activity-and-trends/.
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The Bureau has balanced interested parties' desire to have
additional time to consider the issues raised in the ANPR,
[[Page 31747]]
gather data, and prepare their responses, with the need to proceed
expeditiously to consider comments and determine whether to issue a
proposed rule. The Bureau expects the 2018 HMDA Data to be released in
late summer. In light of these factors, the Bureau believes that an
extension of the ANPR comment period to October 15, 2019 is appropriate
and will allow interested parties adequate time to consider the 2018
HMDA Data before submitting their comments on the ANPR. The Bureau does
not, however, believe it is necessary or appropriate to reissue the
ANPR with a new 90-day comment period. The ANPR comment period will now
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close October 15, 2019.
Dated: June 24, 2019.
Kathleen L. Kraninger,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2019-14174 Filed 7-2-19; 8:45 am]
BILLING CODE 4810-AM-P
