Rule2023-05216
Agency Contact Information
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
March 20, 2023
Effective
April 19, 2023
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing this final rule to make non-substantive corrections and updates to Bureau and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with Equal Credit Opportunity Act adverse action notices and the Fair Credit Reporting Act Summary of Consumer Rights. This final rule also revises the chapter heading, makes various non-substantive changes to Regulations B and V, and provides a Bureau website address where the public may access certain APR tables referenced in Regulation Z.
Full Text
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<title>Federal Register, Volume 88 Issue 53 (Monday, March 20, 2023)</title>
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[Federal Register Volume 88, Number 53 (Monday, March 20, 2023)]
[Rules and Regulations]
[Pages 16531-16543]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-05216]
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Rules and Regulations
Federal Register
________________________________________________________________________
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.
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Federal Register / Vol. 88, No. 53 / Monday, March 20, 2023 / Rules
and Regulations
[[Page 16531]]
BUREAU OF CONSUMER FINANCIAL PROTECTION
12 CFR Chapter X
Agency Contact Information
AGENCY: Bureau of Consumer Financial Protection.
ACTION: Final rule; technical corrections.
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SUMMARY: The Consumer Financial Protection Bureau (Bureau or CFPB) is
issuing this final rule to make non-substantive corrections and updates
to Bureau and other Federal agency contact information found at certain
locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal
agency contact information that must be provided with Equal Credit
Opportunity Act adverse action notices and the Fair Credit Reporting
Act Summary of Consumer Rights. This final rule also revises the
chapter heading, makes various non-substantive changes to Regulations B
and V, and provides a Bureau website address where the public may
access certain APR tables referenced in Regulation Z.
DATES: The rule is effective April 19, 2023. However, the mandatory
compliance date for the amendments to appendix A to Regulation B,
appendix A to Regulation J, and appendix K to Regulation V is March 20,
2024. See part V for more information.
FOR FURTHER INFORMATION CONTACT: Luke Diamond, Counsel; Ruth Van
Veldhuizen, Senior Counsel, Office of Regulations, at 202-435-7700 or
<a href="https://reginquiries.consumerfinance.gov/">https://reginquiries.consumerfinance.gov/</a>. If you require this document
in an alternative electronic format, please contact
<a href="/cdn-cgi/l/email-protection#f1b2b7a1b3aeb092929482829893989d988588b192978193df969e87"><span class="__cf_email__" data-cfemail="3f7c796f7d607e5c5c5a4c4c565d5653564b467f5c594f5d11585049">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Summary of Final Rule
The Bureau is making non-substantive corrections and updates to
Federal agency contact information located in several regulations. This
includes correcting the zip code in the Bureau's mailing address found
at certain locations in Regulations B, E, J, Z, and DD; replacing the
name of a former Bureau division specified at certain locations in
Regulations B, E, F, X, and Z with the name of a new, expanded Bureau
division or updating references to officials of the former division to
instead refer more generally to Bureau officials; and updating other
Federal agency contact information in appendix A to Regulation B, which
must be included in Equal Credit Opportunity Act (ECOA) adverse action
notices, and appendix K to Regulation V, which contains the model form
of the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights. The
Bureau is also changing the header of 12 CFR chapter X from ``Bureau of
Consumer Financial Protection'' to ``Consumer Financial Protection
Bureau,'' and making various non-substantive corrections in Regulations
B and V. Finally, the Bureau is updating the comment for appendix J to
Regulation Z in the Official Interpretations of Regulation Z to add a
URL (website address) at which the public may access a new Bureau
website that contains certain APR tables. Previously, the public could
only request the tables from the Bureau at its postal mailing address.
In Regulation B, implementing ECOA, the Bureau is amending appendix
A, which contains Federal agency contact information that creditors
must include in ECOA adverse action notices.\1\ The Bureau is
correcting the contact information in appendix A for the following
agencies: the Bureau; the Office of the Comptroller of the Currency
(OCC); the Federal Deposit Insurance Corporation (FDIC); the National
Credit Union Administration (NCUA); the Department of Transportation
(DOT); the Surface Transportation Board (STB); the United States
Department of Agriculture, Agricultural Marketing Service (USDA-AMS);
the United States Small Business Administration (SBA); the Securities
and Exchange Commission (SEC); and the Federal Trade Commission (FTC).
The Bureau is also correcting its own contact information in appendix
D, which sets forth the process by which entities may request official
Bureau interpretations of Regulation B, and removing an obsolete
sentence located in section 1002.9(b)(1).
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\1\ In appendix A to Regulation B and appendix K to Regulation
V, the contact information for some agencies includes a specific
office (such as the OCC's Customer Assistance Group and the USDA-
AMS's Packers and Stockyards Division). References to agencies in
this notice mean the specific office of that agency if an office is
designated in the relevant appendix.
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In Regulation E, implementing the Electronic Fund Transfer Act
(EFTA), the Bureau is correcting and updating its own contact
information in appendix C, which sets forth the process by which
entities may request official Bureau interpretations of Regulation E.
Appendix C to Regulation E currently designates the ``Associate
Director and other officials of the Division of Research, Markets, and
Regulations'' as the officials authorized under the Act to issue
official interpretations. Because the Division of Research, Markets,
and Regulations no longer exists, the Bureau is updating this language
to reflect that fact, and instead indicate more generally that ``duly
authorized officials of the Bureau'' may provide official
interpretations of Regulation E.
In Regulation F, implementing the Fair Debt Collection Practices
Act (FDCPA), the Bureau is correcting its own contact information in
appendix A, which sets forth the process by which States may apply to
the Bureau to exempt a class of debt collection practices from the
requirements of the FDCPA and Regulation F, and in the introduction
section of Supplement I, which sets forth the process by which entities
can request official interpretations of Regulation F.
In Regulation J, implementing the Interstate Land Sales Full
Disclosure Act (ILSA), the Bureau is correcting its own contact
information in appendix A, which contains model forms and clauses that
land developers must provide to prospective land buyers under certain
circumstances.
In Regulation V, implementing the FCRA, the Bureau is amending the
model form in appendix K for the Summary of Consumer Rights. Consumer
reporting agencies must provide a Summary of Consumer Rights when
making a written disclosure of information from a consumer's file or
providing a credit score to a consumer, and the FCRA also requires
certain other persons to provide a Summary of Consumer Rights to
consumers under specified circumstances. The Bureau is correcting the
contact information in the Summary of Consumer Rights model
[[Page 16532]]
form for the following agencies: the OCC, FDIC, NCUA, DOT, STB, USDA-
AMS, and SBA. The Bureau is also amending the Summary of Consumer
Rights model form to update references to obsolete business types and
to make other technical corrections.
In Regulation X, implementing the Real Estate Settlement Procedures
Act (RESPA), the Bureau is correcting its own contact information in
the definition of ``Public Guidance Documents'' in section 1024.2(b),
which contains the procedure by which entities can request copies of
public guidance documents from the Bureau, and in the introduction
section of Supplement I, which sets forth the process by which entities
can request official interpretations of Regulation X.
In Regulation Z, implementing the Truth in Lending Act (TILA), the
Bureau is correcting its own contact information in appendices A, B,
and C. Appendix A sets forth the process by which States may request a
determination from the Bureau regarding whether a State law is
inconsistent with or substantially the same as TILA and Regulation Z.
Appendix B sets forth the process by which States may apply to the
Bureau to exempt a class of transactions from the requirements of TILA
and Regulation Z. Appendix C sets forth the process by which entities
may request official Bureau interpretations of Regulation Z. The Bureau
is also correcting its own contact information in the comment for
appendix J, located in the Official Interpretations in Supplement I.
Appendix J sets forth the actuarial equations and instructions for
calculating the annual percentage rate in closed-end credit
transactions. The Bureau maintains Annual Percentage Rate Tables to
assist in performance of these calculations, and the comment for
appendix J in the Official Interpretations describes a process that
entities may use to request these tables from the Bureau. In addition
to correcting the Bureau's zip code in its postal address provided
there, the Bureau now makes the tables available to the public on its
website and is updating the comment to appendix J in the Official
Interpretations to add a URL at which the public may access the
website.
In Regulation DD, implementing the Truth in Savings Act (TISA), the
Bureau is correcting its own contact information in appendix C, which
sets forth the process by which States may request a determination from
the Bureau regarding whether a State law is inconsistent with TISA and
Regulation DD.
II. Background
As of July 21, 2011, title X of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (Dodd-Frank Act) \2\ transferred rulemaking
authority for several consumer financial protection laws from seven
Federal agencies to the Bureau. In the process of republishing the
regulations implementing those laws, an incorrect zip code (20006) was
mistakenly included as part of postal address contact information for
the Bureau. The error appears in a limited number of locations in
appendices and supplements to Regulations B, E, J, Z, and DD, including
in certain forms: the list of Federal agencies' contact information in
appendix A to Regulation B, which must be included in adverse action
notices under ECOA; and the Sample Receipt, Agent Certification and
Cancellation Page, in appendix A to Regulation J, which must be
delivered to prospective lot purchasers under ILSA. The correct postal
address for the Bureau is: 1700 G Street NW, Washington, DC 20552.
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\2\ Dodd-Frank Wall Street Reform and Consumer Protection Act,
Public Law 111-203, tit. X, 124 Stat. 1376, 1955 (2010).
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In addition, the Bureau recently completed an organizational
realignment in which its Division of Research, Markets, and Regulations
and portions of an office from another division were combined to create
a new expanded division called Research, Monitoring, and Regulations.
The Research, Markets, and Regulations' name appears in a limited
number of locations in Regulations B, E, F, X, and Z, and needs to be
updated.
Finally, the Bureau has been in contact with other Federal agencies
referenced in the Bureau's regulations to determine whether their
contact information requires updating. Eight Federal agencies requested
that the Bureau correct their contact information for the ECOA adverse
action notices in appendix A to Regulation B, described above, and six
Federal agencies requested that the Bureau correct their contact
information in the model form of the Summary of Consumer Rights in
appendix K to Regulation V. One Federal agency also requested that the
Bureau update references to obsolete business types in the Summary of
Consumer Rights. Updated contact information and other changes to these
two appendices are described in more detail in the section-by-section
analysis in part IV, below.
III. Legal Authority
Rulemaking Authority
The Bureau is issuing this final rule pursuant to its authority
under ECOA, EFTA, FDCPA, ILSA, FCRA, RESPA, TILA, TISA, and the Dodd-
Frank Act. Section 1022(b)(1) of the Dodd-Frank Act authorizes the
Bureau to prescribe ``rules . . . as may be necessary or appropriate to
. . . carry out the purposes and objectives of the Federal consumer
financial laws, and prevent evasions thereof.'' ECOA, EFTA, FDCPA,
ILSA, FCRA, RESPA, TILA, and TISA are all Federal consumer financial
laws,\3\ and each statute additionally independently authorizes the
Bureau to promulgate regulations.\4\ Accordingly, the Bureau has
authority to issue regulations pursuant to ECOA, EFTA, FDCPA, ILSA,
FCRA, RESPA, TILA, TISA, and the Dodd-Frank Act.
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\3\ Dodd-Frank Act section 1002(14), 12 U.S.C. 5481(14)
(defining ``Federal consumer financial law'' to include the
``enumerated consumer laws''); Dodd-Frank Act section 1002(12), 12
U.S.C. 5481(12) (defining ``enumerated consumer laws'' to include
ECOA; EFTA, except with respect to section 920 of that Act; FDCPA;
ILSA; FCRA, except with respect to sections 615(e) and 628 of that
Act; RESPA; TILA; and TISA).
\4\ Regulation B, 12 CFR part 1002, implements ECOA, 15 U.S.C.
1691 et seq. pursuant to 15 U.S.C. 1691b. Regulation E, 12 CFR part
1005, implements EFTA, 15 U.S.C. 1693 et seq. pursuant to 15 U.S.C.
1693b. Regulation F, 12 CFR part 1006, implements the FDCPA, 15
U.S.C. 1692 et seq. pursuant to 15 U.S.C. 1692l(d). Regulation J, 12
CFR part 1010, implements ILSA, 15 U.S.C. 1701 et seq. pursuant to
15 U.S.C. 1718. Regulation V, 12 CFR part 1022, implements the FCRA,
15 U.S.C. 1681 et seq. pursuant to 15 U.S.C. 1681s(e). Regulation X,
12 CFR part 1024, implements RESPA, 12 U.S.C. 2601 et seq. pursuant
to 12 U.S.C. 2716(a). Regulation Z, 12 CFR part 1026, implements
TILA, 15 U.S.C. 1601 et seq. pursuant to 15 U.S.C. 1604(a).
Regulation DD, 12 CFR part 1030, implements 12 U.S.C. 4301 et seq.
pursuant to 12 U.S.C. 4308.
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Procedural Requirements
Under the Administrative Procedure Act, notice and opportunity for
public comment are not required if the Bureau finds for good cause that
notice and public comment are impracticable, unnecessary, or contrary
to the public interest.\5\ The changes made in this rulemaking correct
incorrect mailing addresses for the Bureau and other government
agencies, correct typographical errors, or are similar technical
amendments that do not alter the substance of the regulations. The
Bureau believes there is minimal, if any, basis for substantive
disagreement with these amendments. As to all of these changes, the
Bureau finds that notice and public comment are unnecessary.
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\5\ 5 U.S.C. 553(b).
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For these reasons, the Bureau has determined that publishing a
notice of proposed rulemaking and providing
[[Page 16533]]
opportunity for public comment are not required. Therefore, the
amendments are adopted in final form.
IV. Section-by-Section Analysis
A. Regulation B
Section 1002.9 Notifications
9(b)
9(b)(1)
Section 1002.9(b)(1) provides model language that satisfies certain
disclosure requirements of 12 CFR 1002.9(a)(2) relating to adverse
action notices. These notices must include Federal agency contact
information located in appendix A to Regulation B. The final sentence
of Sec. 1002.9(b)(1) permitted creditors to include Federal agency
contact information as it appeared in an old version of appendix A
until January 1, 2013. As that permission has now expired, the sentence
is obsolete, and the Bureau is amending Sec. 1002.9(b)(1) to remove
it.
Appendix A to Part 1002--Federal Agencies To Be Listed in Adverse
Action Notices
Appendix A to part 1002 provides a list of contact information for
Federal agencies that creditors must include in adverse action notices
pursuant to 12 CFR 1002.9(b)(1). To update Federal agencies' contact
information and for the reasons discussed in part II, the Bureau is
revising appendix A to part 1002.
1
The Bureau is amending paragraph 1 to correct postal address
contact information for the Bureau and the FTC. The zip code will be
corrected in contact information for the Bureau and contact information
for the FTC will be changed from ``FTC Regional Office for region in
which the creditor operates or Federal Trade Commission, Equal Credit
Opportunity, Washington, DC 20580'' to ``Federal Trade Commission,
Consumer Response Center, 600 Pennsylvania Avenue NW, Washington, DC
20580.''
2
2(a)
The Bureau is amending paragraph 2(a) to correct postal address
contact information for the OCC. The contact information will be
changed from ``Office of the Comptroller of the Currency, Customer
Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010-
9050'' to ``Office of the Comptroller of the Currency, Customer
Assistance Group, P.O. Box 53570, Houston, TX 77052.''
2(c)
The Bureau is amending paragraph 2(c) to correct postal address
contact information for the FDIC. The contact information will be
changed from ``FDIC Consumer Response Center, 1100 Walnut Street, Box
#11, Kansas City, MO 64106'' to ``Division of Depositor and Consumer
Protection, National Center for Consumer and Depositor Assistance,
Federal Deposit Insurance Corporation, 1100 Walnut Street, Box #11,
Kansas City, MO 64106.''
2(d)
The Bureau is amending paragraph 2(d) to correct postal address
contact information for the NCUA. The contact information will be
changed from ``National Credit Union Administration, Office of Consumer
Protection, 1775 Duke Street, Alexandria, VA 22314'' to ``National
Credit Union Administration, Office of Consumer Financial Protection,
1775 Duke Street, Alexandria, VA 22314.''
3
The Bureau is amending paragraph 3 to correct postal address
contact information for the DOT. The contact information will be
changed from ``Assistant General Counsel for Aviation Enforcement and
Proceedings, Department of Transportation, 400 Seventh Street SW,
Washington, DC 20590'' to ``Assistant General Counsel for Office of
Aviation Consumer Protection, Department of Transportation, 1200 New
Jersey Avenue SE, Washington, DC 20590.''
4
The Bureau is amending paragraph 4 to correct postal address
contact information for the STB. The contact information will be
changed from ``Office of Proceedings, Surface Transportation Board,
Department of Transportation, 1925 K Street NW, Washington, DC 20423''
to ``Office of Public Assistance, Governmental Affairs, and Compliance,
Surface Transportation Board, 395 E Street SW, Washington, DC 20423.''
5
The Bureau is amending paragraph 5 to correct contact information
for the USDA-AMS. The contact information will be changed from
``Nearest Packers and Stockyards Administration area supervisor'' to
``Nearest Packers and Stockyards Division Regional Office.''
6
The Bureau is amending paragraph 6 to correct postal office contact
information for the SBA. The contact information will be changed from
``Associate Deputy Administrator for Capital Access, United States
Small Business Administration, 409 Third Street SW, 8th Floor,
Washington, DC 20416'' to ``Associate Administrator, Office of Capital
Access, United States Small Business Administration, 409 Third Street
SW, Suite 8200, Washington, DC 20416.''
7
The Bureau is amending paragraph 7 to correct postal address
contact information for the SEC. The contact information will be
changed from ``Securities and Exchange Commission, Washington, DC
20549'' to ``Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549.''
9
The Bureau is amending paragraph 9 to correct postal address
contact information for the FTC. The contact information will be
changed from ``FTC Regional Office for region in which the creditor
operates or Federal Trade Commission, Equal Credit Opportunity,
Washington, DC 20580'' to ``Federal Trade Commission, Consumer Response
Center, 600 Pennsylvania Avenue NW, Washington, DC 20580.''
Appendix D to Part 1002--Issuance of Official Interpretations
2
Appendix D to part 1002 sets forth the process by which entities
may request official Bureau interpretations of Regulation B that
provide protections afforded under section 706(e) of ECOA. For reasons
discussed in part II, the Bureau is amending paragraph 2 in appendix D
to part 1002 to correct the zip code in postal address contact
information for the Bureau and to replace the reference to the Division
of Research, Markets, and Regulations with a reference to the new,
expanded Division of Research, Monitoring, and Regulations.
B. Regulation E
Appendix C to Part 1005--Issuance of Official Interpretations
Requests for Issuance of Official Interpretations
Appendix C to part 1005 sets forth the process by which entities
may request official Bureau interpretations of Regulation E that
provide protections afforded under section 916(d) of EFTA. For the
reasons discussed in part II, the Bureau is amending appendix C to part
1005 to correct the zip code in postal address contact information for
the Bureau and to update the language
[[Page 16534]]
referring to officials of the former Research, Markets, and Regulations
Division to instead indicate more generally that duly authorized
officials of the Bureau may provide official interpretations of
Regulation E.
C. Regulation F
Appendix A to Part 1006--Procedures for State Application for Exemption
From the Provisions of the Act
II. Application
Appendix A to part 1006 sets forth the process by which states may
apply to the Bureau to exempt a class of debt collection practices
within the applying State from the requirements of the FDCPA and
Regulation F pursuant to section 817 of the FDCPA. For the reasons
discussed in part II, the Bureau is amending appendix A to replace the
reference to the Division of Research, Markets, and Regulations with a
reference to the new, expanded Division of Research, Monitoring, and
Regulations.
Supplement I to Part 1006--Official Interpretations
Introduction
The introduction of Supplement I to part 1006 explains the purpose
of the supplement and describes the procedure by which anyone may
request an official interpretation of Regulation F. For the reasons
discussed in part II, the Bureau is amending the introduction to
Supplement I to replace the reference to the Division of Research,
Markets, and Regulations with a reference to the new, expanded Division
of Research, Monitoring, and Regulations. The Bureau is also changing
the addressee to contact for official interpretations of Regulation F
from Associate Director, Division of Research, Markets, and Regulations
to Assistant Director, Office of Regulations, Division of Research,
Monitoring, and Regulations, to maintain consistency with other Bureau
regulations that reference the Assistant Director, Office of
Regulations as the addressee for official interpretations.
D. Regulation J
Appendix A to Part 1010--Standard and Model Forms and Clauses
Section XXVII, Receipt, Agent Certification and Cancellation Page--
Sec. 1010.188(a)
Appendix A to part 1010 provides Standard and Model Forms and
Clauses required under Regulation J, which implements ILSA. Section
1404(a)(1)(B) of ILSA prohibits the sale or lease of certain unexempted
lots unless the purchaser is provided with a copy of a property report
that contains certain representations about the lots and other
information required under the Bureau's rules. Section 1010.118 of
Regulation J requires that a receipt, agency certification, and
cancellation page, formatted in accordance with section XXVII of
appendix A, be attached to the property report. Included on this page
is a notice that the buyer should notify the Bureau if the seller makes
any representations contrary to those in the property report. For the
reasons discussed in part II, the Bureau is amending section XXVII of
appendix A to part 1010 to correct the zip code in postal address
contact information for the Bureau.
E. Regulation V
Appendix K to Part 1022--Summary of Consumer Rights
Appendix K to part 1022 provides the model form for the Summary of
Consumer Rights, which explains certain major consumer rights under the
FCRA. A consumer reporting agency must provide a Summary of Consumer
Rights whenever it makes a written disclosure of information from a
consumer's file or provides a credit score to the consumer.\6\ The FCRA
also requires certain other persons to provide a Summary of Consumer
Rights to consumers under specified circumstances.\7\ To update Federal
agencies' contact information and for the reasons discussed in part II,
the Bureau is amending appendix K to part 1022 to correct contact
information provided for the OCC, FDIC, NCUA, DOT, STB, USDA-AMS, and
SBA.
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\6\ 15 U.S.C. 1681g(c)(2)(A) (requirement to provide a Summary
of Consumer Rights with any written file disclosure). A consumer
reporting agency must also provide an employer with a Summary of
Consumer Rights before furnishing a consumer report for employment
purposes. 15 U.S.C. 1681b(b)(1)(B) (requirement to provide a Summary
of Consumer Rights with a report for employment purposes if the
Summary of Consumer Rights has not been provided previously).
\7\ See, e.g., 15 U.S.C. 1681b(b)(3) (generally requiring
persons using a consumer report for employment purposes to provide
the consumer with a Summary of Consumer Rights before taking any
adverse action based on the report). The Bureau must also actively
publicize the availability of the Summary of Consumer Rights,
conspicuously post its availability on the Bureau's internet
website, and promptly make it available to consumers, on request. 15
U.S.C. 1681g(c)(1)(C).
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Contact information for the OCC will be changed from ``Office of
the Comptroller of the Currency, Customer Assistance Group, 1301
McKinney Street, Suite 3450, Houston, TX 77010-9050'' to ``Office of
the Comptroller of the Currency, Customer Assistance Group, P.O. Box
53570, Houston, TX 77052.''
Contact information for the FDIC will be changed from ``FDIC
Consumer Response Center, 1100 Walnut Street, Box #11, Kansas City, MO
64106'' to ``Division of Depositor and Consumer Protection, National
Center for Consumer and Depositor Assistance, Federal Deposit Insurance
Corporation, 1100 Walnut Street, Box #11, Kansas City, MO 64106.''
Contact information for the NCUA will be changed from ``National
Credit Union Administration, Office of Consumer Financial Protection
(OCFP), Division of Consumer Compliance Policy and Outreach, 1775 Duke
Street, Alexandria, VA 22314'' to ``National Credit Union
Administration, Office of Consumer Financial Protection, 1775 Duke
Street, Alexandria, VA 22314.''
Contact information for the DOT will be changed from ``Asst.
General Counsel for Aviation Enforcement & Proceedings, Aviation
Consumer Protection Division, Department of Transportation, 1200 New
Jersey Avenue SE, Washington, DC 20590'' to ``Assistant General Counsel
for Office of Aviation Consumer Protection, Department of
Transportation, 1200 New Jersey Avenue SE, Washington, DC 20590.''
Contact information for the STB will be changed from ``Office of
Proceedings, Surface Transportation Board, Department of
Transportation, 395 E Street SW, Washington, DC 20423'' to ``Office of
Public Assistance, Governmental Affairs, and Compliance, Surface
Transportation Board, 395 E Street SW, Washington, DC 20423.''
Contact information for the USDA-AMS will be changed from ``Nearest
Packers and Stockyards Administration area supervisor'' to ``Nearest
Packers and Stockyards Division Regional Office.''
Contact information for the SBA will be changed from ``Associate
Deputy Administrator for Capital Access, United States Small Business
Administration, 409 Third Street SW, Suite 8200, Washington, DC 20416''
to ``Associate Administrator, Office of Capital Access, United States
Small Business Association, 409 Third Street SW, Suite 8200,
Washington, DC 20416.''
The Bureau is also amending the eighth row on page four of the
model form in appendix K. This entry indicates that the FCA is a point
of contact for information regarding certain Farm Credit System
institutions. The FCA has requested that the Bureau update the language
in appendix K because certain of the listed institutions, such as
Federal land banks, no longer exist. Based on the FCA's request, the
[[Page 16535]]
Bureau is therefore changing the ``TYPE OF BUSINESS'' entry on the
eighth row of page four from ``Federal Land Banks, Federal Land Bank
Associations, Federal Intermediate Credit Banks, and Production Credit
Associations'' to ``Institutions that are members of the Farm Credit
System.'' \8\
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\8\ At this time, the Bureau is not making a similar change to
the language in appendix A to Regulation B because appendix A to
Regulation B tracks specific language in ECOA regarding the Farm
Credit Administration's enforcement authority. See 15 U.S.C.
1691c(a)(6).
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The Bureau is also making technical corrections to the text of the
model form. The Bureau is correcting a misspelling of the word ``from''
on page two. The corrected text reads in relevant part: ``Unsolicited
`prescreened' offers for credit and insurance must include a toll-free
phone number you can call if you choose to remove your name and address
from the lists these offers are based on.'' The Bureau is also
correcting the punctuation of agencies' contact information to maintain
consistent punctuation usage throughout the model form. For example,
``100 F Street, N.E.'' will be changed to ``100 F Street NE.''
F. Regulation X
Section 1024.2 Definitions
2(b)
Public Guidance Documents
Section 1024.2(b) contains definitions for terms used in Regulation
X. Accordingly, the definition of ``Public Guidance Documents'' in
section 1024.2(b) sets forth the definition of that term, as it is used
in Regulation X. In addition, it provides a Bureau mailing address by
which anyone may request copies of public guidance documents from the
Bureau. The Bureau is amending the definition of ``Public Guidance
Documents'' to replace the reference to the Division of Research,
Markets, and Regulations with a reference to the new, expanded Division
of Research, Monitoring, and Regulations. The Bureau is also changing
the addressee to contact for copies of public guidance documents from
Associate Director, Division of Research, Markets, and Regulations to
Assistant Director, Office of Regulations, Division of Research,
Monitoring, and Regulations, to maintain consistency with other Bureau
regulations that reference Assistant Director, Office of Regulations as
the addressee.
Supplement I to Part 1024--Official Interpretations
Introduction
The introduction of Supplement I to part 1024 explains the purpose
of the supplement and describes the procedure by which anyone may
request an official interpretation of Regulation X. For the reasons
discussed in part II, the Bureau is amending the introduction to
Supplement I to replace the reference to the Division of Research,
Markets, and Regulations with a reference to the new, expanded Division
of Research, Monitoring, and Regulations. The Bureau is also changing
the addressee to contact for official interpretations of Regulation X
from Associate Director, Division of Research, Markets, and Regulations
to Assistant Director, Office of Regulations, Division of Research,
Monitoring, and Regulations, to maintain consistency with other Bureau
regulations that reference the Assistant Director, Office of
Regulations as the addressee for official interpretations.
G. Regulation Z
Appendix A to Part 1026--Effect of State Laws
Request for Determination
Appendix A to part 1026 sets forth the process by which states may
request a determination from the Bureau regarding whether a State law
is inconsistent with or substantially the same as TILA and Regulation Z
pursuant to section 111(a) of TILA. For the reasons discussed in part
II, the Bureau is amending appendix A to part 1026 to correct the zip
code in postal address contact information for the Bureau.
Appendix B to Part 1026--State Exemptions
Application
Appendix B to part 1026 sets forth the process by which states may
apply to the Bureau to exempt a class of transactions from the
requirements of TILA and Regulation Z pursuant to sections 123 and
173(b) of TILA. For the reasons discussed in part II, the Bureau is
amending appendix B to part 1026 to correct the zip code in postal
address contact information for the Bureau.
Appendix C to Part 1026--Issuance of Official Interpretations
Requests for Issuance of Official Interpretations
Appendix C to part 1026 sets forth the process by which entities may
request official Bureau interpretations of Regulation Z that provide
protections afforded under section 130(f) of TILA. For the reasons
discussed in part II, the Bureau is amending appendix C to part 1026 to
correct the zip code in postal address contact information for the
Bureau and to replace the reference to the Division of Research,
Markets, and Regulations with a reference to the new, expanded Division
of Research, Monitoring, and Regulations.
Appendix J--Annual Percentage Rate Computations for Closed-End Credit
Transactions
Appendix J to part 1026 sets forth the actuarial equations and
instructions for calculating the annual percentage rate in closed-end
credit transactions. The Official Interpretation of appendix J refers
to tables that creditors may use to perform the calculations. It
explains that entities may request these tables from the Bureau and
provides the Bureau's postal address. For the reasons discussed in part
II, the Bureau is amending comment appendix J-2 in the Official
Interpretation of appendix J, located in Supplement I, to correct the
zip code in postal address contact information for the Bureau. In
addition, the Bureau has recently made the tables available to the
public on the Bureau's website. The Bureau is amending comment appendix
J-2 to provide a URL at which the public may access that website.\9\
---------------------------------------------------------------------------
\9\ The URL is: <a href="https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/annual-percentage-rate-tables/">https://www.consumerfinance.gov/compliance/compliance-resources/other-applicable-requirements/annual-percentage-rate-tables/</a>.
---------------------------------------------------------------------------
H. Regulation DD
Appendix C to Part 1030--Effect on State Laws
(b) Preemption Determinations
Appendix C to part 1030 sets forth the process by which States may
request a determination from the Bureau regarding whether a State law
is inconsistent with TISA and Regulation DD pursuant to section 273 of
TISA. For the reasons discussed in part II, the Bureau is amending
paragraph (b) in appendix C to part 1030 to correct the zip code in
postal address contact information for the Bureau.
[[Page 16536]]
I. Heading of 12 CFR Chapter X
Finally, the Bureau is updating the heading of the Bureau's chapter
in the Code of Federal Regulations, 12 CFR chapter X, from ``Bureau of
Consumer Financial Protection'' to ``Consumer Financial Protection
Bureau.'' Using the generally recognized version of the Bureau's name
will reduce the risk of public confusion.\10\ This change to a heading
within the Code of Federal Regulations will not impose any costs on the
public.
---------------------------------------------------------------------------
\10\ Congress has used both versions of the agency's name in
statutes, and the difference has no legal significance. Compare,
e.g., 12 U.S.C. 5491(a) with 5 U.S.C. 609(d), 12 U.S.C. 1812(a)(1),
(d)(2), 3303(a), 10 U.S.C. 1144 note. The Bureau, the Federal
courts, and the public overwhelmingly use ``Consumer Financial
Protection Bureau.'' Using the less common ``Bureau of Consumer
Financial Protection'' risks confusion when some members of the
public search for the Bureau's regulations.
---------------------------------------------------------------------------
V. Effective Date
Consistent with the requirements of the Administrative Procedure
Act, the amendments made by this final rule will take effect 30 days
after publication in the Federal Register. However, to provide affected
entities with adequate time to implement changes to the forms
referenced in appendix A to Regulation B (ECOA adverse action notices),
appendix A to Regulation J (Receipt, Agent Certification and
Cancellation Page), and appendix K to Regulation V (Summary of Consumer
Rights), the Bureau is allowing optional compliance with those changes
until March 20, 2024. The Bureau anticipates this phase-in period will
allow affected companies to make any needed modifications to the
systems used to produce the forms as a part of regular updates made to
those systems. Nevertheless, the Bureau encourages entities to correct
their forms at the earliest feasible date to ensure consumers have
accurate contact information for the relevant Federal agencies.
VI. Dodd-Frank Act Section 1022(b) Analysis
A. Overview
In developing this final rule, the Bureau has considered the rule's
potential benefits, costs, and impacts, and has consulted or offered to
consult with appropriate prudential banking regulators and other
Federal agencies, including regarding the consistency of this rule with
prudential, market, or systemic objectives administered by those
agencies.\11\
---------------------------------------------------------------------------
\11\ Specifically, section 1022(b)(2)(A) of the Dodd-Frank Act
requires 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. Section 1022(b)(2)(B) of the Dodd-Frank Act directs
the Bureau to consult with appropriate prudential regulators or
other Federal agencies regarding consistency with prudential,
market, or systemic objectives that those agencies administer. The
manner and extent to which these provisions apply to a rulemaking of
this kind that does not establish standards of conduct is unclear.
Nevertheless, to inform this rulemaking more fully, the Bureau
performed the described analyses and has consulted, or offered to
consult, as indicated.
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The purpose of this rule is to make non-substantive corrections and
updates to Bureau and other Federal agency contact information found at
certain locations in Regulations B, E, F, J, V, X, Z, and DD, including
Federal agency contact information that must be provided with Equal
Credit Opportunity Act adverse action notices and the Fair Credit
Reporting Act Summary of Consumer Rights. This final rule also revises
the header of 12 CFR chapter X, makes various non-substantive changes
to Regulations B and V, and provides a Bureau website address where the
public may access certain APR tables referenced in Regulation Z.
1. Description of the Baseline
The Bureau considered the benefits, costs, and impacts of this rule
against a baseline in which the Bureau takes no action. In the
baseline, mail addressed to the Bureau using incorrect contact
information could be delayed because it may require manual handling. In
addition, mail addressed using incorrect contact information specified
in various Bureau regulations to other agencies, such as the OCC, may
be delayed or sent back to the sender, and information concerning
certain APR tables provided by the Bureau in the Official
Interpretations of Regulation Z may take significantly longer to reach
the public by mail than by accessing a website provided in the rule.
2. Benefits to Consumers and Covered Persons
Covered persons and consumers may benefit from the rule by
preventing situations where mail to the Bureau, the OCC, or other
Federal agencies is delayed or returned to the sender because of
incorrect contact information as currently listed in the Bureau's
regulations. The Bureau does not have data available to predict the
number of such potentially misdirected communications that would be
prevented, or the costs involved in handling such communications. As
such, the Bureau cannot quantify the potential magnitude of these
benefits.
In addition, the Bureau expects that the rule would benefit
consumers by potentially preventing delays they may currently
experience in receiving a response to communications they address to
the Bureau, the OCC, or other Federal agencies, to the extent these
delays are attributable to incorrect contact information for these
agencies as currently listed in certain of the Bureau's regulations.
The Bureau does not have data available to predict the magnitude of
such delays consumers may experience, or the number of such
communications.
The Bureau further expects that consumers and covered persons
seeking to access APR information in connection with Regulation Z may
be able to access it more efficiently through the URL provided in this
rule than by requesting it by mail. The Bureau does not have data
available to predict the magnitude of the benefits provided to
consumers and covered persons as a result of making this information
available through a Bureau website.
Accordingly, the Bureau cannot quantify the potential magnitude of
the benefits to consumers and covered persons from the rule.
3. Costs to Covered Persons and Consumers
Covered persons may incur some costs in updating the forms and
materials affected by the rule. The rule makes only technical, non-
substantive changes to the existing text of certain forms and
materials, and as noted in section V, the Bureau is providing covered
persons with a period of one year in which to effectuate any necessary
changes to the forms. The Bureau believes that this phase-in period
will minimize entity costs related to the disposal of existing
materials and allow entities the flexibility to make required changes
as part of regular updates to their forms. The Bureau therefore
believes that costs associated with the form changes required by this
rule will likely be negligible.
The Bureau does not anticipate that the rule will result in costs
to consumers.
B. Potential Impact on Depository Institutions and Credit Unions With
$10 Billion or Less in Total Assets, as Described in Section 1026
The Bureau has no reason to believe that this final rule would have
a unique impact on depository institutions and credit unions with $10
billion or less in total assets.
[[Page 16537]]
C. Potential Impact on Consumers in Rural Areas and on Access by
Consumers to Consumer Financial Products or Services
The Bureau has no reason to believe that the final rule would have
a unique impact on consumers in rural areas. Because the rule makes
only technical, non-substantive changes to the existing text of several
regulations, the Bureau believes that the rule would not materially
affect access by consumers to consumer financial products or services.
VII. Regulatory Flexibility Act Analysis
Because no notice of proposed rulemaking is required, the
Regulatory Flexibility Act does not require an initial or final
regulatory flexibility analysis.\12\
---------------------------------------------------------------------------
\12\ 5 U.S.C. 603(a), 604(a).
---------------------------------------------------------------------------
VIII. Paperwork Reduction Act
The Bureau has determined that this final rule does not impose any
new or revise any existing recordkeeping, reporting, or disclosure
requirements on covered entities or members of the public that would be
new or revised collections of information requiring approval by the
Office of Management and Budget under the Paperwork Reduction Act.\13\
The OMB Control Numbers associated with the collections of information
contained in these regulations are:
---------------------------------------------------------------------------
\13\ 44 U.S.C. 3501 through 3521.
<bullet> Regulation B--3170-0013
<bullet> Regulation E--3170-0014
<bullet> Regulation F--3170-0056
<bullet> Regulation J--3170-0012
<bullet> Regulation V--3170-0002
<bullet> Regulation X--3170-0015
<bullet> Regulation Z--3170-0015
<bullet> Regulation DD--3170-0004
IX. Congressional Review Act
Pursuant to the Congressional Review Act,\14\ the Bureau will
submit a report containing this final rule and other required
information to the U.S. Senate, the U.S. House of Representatives, and
the Comptroller General of the United States prior to the rule's
published effective date. The Office of Information and Regulatory
Affairs has designated this rule as not a ``major rule'' as defined by
5 U.S.C. 804(2).
---------------------------------------------------------------------------
\14\ 5 U.S.C. 801 et seq.
---------------------------------------------------------------------------
List of Subjects
12 CFR Part 1002
Aged, Banks, Banking, Civil rights, Consumer protection, Credit,
Credit unions, Discrimination, Fair lending, Marital status
discrimination, National banks, National origin discrimination,
Penalties, Race discrimination, Religious discrimination, Reporting and
recordkeeping requirements, Savings associations, Sex discrimination.
12 CFR Part 1005
Automated teller machines, Banks, Banking, Consumer protection,
Credit unions, Electronic fund transfers, National banks, Remittances,
Reporting and recordkeeping requirements, Savings Associations.
12 CFR Part 1006
Administrative practice and procedure, Consumer protection, Credit,
Intergovernmental relations.
12 CFR Part 1010
Land registration; Reporting requirements; Certification of
substantially equivalent state law; Purchasers' revocation rights;
Unlawful sales practices; Advertising disclaimers; Filing assistance;
and Adjudicatory proceedings.
12 CFR Part 1022
Banks, Banking, Consumer protection, Credit unions, Fair Credit
Reporting Act, Holding companies, National banks, Privacy, Reporting
and recordkeeping requirements, Savings associations, State member
banks.
12 CFR Part 1024
Condominiums, Consumer protection, Housing, Insurance, Mortgages,
Mortgagees, Mortgage servicing, Reporting and recordkeeping
requirements.
12 CFR Part 1026
Advertising, Appraisal, Appraiser, Banking, Banks, Consumer
protection, Credit, Credit unions, Mortgages, National banks, Reporting
and recordkeeping requirements, Savings associations, Truth in lending.
12 CFR Part 1030
Advertising, Banking, Banks, Consumer protection, National banks,
Reporting and recordkeeping requirements, Savings associations, Truth
in savings.
Authority and Issuance
For the reasons set forth above, the Bureau amends 12 CFR chapter
X, as set forth below:
Chapter X--Consumer Financial Protection Bureau
0
1. Under the authority of 12 U.S.C. 5512(b)(1), revise the heading for
chapter X to read as set forth above.
PART 1002--EQUAL CREDIT OPPORTUNITY ACT (REGULATION B)
0
2. The authority citation for part 1002 continues to read as follows:
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1691b.
Sec. 1002.9 [Amended]
0
3. Section 1002.9 is amended by removing the last sentence of paragraph
(b)(1).
0
4. Revise appendix A to read as follows:
Appendix A to Part 1002--Federal Agencies To Be Listed in Adverse
Action Notices
The following list indicates the Federal agency or agencies that
should be listed in notices provided by creditors pursuant to Sec.
1002.9(b)(1). Any questions concerning a particular creditor may be
directed to such agencies. This list is not intended to describe
agencies' enforcement authority for ECOA and Regulation B. Terms
that are not defined in the Federal Deposit Insurance Act (12 U.S.C.
1813(s)) shall have the meaning given to them in the International
Banking Act of 1978 (12 U.S.C. 3101).
1. Banks, savings associations, and credit unions with total
assets of over $10 billion and their affiliates: Bureau of Consumer
Financial Protection, 1700 G Street NW, Washington, DC 20552. Such
affiliates that are not banks, savings associations, or credit
unions also should list, in addition to the Bureau: Federal Trade
Commission, Consumer Response Center, 600 Pennsylvania Avenue NW,
Washington, DC 20580.
2. To the extent not included in item 1 above:
a. National Banks, Federal savings associations, and Federal
branches and Federal agencies of foreign banks: Office of the
Comptroller of the Currency, Customer Assistance Group, P.O. Box
53570, Houston, TX 77052.
b. State member banks, 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: Federal Reserve
Consumer Help Center, P.O. Box 1200, Minneapolis, MN 55480.
c. Nonmember Insured Banks, Insured State Branches of Foreign
Banks, and Insured State Savings Associations: Division of Depositor
and Consumer Protection, National Center for Consumer and Depositor
Assistance, Federal Deposit Insurance Corporation, 1100 Walnut
Street, Box #11, Kansas City, MO 64106.
d. Federal Credit Unions: National Credit Union Administration,
Office of Consumer Financial Protection (OCFP), Division of Consumer
Compliance Policy and Outreach, 1775 Duke Street, Alexandria, VA
22314.
3. Air Carriers: Assistant General Counsel for Office of
Aviation Consumer Protection,
[[Page 16538]]
Department of Transportation, 1200 New Jersey Avenue SE, Washington,
DC 20590.
4. Creditors Subject to Surface Transportation Board: Office of
Public Assistance, Governmental Affairs, and Compliance, Surface
Transportation Board, 395 E Street SW, Washington, DC 20423.
5. Creditors Subject to Packers and Stockyards Act: Nearest
Packers and Stockyards Division Regional Office.
6. Small Business Investment Companies: Associate Administrator,
Office of Capital Access, United States Small Business Association,
409 Third Street SW, Suite 8200, Washington, DC 20416.
7. Brokers and Dealers: Securities and Exchange Commission, 100
F Street NE, Washington, DC 20549.
8. Federal Land Banks, Federal Land Bank Associations, Federal
Intermediate Credit Banks, and Production Credit Associations: Farm
Credit Administration, 1501 Farm Credit Drive, McLean, VA 22102-
5090.
9. Retailers, Finance Companies, and All Other Creditors Not
Listed Above: Federal Trade Commission, Consumer Response Center,
600 Pennsylvania Avenue NW, Washington, DC 20580.
Appendix D to Part 1002 [Amended]
0
5. Appendix D to part 1002 is amended in paragraph 2 by:
0
a. Removing ``Division of Research, Markets, and Regulations'' and
adding ``Division of Research, Monitoring, and Regulations'' in its
place; and
0
b. Removing ``20006'' and adding ``20552'' in its place.
PART 1005--ELECTRONIC FUND TRANSFERS (REGULATION E)
0
6. The authority citation for part 1005 continues to read as follows:
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1693b. Subpart B is
also issued under 12 U.S.C. 5601 and 15 U.S.C. 1693o-1.
0
7. Revise appendix C to read as follows:
Appendix C to Part 1005--Issuance of Official Interpretations
Official Interpretations
Interpretations of this part issued by duly authorized officials
of the Bureau provide the protection afforded under section 916(d)
of the Act. Except in unusual circumstances, such interpretations
will not be issued separately but will be incorporated in an
official commentary to this part, which will be amended
periodically.
Requests for Issuance of Official Interpretations
A request for an official interpretation shall be in writing and
addressed to the Bureau of Consumer Financial Protection, 1700 G
Street NW, Washington, DC 20552. The request shall contain a
complete statement of all relevant facts concerning the issue,
including copies of all pertinent documents.
Scope of Interpretations
No interpretations will be issued approving financial
institutions' forms or statements. This restriction does not apply
to forms or statements whose use is required or sanctioned by a
government agency.
PART 1006--DEBT COLLECTION PRACTICES (REGULATION F)
0
8. The authority citation for part 1006 continues to read as follows:
Authority: 12 U.S.C. 5512, 5514(b), 5532; 15 U.S.C. 1692l(d),
1692o, 7004.
Appendix A to Part 1006 [Amended]
0
9. Appendix A to part 1006 is amended:
0
a. In the second sentence of section II, by removing ``Division of
Research, Markets, and Regulations'' and adding ``Division of Research,
Monitoring, and Regulations'' in its place; and
0
b. In the first sentence of section VI(b)(i), by removing ``Division of
Research, Markets, and Regulations'' and adding ``Division of Research,
Monitoring, and Regulations'' in its place.
0
10. Supplement I is amended by revising the introduction to read as
follows:
Supplement I to Part 1006--Official Interpretations
Introduction
1. Official status. This commentary is the vehicle by which the
Bureau of Consumer Financial Protection supplements Regulation F, 12
CFR part 1006. The provisions of the commentary are issued under the
same authorities as the corresponding provisions of Regulation F and
have been adopted in accordance with the notice-and-comment procedures
of the Administrative Procedure Act (5 U.S.C. 553). Unless specified
otherwise, references in this commentary are to sections of Regulation
F or the Fair Debt Collection Practices Act, 15 U.S.C. 1692 et seq. No
commentary is expected to be issued other than by means of this
Supplement I.
2. Procedure for requesting interpretations. Anyone may request
that an official interpretation of the regulation be added to this
commentary. A request for such an official interpretation must be in
writing and addressed to the Assistant Director, Office of Regulations,
Division of Research, Monitoring, and Regulations, Bureau of Consumer
Financial Protection, 1700 G Street NW, Washington, DC 20552. The
request must contain a complete statement of all relevant facts
concerning the issue, including copies of all pertinent documents.
Revisions to this commentary that are adopted in accordance with the
rulemaking procedures of section 553 of the Administrative Procedure
Act (5 U.S.C. 553) will be incorporated in the commentary following
publication in the Federal Register.
3. Comment designations. Each comment in the commentary is
identified by a number and the regulatory section or paragraph that it
interprets. The comments are designated with as much specificity as
possible according to the particular regulatory provision addressed.
For example, comments to Sec. 1006.6(d)(4) are further divided by
subparagraph, such as comment 6(d)(4)(i)-1 and comment 6(d)(4)(ii)-1.
Comments that have more general application are designated, for
example, as comments 38-1 and 38-2. This introduction may be cited as
comments I-1, I-2, and I-3.
* * * * *
PART 1010--LAND REGISTRATION (REGULATION J)
0
11. The authority citation for part 1010 continues to read as follows:
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1718.
Appendix A to Part 1010 [Amended]
0
12. Appendix A to part 1010 is amended in section XXVII, in the address
for Bureau of Consumer Financial Protection, before ``Agent
Certification,'' by removing ``20006'' and adding ``20552'' in its
place.
PART 1022--FAIR CREDIT REPORTING (REGULATION V)
0
13. 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, 1681c-3, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2,
1681s-3, and 1681t; Sec. 214, Pub. L. 108-159, 117 Stat. 1952.
0
14. Revise appendix to read as follows:
Appendix K to Part 1022--Summary of Consumer Rights
The prescribed form for this summary is a disclosure that is
substantially similar to the Bureau's model summary with all
information clearly and prominently displayed. The list of Federal
regulators that is included in the Bureau's prescribed summary may
be provided separately so long as this is done in a clear and
conspicuous way. A summary should accurately reflect changes to
those items that may change over time (e.g., dollar amounts, or
telephone numbers and addresses of Federal agencies) to remain in
compliance. Translations of this summary will be in compliance with
the Bureau's prescribed model, provided that the translation is
accurate and that it is provided
[[Page 16539]]
in a language used by the recipient consumer.
BILLING CODE 4810-AM-P
[GRAPHIC] [TIFF OMITTED] TR20MR23.035
[[Page 16540]]
[GRAPHIC] [TIFF OMITTED] TR20MR23.036
[[Page 16541]]
[GRAPHIC] [TIFF OMITTED] TR20MR23.037
[[Page 16542]]
[GRAPHIC] [TIFF OMITTED] TR20MR23.038
PART 1024--REAL ESTATE SETTLEMENT PROCEDURES ACT (REGULATION X)
0
15. The authority citation for part 1024 continues to read as follows:
Authority: 12 U.S.C. 2603-2605, 2607, 2609, 2617, 5512, 5532,
5581.
Sec. 1024.2 [Amended]
0
16. Section 1024.2 is amended in paragraph (b) in the last sentence of
the definition of ``Public Guidance Documents'' by removing ``Associate
Director, Research, Markets, and Regulations'' and adding ``Assistant
Director, Office of Regulations, Division of Research, Monitoring, and
Regulations'' in its place.
0
17. Supplement I is amended by revising the introduction to read as
follows:
Supplement I to Part 1024--Official Bureau Interpretations
Introduction
1. Official status. This commentary is the primary vehicle by which
the Bureau of Consumer Financial Protection issues official
interpretations of Regulation X. Good faith compliance with this
commentary affords protection from liability under section 19(b) of the
Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. 2617(b).
2. Requests for official interpretations. A request for an official
interpretation shall be in writing and addressed to the Assistant
Director, Office of Regulations, Division of Research, Monitoring, and
Regulations, Bureau of Consumer Financial Protection, 1700 G Street NW,
Washington, DC 20552. A request shall contain a complete statement of
all
[[Page 16543]]
relevant facts concerning the issue, including copies of all pertinent
documents. Except in unusual circumstances, such official
interpretations will not be issued separately but will be incorporated
in the official commentary to this part, which will be amended
periodically. No official interpretations will be issued approving
financial institutions' forms or statements. This restriction does not
apply to forms or statements whose use is required or sanctioned by a
government agency.
3. Unofficial oral interpretations. Unofficial oral interpretations
may be provided at the discretion of Bureau staff. Written requests for
such interpretations should be sent to the address set forth for
official interpretations. Unofficial oral interpretations provide no
protection under section 19(b) of RESPA. Ordinarily, staff will not
issue unofficial oral interpretations on matters adequately covered by
this part or the official Bureau interpretations.
4. Rules of construction. (a) Lists that appear in the commentary
may be exhaustive or illustrative; the appropriate construction should
be clear from the context. In most cases, illustrative lists are
introduced by phrases such as ``including, but not limited to,''
``among other things,'' ``for example,'' or ``such as.''
(b) Throughout the commentary, reference to ``this section'' or
``this paragraph'' means the section or paragraph in the regulation
that is the subject of the comment.
5. Comment designations. Each comment in the commentary is
identified by a number and the regulatory section or paragraph that the
comment interprets. The comments are designated with as much
specificity as possible according to the particular regulatory
provision addressed. For example, some of the comments to Sec.
1024.37(c)(1) are further divided by subparagraph, such as comment
37(c)(1)(i)-1. In other cases, comments have more general application
and are designated, for example, as comment 40(a)-1. This introduction
may be cited as comments I-1 through I-5.
* * * * *
PART 1026--TRUTH IN LENDING (REGULATION Z)
0
18. The authority citation for part 1026 continues to read as follows:
Authority: 12 U.S.C. 2601, 2603-2605, 2607, 2609, 2617, 3353,
5511, 5512, 5532, 5581; 15 U.S.C. 1601 et seq.
Appendix A to Part 1026 [Amended]
0
19. Appendix A to part 1026 is amended in the first sentence of the
first paragraph immediately after the subheading Request for
Determination by removing ``20006'' and adding ``20552'' in its place.
Appendix B to Part 1026 [Amended]
0
20. Appendix B to part 1026 is amended in the ``Application'' section
in the second sentence by removing ``20006'' and adding ``20552'' in
its place.
Appendix C to Part 1026 [Amended]
0
21. Appendix C to part 1026 is amended under ``Requests for Issuance of
Official Interpretations'' by:
0
a. Removing ``Division of Research, Markets, and Regulations'' and
adding ``Division of Research, Monitoring, and Regulations'' in its
place; and
0
b. Removing ``20006'' and adding ``20552'' in its place.
0
22. Supplement I is amended by revising paragraphs 1 and 2 under
``Appendix J--Annual Percentage Rate Computations for Closed-End Credit
Transactions'' to read as follows:
Supplement I to Part 1026--Official Interpretations
* * * * *
Appendix J--Annual Percentage Rate Computations for Closed-End Credit
Transactions
1. Use of appendix J. Appendix J sets forth the actuarial equations
and instructions for calculating the annual percentage rate in closed-
end credit transactions. While the formulas contained in this appendix
may be directly applied to calculate the annual percentage rate for an
individual transaction, they may also be utilized to program
calculators and computers to perform the calculations.
2. Relation to Bureau tables. The Bureau's Annual Percentage Rate
Tables also provide creditors with a calculation tool that applies the
technical information in appendix J. An annual percentage rate computed
in accordance with the instructions in the tables is deemed to comply
with the regulation. Volume I of the tables may be used for credit
transactions involving equal payment amounts and periods, as well as
for transactions involving any of the following irregularities: odd
first period, odd first payment and odd last payment. Volume II of the
tables may be used for transactions that involve any type of
irregularities. These tables may be obtained from the Bureau, 1700 G
Street NW, Washington, DC 20552, upon request. The tables are also
available on the Bureau's website at: <a href="https://www.consumerfinance.gov//resources/applicable-requirements/annual-percentage-rate-tables/">https://www.consumerfinance.gov//resources/applicable-requirements/annual-percentage-rate-tables/</a>.
* * * * *
PART 1030--TRUTH IN SAVINGS (REGULATION DD)
0
23. The authority citation for part 1030 continues to read as follows:
Authority: 12 U.S.C. 4302-4304, 4308, 5512, 5581.
Appendix C to Part 1030 [Amended]
0
24. Appendix C to part 1030 is amended in the second sentence of
paragraph (b) by removing ``20006'' and adding ``20552'' in its place.
Rohit Chopra,
Director, Consumer Financial Protection Bureau.
[FR Doc. 2023-05216 Filed 3-17-23; 8:45 am]
BILLING CODE 4810-AM-C
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.