Notice2021-23805
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB
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
November 4, 2021
Issuing agencies
Federal Reserve System
Abstract
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, FR HMDA LAR, the Reporting, Recordkeeping, and Disclosure Requirements Associated with the CFPB's Home Mortgage Disclosure Act Loan/ Application Register required by Regulation C.
Full Text
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<title>Federal Register, Volume 86 Issue 211 (Thursday, November 4, 2021)</title>
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[Federal Register Volume 86, Number 211 (Thursday, November 4, 2021)]
[Notices]
[Pages 60816-60817]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23805]
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FEDERAL RESERVE SYSTEM
Agency Information Collection Activities: Announcement of Board
Approval Under Delegated Authority and Submission to OMB
AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board)
is adopting a proposal to extend for three years, without revision, FR
HMDA LAR, the Reporting, Recordkeeping, and Disclosure Requirements
Associated with the CFPB's Home Mortgage Disclosure Act Loan/
Application Register required by Regulation C.
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.
Office of Management and Budget (OMB) Desk Officer for the Federal
Reserve Board, 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.
SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board
authority under the Paperwork Reduction Act (PRA) to approve and assign
OMB control numbers to
[[Page 60817]]
collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official
OMB inventory of currently approved collections of information. The OMB
inventory, as well as copies of the PRA Submission, supporting
statements, and approved collection of information instrument(s) are
available at <a href="https://www.reginfo.gov/public/do/PRAMain">https://www.reginfo.gov/public/do/PRAMain</a>. These documents
are also available on the Federal Reserve 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.
Final Approval Under OMB Delegated Authority of the Extension for Three
Years, Without Revision, of the Following Information Collection
Report title: Reporting, Recordkeeping, and Disclosure Requirements
Associated with the CFPB's Home Mortgage Disclosure Act 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 and 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 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: The Home Mortgage Disclosure Act
(HMDA) was enacted in 1975 and is implemented by Regulation C.
Generally, the 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). The 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 the HMDA, which requires that
the Consumer Financial Protection Bureau (CFPB) 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 the HMDA designates the Board as the
appropriate agency with respect to the entities described above. The FR
HMDA LAR is mandatory.
The 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 CFPB. The CFPB 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).
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Current actions: On July 19, 2021, the Board published a notice in
the Federal Register (86 FR 38090) requesting public comment for 60
days on the extension, without revision, of the Reporting,
Recordkeeping, and Disclosure Requirements Associated with the CFPB's
Home Mortgage Disclosure Act Loan/Application Register required by
Regulation C. The comment period for this notice expired September 17,
2021. The Board did not receive any comments.
Board of Governors of the Federal Reserve System, October 27,
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-23805 Filed 11-3-21; 8:45 am]
BILLING CODE 6210-01-P
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