Notice2021-15289
Proposed Agency Information Collection Activities; Comment Request
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 19, 2021
Issuing agencies
Federal Reserve System
Abstract
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).
Full Text
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<title>Federal Register, Volume 86 Issue 135 (Monday, July 19, 2021)</title>
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[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38090-38091]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15289]
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FEDERAL RESERVE SYSTEM
Proposed Agency Information Collection Activities; Comment
Request
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Notice, request for comment.
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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:
<bullet> Agency website: <a href="https://www.federalreserve.gov/">https://www.federalreserve.gov/</a>. Follow
the instructions for submitting comments at <a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a>.
<bullet> Email: <a href="/cdn-cgi/l/email-protection#99ebfcfeeab7faf6f4f4fcf7edead9fffcfdfcebf8f5ebfceafcebeffcb7fef6ef"><span class="__cf_email__" data-cfemail="b8cadddfcb96dbd7d5d5ddd6cccbf8dedddcddcad9d4caddcbddcacedd96dfd7ce">[email protected]</span></a>. Include the OMB
number in the subject line of the message.
<bullet> Fax: (202) 452-3819 or (202) 452-3102.
<bullet> 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
<a href="https://www.federalreserve.gov/apps/foia/proposedregs.aspx">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</a> 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 <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>, if approved. These documents will also be made
available on the Board's public website at <a href="https://www.federalreserve.gov/apps/reportforms/review.aspx">https://www.federalreserve.gov/apps/reportforms/review.aspx</a> 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.
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\1\ See 12 CFR 1003.1(b).
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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\
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\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
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