81 FR 1405 - Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 81, Issue 7 (January 12, 2016)
Federal Register Volume 81, Issue 7 (January 12, 2016)
| Page Range | 1405-1407 | |
| FR Document | 2016-00442 |
[Federal Register Volume 81, Number 7 (Tuesday, January 12, 2016)] [Notices] [Pages 1405-1407] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00442] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION [Docket No.: CFPB-2015-0058] Request for Information Regarding Home Mortgage Disclosure Act Resubmission Guidelines AGENCY: Consumer Financial Protection Bureau. ACTION: Notice and request for information. ----------------------------------------------------------------------- SUMMARY: The Consumer Financial Protection Bureau (Bureau) supervises and enforces compliance with the Home Mortgage Disclosure Act (HMDA) for certain financial institutions and maintains a resubmission schedule and guidelines (Resubmission Guidelines) describing when supervised institutions should correct and resubmit HMDA data. The Bureau is considering whether changes to its HMDA Resubmission Guidelines may be appropriate for HMDA data that will be submitted under recent amendments to Regulation C, which implements HMDA. The Bureau requests information from the public on what changes to the Bureau's [[Page 1406]] Resubmission Guidelines may be needed. DATES: Written comments must be received on or before March 14, 2016 to be assured of consideration. ADDRESSES: You may submit responsive information and other comments, identified by Docket No. CFPB-2015-0058, 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, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552. Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20552. Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. Please note the number associated with any question to which you are responding at the top of each response (you are not required to answer all questions to receive consideration of your comments). 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 1275 First Street NE., Washington, DC 20002, on official business days between the hours of 10 a.m. and 5 p.m. Eastern Standard Time. You can make an appointment to inspect the documents by telephoning 202-435-7275. All submissions, 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. Submissions will not be edited to remove any identifying or contact information. FOR FURTHER INFORMATION CONTACT: For submission process questions please contact Monica Jackson, Office of Executive Secretary, at 202- 435-7275. For inquires related to the substance of this request, please contact Tim Lambert, Senior Counsel, Office of Fair Lending and Equal Opportunity, at 202-435-7523 or [email protected]. Authority: 12 U.S.C. 5511(c). SUPPLEMENTARY INFORMATION: HMDA and Regulation C require certain financial institutions to collect, report, and disclose data about originations and purchases of mortgage loans, as well as mortgage loan applications that do not result in originations.\1\ The Bureau previously published HMDA Resubmission Guidelines \2\ which set forth examination procedures for HMDA transaction testing of institutions that the Bureau supervises to verify the accuracy of reported HMDA data and determine when institutions should be required to correct and resubmit their HMDA data. On October 15, 2015, the Bureau issued on its Web site a final rule amending Regulation C.\3\ In comments to the Bureau's proposed changes to Regulation C, some commenters requested that the Bureau consider changes to its HMDA Resubmission Guidelines to reflect the expanded data the Bureau proposed to collect under Regulation C. --------------------------------------------------------------------------- \1\ 12 U.S.C. 2801-2810; 12 CFR part 1003. \2\ CFPB Examination Procedures, HMDA Resubmission Schedule and Guidelines, available at http://files.consumerfinance.gov/f/201310_cfpb_hmda_resubmission-guidelines_fair-lending.pdf; CFPB Bulletin 2013-11, Home Mortgage Disclosure Act (HMDA) and Regulation C--Compliance Management; CFPB HMDA Resubmission Schedule and Guidelines; and HMDA Enforcement (Oct. 9, 2013), available at http://files.consumerfinance.gov/f/201310_cfpb_hmda_compliance-bulletin_fair-lending.pdf. See also CFPB Supervisory Highlights 19 (Fall 2014), available at http://files.consumerfinance.gov/f/201410_cfpb_supervisory-highlights_fall-2014.pdf (noting that Bureau staff will follow the HMDA Resubmission Guidelines published in 2013 for reviews of 2014 and subsequent HMDA data). \3\ The HMDA final rule was published in the Federal Register on October 28, 2015. 80 FR 66,128 (Oct. 28, 2015). --------------------------------------------------------------------------- Currently, the Bureau's Resubmission Guidelines provide, among other things, that institutions reporting fewer than 100,000 loans or applications on the HMDA loan/application register (LAR) should be required to correct and resubmit HMDA data when errors are found in (1) ten percent or more of the HMDA LAR sample entries; or (2) five percent or more of sample entries within an individual data field. The Bureau's Resubmission Guidelines instruct that institutions reporting 100,000 or more entries on the HMDA LAR should be required to correct and resubmit HMDA data when errors are found in (1) four percent or more of the HMDA LAR sample entries; or (2) between two and four percent of the sample entries within an individual data field. The Resubmission Guidelines note that resubmission may be required even if sample error rates are below the specified thresholds if the errors make analysis of the institution's lending unreliable. The Bureau requests information on what modifications to the Bureau's Resubmission Guidelines may be appropriate for the data that will be reported under the amendments made to Regulation C in the Bureau's final rule. In particular, the Bureau asks commenters to respond to the following questions: 1. Should the Bureau continue to use error percentage thresholds to determine the need for data resubmission? If not, how else may the Bureau ensure data integrity and compliance with HMDA and Regulation C? 2. If the Bureau retains error percentage thresholds, should the thresholds be calculated differently than they are today? If so, how and why? 3. If the Bureau retains error percentage thresholds, should it continue to maintain separate error thresholds for the entire HMDA LAR sample and individual data fields within the LAR sample? If not, why? 4. If the Bureau retains error percentage thresholds, should it continue to provide different thresholds for institutions with different LAR sizes? If so, what thresholds should the Bureau apply to which LAR sizes? Specifically, should the Bureau retain the stricter resubmission thresholds it applies to institutions with 100,000 or more LAR entries? If not, should distinct error thresholds be based on criteria other than LAR size? 5. If the Bureau retains error percentage thresholds, should it apply different thresholds to different HMDA data fields? If so, on what basis could the Bureau distinguish one kind or type of HMDA data field from another? If, for example, the Bureau were to identify certain data fields as ``key fields'' that are held to a more stringent resubmission standard than other fields, how could the Bureau determine which fields are ``key'' and determine the appropriate threshold? 6. If the Bureau retains error percentage thresholds, should it treat systemic errors differently from non-systemic errors? If so, how should the Bureau distinguish between systemic and non-systemic errors? 7. Should the Bureau separately survey a financial institution's internal data for HMDA-reportable transactions that were omitted from the institution's HMDA LAR? If so, how should the Bureau conduct the survey and determine when omissions require correction and resubmission? 8. Should the Bureau, for some kinds or types of errors, require that an institution correct and resubmit its HMDA submission and, for other kinds or types of errors, require only that the [[Page 1407]] institution ensure such errors are not found in future HMDA submissions? If so, how should the Bureau decide when correction and resubmission of the HMDA LAR is necessary? 9. Should the Bureau's HMDA review procedures or guidelines address circumstances in which HMDA data are reported by several financial institutions that have an affiliate and/or subsidiary relationship with each other? If so, how? 10. Are any changes needed in how the Bureau selects HMDA samples to conduct HMDA data integrity reviews? If so, what changes are needed and why? 11. Are any other changes needed in the manner in which the Bureau conducts its HMDA data integrity reviews? If so, what changes are needed and why? 12. Are there any technological or other changes that could be made to the HMDA data collection system or to the process by which it applies edits to identify possible errors that could help HMDA reporters reduce the frequency of errors or otherwise promote data integrity? To the extent possible, please provide a detailed explanation of any views expressed. For example, if a commenter suggests that an error threshold should be changed or apply to only certain HMDA data fields, the Bureau would be interested to understand how the commenter arrived at the suggestion. The Bureau encourages commenters to explain how any suggested changes to the Resubmission Guidelines could change HMDA compliance costs. Furthermore, the Bureau is interested in any comments regarding how changes to the Resubmission Guidelines may affect the reliability or usefulness of HMDA data. The Bureau anticipates that it will not separately propose and solicit public comment on any specific changes to its Resubmission Guidelines before finalizing and publishing the changes. Dated: December 17, 2015. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2016-00442 Filed 1-11-16; 8:45 am] BILLING CODE 4810-AM-P
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to comply with a collection of Saipan, Saipan Beach Road, Garapan, ii. Resource Mapping Projects
information subject to the requirements Saipan, CNMI, 96950. B. Data Collection Projects
of the Paperwork Reduction Act, unless FOR FURTHER INFORMATION CONTACT: i. MRIP
that collection displays a currently valid Kitty M. Simonds, Executive Director, ii. TSI
OMB Control Number. Western Pacific Fishery Management C. Community-based Projects
SUPPLEMENTARY INFORMATION: Council; telephone: (808) 522–8220. i. Northern Islands Village Workshop
ii. Fishery Development
Correction SUPPLEMENTARY INFORMATION: Public
5. Mariana FEP Community Activities
comment periods will be provided in 6. Marianas FEP AP–CNMI Issues
The National Oceanic and the agenda. The order in which agenda
Atmospheric Administration published A. Report of the Subpanels
items are addressed may change. The i. Island Fisheries Subpanel
a document in the Federal Register of meetings will run as late as necessary to
January 7, 2016, entitled Interagency ii. Pelagic Fisheries Subpanel
complete scheduled business. iii. Ecosystems and Habitat Subpanel
Working Group on the Harmful Algal
Schedule and Agenda for the Guam iv. Indigenous Fishing Rights
Bloom and Hypoxia Research and
Mariana Archipelago FEP AP Meeting Subpanel
Control Amendments Act. The
B. Other Issues
information concerning the webinar Thursday, January 28, 2016, 6:30 p.m.– 7. Public Comment
dates and WebEx information have been 9 p.m. 8. Discussion and Recommendations
updated. 9. Other Business
1. Hafa Adai—Welcome and
Dated: January 6, 2016. Introductions Special Accommodations
Mary C. Erickson, 2. Outstanding Council Action Items
Director, National Centers for Coastal Ocean 3. Council Issues These meetings are physically
Science, National Ocean Service, National A. Council Program Review accessible to people with disabilities.
Oceanic and Atmospheric Administration. B. Pelagics Quota Transfer Requests for sign language
[FR Doc. 2016–00390 Filed 1–11–16; 8:45 am] Information interpretation or other auxiliary aids
BILLING CODE 3510–22–P C. FEP Review should be directed to Kitty M. Simonds,
D. Grant Opportunities (808) 522–8220 (voice) or (808) 522–
4. Council Projects in the Marianas 8226 (fax), at least 5 days prior to the
DEPARTMENT OF COMMERCE A. Coral Reef Projects meeting date.
i. Stock Assessments Projects Authority: 16 U.S.C. 1801 et seq.
National Oceanic and Atmospheric
ii. Resource Mapping Projects Dated: January 7, 2016.
Administration
B. Data Collection Projects Tracey L. Thompson,
Western Pacific Fishery Management i. Marine Recreational Information
Acting Deputy Director, Office of Sustainable
Council; Public Meeting Program (MRIP) Fisheries, National Marine Fisheries Service.
ii. Territorial Science Initiative (TSI)
[FR Doc. 2016–00368 Filed 1–11–16; 8:45 am]
AGENCY: National Marine Fisheries C. Community-based Projects
BILLING CODE 3510–22–P
Service (NMFS), National Oceanic and i. Malesso Village Plan
Atmospheric Administration (NOAA), ii. Yigo Village Workshop
Commerce. 5. Mariana FEP Community Activities
A. Guam FEP Community Calendar BUREAU OF CONSUMER FINANCIAL
ACTION: Notice of a public meeting and
B. Guam AP Outreach Plan PROTECTION
hearing.
6. Marianas FEP AP-Guam Issues [Docket No.: CFPB–2015–0058]
SUMMARY: The Western Pacific Fishery A. Report of the Subpanels
Management Council (Council) will i. Island Fisheries Subpanel Request for Information Regarding
hold a meeting of its Guam Mariana ii. Pelagic Fisheries Subpanel Home Mortgage Disclosure Act
Archipelago Fishery Ecosystem Plan iii. Ecosystems and Habitat Subpanel Resubmission Guidelines
(FEP) Advisory Panel (AP) and iv. Indigenous Fishing Rights
Commonwealth of the Northern Mariana AGENCY: Consumer Financial Protection
Subpanel
Islands (CNMI) Mariana Archipelago Bureau.
B. Other Issues
FEP AP Advisory Panel to discuss and 7. Public Comment ACTION: Notice and request for
make recommendations on fishery 8. Discussion and Recommendations information.
management issues in the Western 9. ‘‘At the End of the Day’’—Other SUMMARY: The Consumer Financial
Pacific Region. Business Protection Bureau (Bureau) supervises
DATES: The Guam Mariana Archipelago Schedule and Agenda for the CNMI and enforces compliance with the Home
FEP AP will meet on Thursday, January Mariana Archipelago FEP AP Meeting Mortgage Disclosure Act (HMDA) for
28, 2015, between 6:30 p.m. and 9 p.m. certain financial institutions and
and the CNMI Mariana Archipelago FEP Friday, January 29, 2016, 6 p.m.–9 p.m. maintains a resubmission schedule and
AP will meet on Friday, January 29, 1. Welcome and Introductions guidelines (Resubmission Guidelines)
2015, between 6 p.m. and 9 p.m. All 2. Outstanding Council Action Items describing when supervised institutions
times listed are local island times. For 3. Council Issues should correct and resubmit HMDA
specific times and agendas, see A. Council Program Review data. The Bureau is considering whether
SUPPLEMENTARY INFORMATION.
tkelley on DSK3SPTVN1PROD with NOTICES
B. Pelagics Quota Transfer changes to its HMDA Resubmission
ADDRESSES: The Guam Mariana Information Guidelines may be appropriate for
Archipelago FEP AP will meet at the C. FEP Review HMDA data that will be submitted
Hilton Guam Resort and Spa, 202 Hilton D. Grant Opportunities under recent amendments to Regulation
Road, Tumon Bay, Guam, 96913. The 4. Council Projects in the Marianas C, which implements HMDA. The
CNMI Mariana Archipelago FEP AP will A. Coral Reef Projects Bureau requests information from the
meet at the Fiesta Resort and Spa i. Stock Assessments Projects public on what changes to the Bureau’s
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![Federal Register / Vol. 81, No. 7 / Tuesday, January 12, 2016 / Notices 1407
institution ensure such errors are not DEPARTMENT OF DEFENSE Meeting Schedule, Succession
found in future HMDA submissions? If Planning).
so, how should the Bureau decide when Office of the Secretary The entire meeting is devoted to the
correction and resubmission of the discussion of classified information as
Defense Intelligence Agency National defined in 5 U.S.C. 552b(c)(1) and
HMDA LAR is necessary?
Intelligence University Board of therefore will be closed. Pursuant to 41
9. Should the Bureau’s HMDA review Visitors; Notice of Federal Advisory CFR 102–3.105(j) and 102–3.140, and
procedures or guidelines address Committee Meeting section 10(a)(3) of the Federal Advisory
circumstances in which HMDA data are Committee Act of 1972, the public or
reported by several financial institutions AGENCY: Department of Defense, Defense
Intelligence Agency, National interested organizations may submit
that have an affiliate and/or subsidiary written statements to the National
relationship with each other? If so, how? Intelligence University.
Intelligence University Board of Visitors
ACTION: Notice of closed meeting.
10. Are any changes needed in how about its mission and functions. Written
the Bureau selects HMDA samples to SUMMARY: The Department of Defense is statements may be submitted at any
conduct HMDA data integrity reviews? publishing this notice to announce that time or in response to the stated agenda
If so, what changes are needed and the following Federal Advisory of a planned meeting of the National
why? Committee meeting of the National Intelligence University Board of
Intelligence University Board of Visitors Visitors. All written statements shall be
11. Are any other changes needed in submitted to the Designated Federal
the manner in which the Bureau has been scheduled. The meeting is
closed to the public. Officer for the National Intelligence
conducts its HMDA data integrity University Board of Visitors, and this
reviews? If so, what changes are needed DATES: Tuesday, January 19, 2016 (7:30
individual will ensure that the written
and why? a.m. to 5:00 p.m.) and Wednesday,
statements are provided to the
January 20, 2016 (7:30 a.m. to 1:30
12. Are there any technological or membership for their consideration.
p.m.).
other changes that could be made to the Contact information for the Designated
HMDA data collection system or to the ADDRESSES: Defense Intelligence Agency Federal Officer can be obtained from the
process by which it applies edits to 7400 Pentagon, ATTN: NIU, GSA’s FACA Database—http://
identify possible errors that could help Washington, DC 20301–7400. www.facadatabase.gov/.
HMDA reporters reduce the frequency FOR FURTHER INFORMATION CONTACT: Dr. Dated: January 7, 2016.
of errors or otherwise promote data David R. Ellison, President, DIA Aaron Siegel,
integrity? National Intelligence University, Alternate OSD Federal Register Liaison
Washington, DC 20340–5100, Phone: Officer, Department of Defense.
To the extent possible, please provide a (202) 231–3344. [FR Doc. 2016–00380 Filed 1–11–16; 8:45 am]
detailed explanation of any views SUPPLEMENTARY INFORMATION: Due to BILLING CODE 5001–06–P
expressed. For example, if a commenter circumstances beyond the control of the
suggests that an error threshold should Designated Federal Officer and the
be changed or apply to only certain Department of Defense, the National DEPARTMENT OF EDUCATION
HMDA data fields, the Bureau would be Intelligence University Board of Visitors
interested to understand how the was unable to provide public [Docket No.: ED–2015–ICCD–0124]
commenter arrived at the suggestion. notification of its meeting of January
The Bureau encourages commenters to Agency Information Collection
19–20, 2016, as required by 41 CFR
explain how any suggested changes to Activities; Submission to the Office of
102–3.150(a). Accordingly, the Advisory
Management and Budget for Review
the Resubmission Guidelines could Committee Management Officer for the
and Approval; Comment Request;
change HMDA compliance costs. Department of Defense, pursuant to 41
Integrated Postsecondary Education
Furthermore, the Bureau is interested in CFR 102–3.150(b), waives the 15-
Data System (IPEDS) 2015–2016
any comments regarding how changes to calendar day notification requirement.
Pension Liabilities Update
the Resubmission Guidelines may affect Purpose: The Board will discuss
the reliability or usefulness of HMDA several current critical intelligence AGENCY: National Center for Education
data. issues and advise the Director, DIA, as Statistics (NCES), Department of
to the successful accomplishment of the Education (ED).
The Bureau anticipates that it will not
mission assigned to the National ACTION: Notice.
separately propose and solicit public Intelligence University.
comment on any specific changes to its Agenda: The following topics are SUMMARY: In accordance with the
Resubmission Guidelines before listed on the National Intelligence Paperwork Reduction Act of 1995 (44
finalizing and publishing the changes. University Board of Visitors meeting U.S.C. chapter 3501 et seq.), ED is
Dated: December 17, 2015. agenda: Welcome; Bethesda Campus proposing an extension of an existing
(Update, Slide Presentation, Risk information collection.
Richard Cordray,
Assessment); Faculty Senate; DATES: Interested persons are invited to
Director, Bureau of Consumer Financial
Accreditation Update (JPME, submit comments on or before February
Protection.
Substantive Change; 2018 Decennial 11, 2016.
[FR Doc. 2016–00442 Filed 1–11–16; 8:45 am]
Review); Strategic Planning; Strategic ADDRESSES: To access and review all the
tkelley on DSK3SPTVN1PROD with NOTICES
BILLING CODE 4810–AM–P
Initiatives (Blended Learning, Research documents related to the information
Agendas, Marketing); Strategic collection listed in this notice, please
Guidance Update; College use http://www.regulations.gov by
Concentrations; Cyber Data and searching the Docket ID number ED–
Analytics; Executive Session; Office of 2015–ICCD–0124. Comments submitted
Research; Alumni Association; and in response to this notice should be
Board Business (Honorary Degrees, submitted electronically through the
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Document Created: 2016-01-12 01:22:46
Document Modified: 2016-01-12 01:22:46
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for information. | |
| Dates | Written comments must be received on or before March 14, 2016 to be assured of consideration. | |
| Contact | For submission process questions please contact Monica Jackson, Office of Executive Secretary, at 202- 435-7275. For inquires related to the substance of this request, please contact Tim Lambert, Senior Counsel, Office of Fair Lending and Equal Opportunity, at 202-435-7523 or [email protected] | |
| FR Citation | 81 FR 1405 |
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