Vol. 78 Thursday,
No. 153 August 8, 2013
Part II
Department of the Treasury
Office of the Comptroller of the Currency
12 CFR Part 34
Board of Governors of the Federal Reserve
System
12 CFR Part 226
Bureau of Consumer Financial Protection
12 CFR Part 1026
Appraisals for Higher-Priced Mortgage Loans—Supplemental Proposal;
Proposed Rule
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No. 153 August 8, 2013
Part II
Department of the Treasury
Office of the Comptroller of the Currency
12 CFR Part 34
Board of Governors of the Federal Reserve
System
12 CFR Part 226
Bureau of Consumer Financial Protection
12 CFR Part 1026
Appraisals for Higher-Priced Mortgage Loans—Supplemental Proposal;
Proposed Rule
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mstockstill on DSK4VPTVN1PROD with PROPOSALS2
48548 Federal Register / Vol. 78, No. 153 / Thursday, August 8, 2013 / Proposed Rules
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket No. OCC–2013–0009]
RIN 1557–AD70
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Docket No. R–1443]
RIN 7100–AD90
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
[Docket No. CFPB–2013–0020]
RIN 3170–AA11
Appraisals for Higher-Priced Mortgage
Loans—Supplemental Proposal
AGENCIES: Board of Governors of the
Federal Reserve System (Board); Bureau
of Consumer Financial Protection
(Bureau); Federal Deposit Insurance
Corporation (FDIC); Federal Housing
Finance Agency (FHFA); National
Credit Union Administration (NCUA);
and Office of the Comptroller of the
Currency, Treasury (OCC).
ACTION: Proposed rule; request for
public comment.
SUMMARY: The Board, Bureau, FDIC,
FHFA, NCUA, and OCC (collectively,
the Agencies) are proposing to amend
Regulation Z, which implements the
Truth in Lending Act (TILA), and the
official interpretation to the regulation.
This proposal relates to a final rule
issued by the Agencies on January 18,
2013 (2013 Interagency Appraisals Final
Rule or Final Rule), which goes into
effect on January 18, 2014. The Final
Rule implements a provision added to
TILA by the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(the Dodd-Frank Act or Act) requiring
appraisals for ‘‘higher-risk mortgages.’’
For certain mortgages with an annual
percentage rate that exceeds the average
prime offer rate by a specified
percentage, the Final Rule requires
creditors to obtain an appraisal or
appraisals meeting certain specified
standards, provide applicants with a
notification regarding the use of the
appraisals, and give applicants a copy of
the written appraisals used. The
Agencies are proposing amendments to
the Final Rule implementing these
requirements; specifically, the Agencies
are proposing exemptions from the rules
for: transactions secured by existing
manufactured homes and not land;
certain ‘‘streamlined’’ refinancings; and
transactions of $25,000 or less.
DATES: Comments must be received on
or before September 9, 2013, except that
comments on the Paperwork Reduction
Act analysis in part VIII of the
Supplementary Information must be
received on or before October 7, 2013.
ADDRESSES: Interested parties are
encouraged to submit written comments
jointly to all of the Agencies.
Commenters are encouraged to use the
title ‘‘Appraisals for Higher-Priced
Mortgage Loans—Supplemental
Proposal’’ to facilitate the organization
and distribution of comments among the
Agencies. Commenters also are
encouraged to identify the number of
the specific question for comment to
which they are responding. Interested
parties are invited to submit written
comments to:
Board: You may submit comments,
identified by Docket No. R–1443 or RIN
7100–AD90, by any of the following
methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email:
regs.comments@federalreserve.gov.
Include the docket number in the
subject line of the message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Address to Robert deV.
Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th
Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments will be made
available on the Board’s Web site at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons. 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 MP–
500 of the Board’s Martin Building (20th
and C Streets NW., Washington, DC
20551) between 9:00 a.m. and 5:00 p.m.
on weekdays.
Bureau: You may submit comments,
identified by Docket No. CFPB–2013–
0020 or RIN 3170–AA11, by any of the
following methods:
• Electronic: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail: Monica Jackson, Office of the
Executive Secretary, Bureau of
Consumer Financial Protection, 1700 G
Street NW., Washington, DC 20552.
• Hand Delivery/Courier in Lieu of
Mail: Monica Jackson, Office of the
Executive Secretary, Bureau of
Consumer Financial Protection, 1700 G
Street NW., Washington, DC 20552.
All submissions must include the
agency name and docket number or
Regulatory Information Number (RIN)
for this rulemaking. In general, all
comments received will be posted
without change to http://
www.regulations.gov. In addition,
comments will be available for public
inspection and copying at 1700 G Street
NW., Washington, DC 20552, on official
business days between the hours of 10
a.m. and 5 p.m. Eastern Time. You can
make an appointment to inspect the
documents by telephoning (202) 435–
7275.
All comments, including attachments
and other supporting materials, will
become part of the public record and
subject to public disclosure. Sensitive
personal information, such as account
numbers or social security numbers,
should not be included. Comments will
not be edited to remove any identifying
or contact information.
FDIC: You may submit comments by
any of the following methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Agency Web site: http://
www.FDIC.gov/regulations/laws/
federal/propose.html.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
• Hand Delivered/Courier: The guard
station at the rear of the 550 17th Street
Building (located on F Street), on
business days between 7:00 a.m. and
5:00 p.m.
• Email: comments@FDIC.gov.
Comments submitted must include
‘‘FDIC’’ and ‘‘Truth in Lending Act
(Regulation Z).’’ Comments received
will be posted without change to
http://www.FDIC.gov/regulations/laws/
federal/propose.html, including any
personal information provided.
FHFA: You may submit your
comments, identified by regulatory
information number (RIN) 2590–AA58,
by any of the following methods:
• Email: Comments to Alfred M.
Pollard, General Counsel, may be sent
by email to RegComments@fhfa.gov.
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mstockstill on DSK4VPTVN1PROD with PROPOSALS2
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket No. OCC–2013–0009]
RIN 1557–AD70
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
12 CFR Part 226
[Docket No. R–1443]
RIN 7100–AD90
BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1026
[Docket No. CFPB–2013–0020]
RIN 3170–AA11
Appraisals for Higher-Priced Mortgage
Loans—Supplemental Proposal
AGENCIES: Board of Governors of the
Federal Reserve System (Board); Bureau
of Consumer Financial Protection
(Bureau); Federal Deposit Insurance
Corporation (FDIC); Federal Housing
Finance Agency (FHFA); National
Credit Union Administration (NCUA);
and Office of the Comptroller of the
Currency, Treasury (OCC).
ACTION: Proposed rule; request for
public comment.
SUMMARY: The Board, Bureau, FDIC,
FHFA, NCUA, and OCC (collectively,
the Agencies) are proposing to amend
Regulation Z, which implements the
Truth in Lending Act (TILA), and the
official interpretation to the regulation.
This proposal relates to a final rule
issued by the Agencies on January 18,
2013 (2013 Interagency Appraisals Final
Rule or Final Rule), which goes into
effect on January 18, 2014. The Final
Rule implements a provision added to
TILA by the Dodd-Frank Wall Street
Reform and Consumer Protection Act
(the Dodd-Frank Act or Act) requiring
appraisals for ‘‘higher-risk mortgages.’’
For certain mortgages with an annual
percentage rate that exceeds the average
prime offer rate by a specified
percentage, the Final Rule requires
creditors to obtain an appraisal or
appraisals meeting certain specified
standards, provide applicants with a
notification regarding the use of the
appraisals, and give applicants a copy of
the written appraisals used. The
Agencies are proposing amendments to
the Final Rule implementing these
requirements; specifically, the Agencies
are proposing exemptions from the rules
for: transactions secured by existing
manufactured homes and not land;
certain ‘‘streamlined’’ refinancings; and
transactions of $25,000 or less.
DATES: Comments must be received on
or before September 9, 2013, except that
comments on the Paperwork Reduction
Act analysis in part VIII of the
Supplementary Information must be
received on or before October 7, 2013.
ADDRESSES: Interested parties are
encouraged to submit written comments
jointly to all of the Agencies.
Commenters are encouraged to use the
title ‘‘Appraisals for Higher-Priced
Mortgage Loans—Supplemental
Proposal’’ to facilitate the organization
and distribution of comments among the
Agencies. Commenters also are
encouraged to identify the number of
the specific question for comment to
which they are responding. Interested
parties are invited to submit written
comments to:
Board: You may submit comments,
identified by Docket No. R–1443 or RIN
7100–AD90, by any of the following
methods:
• Agency Web site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Email:
regs.comments@federalreserve.gov.
Include the docket number in the
subject line of the message.
• Fax: (202) 452–3819 or (202) 452–
3102.
• Mail: Address to Robert deV.
Frierson, Secretary, Board of Governors
of the Federal Reserve System, 20th
Street and Constitution Avenue NW.,
Washington, DC 20551.
All public comments will be made
available on the Board’s Web site at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm as
submitted, unless modified for technical
reasons. 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 MP–
500 of the Board’s Martin Building (20th
and C Streets NW., Washington, DC
20551) between 9:00 a.m. and 5:00 p.m.
on weekdays.
Bureau: You may submit comments,
identified by Docket No. CFPB–2013–
0020 or RIN 3170–AA11, by any of the
following methods:
• Electronic: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Mail: Monica Jackson, Office of the
Executive Secretary, Bureau of
Consumer Financial Protection, 1700 G
Street NW., Washington, DC 20552.
• Hand Delivery/Courier in Lieu of
Mail: Monica Jackson, Office of the
Executive Secretary, Bureau of
Consumer Financial Protection, 1700 G
Street NW., Washington, DC 20552.
All submissions must include the
agency name and docket number or
Regulatory Information Number (RIN)
for this rulemaking. In general, all
comments received will be posted
without change to http://
www.regulations.gov. In addition,
comments will be available for public
inspection and copying at 1700 G Street
NW., Washington, DC 20552, on official
business days between the hours of 10
a.m. and 5 p.m. Eastern Time. You can
make an appointment to inspect the
documents by telephoning (202) 435–
7275.
All comments, including attachments
and other supporting materials, will
become part of the public record and
subject to public disclosure. Sensitive
personal information, such as account
numbers or social security numbers,
should not be included. Comments will
not be edited to remove any identifying
or contact information.
FDIC: You may submit comments by
any of the following methods:
• Federal eRulemaking Portal: http://
www.regulations.gov. Follow the
instructions for submitting comments.
• Agency Web site: http://
www.FDIC.gov/regulations/laws/
federal/propose.html.
• Mail: Robert E. Feldman, Executive
Secretary, Attention: Comments/Legal
ESS, Federal Deposit Insurance
Corporation, 550 17th Street NW.,
Washington, DC 20429.
• Hand Delivered/Courier: The guard
station at the rear of the 550 17th Street
Building (located on F Street), on
business days between 7:00 a.m. and
5:00 p.m.
• Email: comments@FDIC.gov.
Comments submitted must include
‘‘FDIC’’ and ‘‘Truth in Lending Act
(Regulation Z).’’ Comments received
will be posted without change to
http://www.FDIC.gov/regulations/laws/
federal/propose.html, including any
personal information provided.
FHFA: You may submit your
comments, identified by regulatory
information number (RIN) 2590–AA58,
by any of the following methods:
• Email: Comments to Alfred M.
Pollard, General Counsel, may be sent
by email to RegComments@fhfa.gov.
VerDate Mar<15>2010 18:08 Aug 07, 2013 Jkt 229001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\08AUP2.SGM 08AUP2
mstockstill on DSK4VPTVN1PROD with PROPOSALS2