Home Mortgage Disclosure (Regulation C); Correction of Supplementary Information
| Published date | 02 November 2020 |
| Citation | 85 FR 69119 |
| Record Number | 2020-22891 |
| Section | Rules and Regulations |
| Court | Consumer Financial Protection Bureau |
This section of the FEDERAL REGISTER
contains regulatory documents having general
applicability and legal effect, most of which
are keyed to and codified in the Code of
Federal Regulations, which is published under
50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by
the Superintendent of Documents.
Rules and Regulations Federal Register
69119
Vol. 85, No. 212
Monday, November 2, 2020
1
Home Mortgage Disclosure (Regulation C), 85 FR
28364 (May 12, 2020).
2
Effective July 1, 2020, the coverage threshold for
closed-end mortgage loans increased to 100.
3
Specifically, section 1022(b)(2)(A) of the Dodd-
Frank Act calls for the Bureau to consider the
potential benefits and costs of a regulation to
consumers and covered persons, including the
potential reduction of access by consumers to
consumer financial products or services; the impact
on depository institutions and credit unions with
$10 billion or less in total assets as described in
section 1026 of the Dodd-Frank Act; and the impact
on consumers in rural areas.
4
E.g., 85 FR at 28371, 28374 n.68, 28381, 28383
n.137, 28384 n.141.
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1003
[Docket No. CFPB–2019–0021]
RIN 3170–AA76
Home Mortgage Disclosure
(Regulation C); Correction of
Supplementary Information
AGENCY
: Bureau of Consumer Financial
Protection.
ACTION
: Final rule; correction.
SUMMARY
: On April 16, 2020, the
Consumer Financial Protection Bureau
(Bureau) issued the ‘‘Home Mortgage
Disclosure (Regulation C)’’ final rule
(HMDA Thresholds Final Rule). The
Section-by-Section Analysis in the
Supplementary Information to the
HMDA Thresholds Final Rule contained
several clerical errors regarding the
estimated cost savings in annual
ongoing costs from various possible
closed-end coverage thresholds as
compared to the then-current coverage
threshold of 25 closed-end mortgage
loans. This document corrects those
errors.
DATES
: This correction is effective on
November 2, 2020.
FOR FURTHER INFORMATION CONTACT
:
Jaydee DiGiovanni, Counsel; or Amanda
Quester or Alexandra Reimelt, Senior
Counsels, Office of Regulations, at 202–
435–7700 or https://
reginquiries.consumerfinance.gov. If
you require this document in an
alternative electronic format, please
contact CFPB_Accessibility@cfpb.gov.
SUPPLEMENTARY INFORMATION
: On April
16, 2020, the Bureau issued the ‘‘Home
Mortgage Disclosure (Regulation C)’’
final rule (HMDA Thresholds Final
Rule), which adjusts the permanent
thresholds for reporting data about
closed-end mortgage loans and open-
end lines of credit in Regulation C.
1
The
Section-by-Section Analysis in part V of
the Supplementary Information to the
HMDA Thresholds Final Rule contained
several clerical errors regarding the
estimated cost savings in annual
ongoing costs from various possible
closed-end coverage thresholds as
compared to the then-current coverage
threshold of 25 closed-end mortgage
loans.
2
This document corrects those
errors. Specifically, in the first and
second columns on page 28374 and in
the third column on page 28383 of
volume 85 of the Federal Register:
•The phrase ‘‘institutions that
originate between 25 and 49 closed-end
mortgage loans would save
approximately $3.7 million per year in
total annual ongoing costs, relative to
the current threshold of 25’’ should read
‘‘institutions that originate between 25
and 49 closed-end mortgage loans
would save approximately $2.0 million
per year in total annual ongoing costs,
relative to the current threshold of 25’’;
•The phrase ‘‘institutions that
originate between 25 and 99 closed-end
mortgage loans will save approximately
$11.2 million per year, relative to the
current threshold of 25’’ should read
‘‘institutions that originate between 25
and 99 closed-end mortgage loans will
save approximately $6.4 million per
year, relative to the current threshold of
25’’; and
•The phrase ‘‘institutions would
save approximately $27.2 million and
$45.4 million, respectively, relative to
the current threshold of 25’’ should read
‘‘institutions would save more, relative
to the current threshold of 25.’’
The HMDA Thresholds Final Rule
includes the Bureau’s consideration of
the potential benefits, costs, and
impacts of the final rule in the Dodd-
Frank Act section 1022(b) analysis in
part VII of the Supplementary
Information.
3
As the Bureau explained
in part V of the Supplementary
Information, part VII.E of the
Supplementary Information provides a
more comprehensive discussion of the
Bureau’s costs estimates than part V.
4
These changes to part V correct the
clerical errors on pages 28374 and
28383 to conform the cost estimates
provided on those pages to the Bureau’s
analysis of the costs of the final rule
provided in part VII.E of the
Supplementary Information, including
the estimates provided in table 2 on
page 28392 and in the second and third
columns on page 28396.
Correction
Accordingly, the Bureau makes the
following corrections to FR Doc. 2020–
08409 published on May 12, 2020 (85
FR 28364):
1. On page 28374, in the first column,
in the 39th to 43rd lines, revise
‘‘institutions that originate between 25
and 49 closed-end mortgage loans
would save approximately $3.7 million
per year in total annual ongoing costs,
relative to the current threshold of 25’’
to read ‘‘institutions that originate
between 25 and 49 closed-end mortgage
loans would save approximately $2.0
million per year in total annual ongoing
costs, relative to the current threshold of
25’’;
2. On page 28374, in the first column,
in the 47th through 50th lines, and in
the second column, in the 1st line,
revise ‘‘institutions that originate
between 25 and 99 closed-end mortgage
loans will save approximately $11.2
million per year, relative to the current
threshold of 25’’ to read ‘‘institutions
that originate between 25 and 99 closed-
end mortgage loans will save
approximately $6.4 million per year,
relative to the current threshold of 25’’;
3. On page 28374, in the second
column, in the 3rd through 6th lines,
revise ‘‘institutions would save
approximately $27.2 million and $45.4
million, respectively, relative to the
current threshold of 25’’ to read
‘‘institutions would save more, relative
to the current threshold of 25’’;
4. On page 28383, in the third
column, in the 2nd to 7th lines, revise
‘‘institutions that originate between 25
and 49 closed-end mortgage loans
would save approximately $3.7 million
per year in total annual ongoing costs
relative to the current threshold of 25’’
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Federal Register / Vol. 85, No. 212 / Monday, November 2, 2020 / Rules and Regulations
to read ‘‘institutions that originate
between 25 and 49 closed-end mortgage
loans would save approximately $2.0
million per year in total annual ongoing
costs, relative to the current threshold of
25’’;
5. On page 28383, in the third
column, in the 10th through 14th lines,
revise ‘‘institutions that originate
between 25 and 99 closed-end mortgage
loans will save approximately $11.2
million per year, relative to the current
threshold of 25’’ to read ‘‘institutions
that originate between 25 and 99 closed-
end mortgage loans will save
approximately $6.4 million per year,
relative to the current threshold of 25’’;
and
6. On page 28383, in the third
column, in the 17th through 20th lines,
revise ‘‘institutions would save
approximately $27.2 million and $45.4
million, respectively, relative to the
current threshold of 25’’ to read
‘‘institutions would save more, relative
to the current threshold of 25.’’
The Director of the Bureau, having
reviewed and approved this document
is delegating the authority to
electronically sign this document to
Laura Galban, a Bureau Federal Register
Liaison, for purposes of publication in
the Federal Register.
Dated: October 9, 2020.
Laura Galban,
Federal Register Liaison, Bureau of Consumer
Financial Protection.
[FR Doc. 2020–22891 Filed 10–30–20; 8:45 am]
BILLING CODE 4810–AM–P
SMALL BUSINESS ADMINISTRATION
13 CFR Parts 124, 125, and 129
RIN 3245–AH18
Use of Federal Surplus Property for
Veteran-Owned Small Businesses and
Small Businesses in Disaster Areas
and Puerto Rico
AGENCY
: U.S. Small Business
Administration.
ACTION
: Final rule.
SUMMARY
: The U.S. Small Business
Administration (SBA) is amending its
regulations to expand access to the U.S.
General Services Administration’s
(GSA) Federal Surplus Personal
Property Donation Program for certain
small business concerns in accordance
with the Recovery Improvements for
Small Entities After Disaster Act of 2015
(RISE Act), the Veterans Small Business
Enhancement Act, and the John S.
McCain National Defense Authorization
Act for Fiscal Year 2019 (NDAA). These
Acts provide that small businesses in
disaster areas, veteran-owned small
businesses, and small business concerns
located in Puerto Rico, respectively,
should be considered for surplus
personal property distributions. SBA, in
coordination with GSA, is enacting
certain procedures for determining
which firms may participate in GSA’s
existing surplus personal property
program, and under what conditions.
DATES
: This rule is effective December 2,
2020.
FOR FURTHER INFORMATION CONTACT
:
Donna Fudge, Office of Policy, Planning
and Liaison, 409 Third Street SW,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION
:
General Background
On January 21, 2020, SBA issued a
proposed rule to implement three new
statutory programs regarding the
transfer of surplus personal property to
certain small businesses. 85 FR 3273. As
noted in SBA’s proposed rule, GSA
operates the Federal Surplus Personal
Property Donation Program (Donation
Program) under the Federal Property
and Administrative Services Act of
1949, 63 Stat. 377, as amended, and
other applicable laws. See 41 CFR part
102–37. Currently, eligible state and
local government agencies and
nonprofit organizations can obtain
personal property that the Federal
Government no longer needs through
the Donation Program. More
information is available on the GSA
website at https://www.gsa.gov/buying-
selling/government-property-for-sale-or-
disposal/personal-property-for-reuse-
sale/for-state-agencies-and-public-
organizations/.
SBA received 32 comments. Of those
32 comments, 30 were supportive. SBA
received several unsupportive
comments that requested SBA not adopt
clear statutory requirements. SBA has
noted these comments and has provided
a more thorough response to each of
those comments below.
The Veterans Small Business
Enhancement Act
The Veterans Small Business
Enhancement Act, Public Law 115–416
(January 2, 2019), codified in the Small
Business Act at 15 U.S.C 657b(g),
provides that veteran-owned small
businesses should have access to
surplus government personal property.
SBA is adding a new subpart F,
containing § 125.100, to 13 CFR part 125
to implement these changes.
SBA is adding this subpart to detail
the new statutory authority. As noted in
SBA’s proposed rule, GSA and the State
Agencies for Surplus Property (SASPs)
already maintain a compliance and
oversight role with regard the
distribution of surplus personal
property. As such, veteran-owned small
business concerns that receive surplus
personal property will generally follow
the same guidelines and procedures as
other recipients through GSA’s
Donation Program.
The language added in § 125.100(a)
references the regulations that govern
the GSA Donation Program, and the
requirements that concerns will need to
meet to use the Donation Program.
There were no comments on this
paragraph and language is being
adopted as proposed.
SBA received three comments on the
proposed language for § 125.100(b)(1).
For this section, SBA proposed language
to incorporate the requirement that a
concern will need to be verified by the
Department of Veterans Affairs (VA) as
a small business owned and controlled
by veterans in order to be eligible for the
Donation Program. One commenter
agreed with SBA’s proposed regulation.
Two commenters requested that SBA
remove the requirement regarding
verification by the VA. The commenters
requested that SBA drop this
requirement because they believed it
creates an obstacle to participation that
could limit the number of small
businesses that use the Donation
Program. As noted in the proposed rule,
the requirement that participants be
verified by the VA comes directly from
the Small Business Act and is a
statutory requirement. The statutory
language states that access to the
Donation Program is available only to
‘‘to small business concerns owned and
controlled by veterans (as verified by
the Secretary of Veterans Affairs under
section 8127 of title 38, United States
Code)’’. 15 U.S.C. 657b(g)(2). SBA does
not have the authority to disregard clear
statutory language when promulgating
regulations and program requirements,
and therefore, SBA will not be removing
this requirement.
SBA is adding § 125.100(c) to provide
the requirements for the use of surplus
personal property received, and the
repercussions for misusing the surplus
personal property. The proposed
language references GSA and SASP
guidelines for use of surplus personal
property because, as mentioned above,
veteran-owned small businesses will be
treated similarly to other recipients with
regard to the use, maintenance, and
retention of surplus personal property.
SBA received one comment on the
proposed language. This comment
requested that the final rule provide
more specificity and detail regarding
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