81 FR 52831 - Notice of Availability of Revised Methodology for Determining Average Prime Offer Rates
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 81, Issue 154 (August 10, 2016)
Federal Register Volume 81, Issue 154 (August 10, 2016)
| Page Range | 52831-52831 | |
| FR Document | 2016-18899 |
[Federal Register Volume 81, Number 154 (Wednesday, August 10, 2016)] [Notices] [Page 52831] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18899] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION Notice of Availability of Revised Methodology for Determining Average Prime Offer Rates AGENCY: Bureau of Consumer Financial Protection. ACTION: Notice of availability. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (Bureau) announces the availability of a revised methodology statement, entitled the ``Methodology for Determining Average Prime Offer Rates.'' The methodology statement describes the data and the methodology used to calculate average prime offer rates for purposes of Regulation C and Regulation Z. The statement has been revised to reflect the fact that the Bureau is using a different source of survey data for the one-year variable rate mortgage product to calculate average prime offer rates. ADDRESSES: The revised methodology statement is available on the Web site of the Federal Financial Institutions Examination Council (FFIEC) at https://www.ffiec.gov/ratespread/newcalchelp.aspx#4. FOR FURTHER INFORMATION CONTACT: Terry J. Randall, Counsel, Office of Regulations, at 202-435-7700. SUPPLEMENTARY INFORMATION: The average prime offer rates (APORs) are annual percentage rates derived from average interest rates, points, and other loan pricing terms offered to borrowers by a representative sample of lenders for mortgage loans that have low-risk pricing characteristics. APORs have implications for data reporters under Regulation C and creditors under Regulation Z. Regulation C requires covered financial institutions to report, for certain transactions, the difference between a loan's annual percentage rate (APR) and the APOR for a comparable transaction.\1\ Under Regulation Z, a creditor may be subject to certain special provisions if the difference between a loan's APR and the APOR for a comparable transaction exceeds certain thresholds.\2\ --------------------------------------------------------------------------- \1\ 12 CFR 1003.4(a)(12)(i). \2\ 12 CFR 1026.35(a) and 1026.32(a)(1)(i). --------------------------------------------------------------------------- The Bureau calculates APORs on a weekly basis according to a methodology statement that is available to the public. The Bureau has revised the methodology statement to reflect a change in the source of survey data for the one-year variable rate mortgage product that it began using to calculate the weekly APORs on July 7, 2016. The Freddie Mac Primary Mortgage Market Survey[supreg] (PMMS) previously provided survey data for that mortgage product that, together with data for other products from the same survey, has been used to calculate the weekly APORs. Freddie Mac has discontinued publishing the one-year variable rate mortgage data. Beginning on July 7, 2016, the Bureau started using data provided by HSH Associates for the one-year variable rate mortgage product to calculate the weekly APORs, while continuing to derive the other data used by the methodology from the PMMS. The Bureau has revised the methodology statement in light of that change. No other substantive changes have been made to the methodology statement. Dated: August 2, 2016. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2016-18899 Filed 8-9-16; 8:45 am] BILLING CODE 4810-AM-P
![Federal Register / Vol. 81, No. 154 / Wednesday, August 10, 2016 / Notices 52831
connected to a secondary Federal action alternatives considered in the DPEA. Regulation Z. Regulation C requires
(also called a connected action under Written comments will be accepted at covered financial institutions to report,
NEPA), to consider authorizing the address above (see ADDRESSES). for certain transactions, the difference
incidental take of marine mammals Written comments should be as specific between a loan’s annual percentage rate
under the MMPA, NMFS must identify as possible to be the most helpful. (APR) and the APOR for a comparable
as part of this evaluation ‘‘(t)he means Written comments received, including transaction.1 Under Regulation Z, a
of effecting the least practicable adverse the names and addresses of those creditor may be subject to certain
impact on the species or stock and its submitting them, will be considered special provisions if the difference
habitat.’’ (Section 101(a)(5)(A) of the part of the public record for this between a loan’s APR and the APOR for
MMPA [16 U.S.C. 1361 et seq.]). NMFS proposed action and will be available a comparable transaction exceeds
must therefore identify and evaluate a for public inspection. Please include, certain thresholds.2
reasonable range of mitigation measures with your comments, any supporting The Bureau calculates APORs on a
to minimize impacts to protected data or literature citations that may be weekly basis according to a
species that occur in AFSC research informative in substantiating your methodology statement that is available
areas. These mitigation measures are comment. to the public. The Bureau has revised
considered as part of the identified Dated: August 1, 2016. the methodology statement to reflect a
alternatives in order to evaluate their change in the source of survey data for
Douglas P. DeMaster,
effectiveness to minimize potential the one-year variable rate mortgage
adverse environmental impacts. The Director, Alaska Fisheries Science Center,
National Marine Fisheries Service. product that it began using to calculate
three action alternatives also include the weekly APORs on July 7, 2016. The
[FR Doc. 2016–19002 Filed 8–9–16; 8:45 am]
mitigation measures intended to Freddie Mac Primary Mortgage Market
minimize potentially adverse BILLING CODE 3510–22–P
Survey® (PMMS) previously provided
interactions with other protected survey data for that mortgage product
species that occur within the action that, together with data for other
area. Protected species include all BUREAU OF CONSUMER FINANCIAL products from the same survey, has
marine mammals, which are covered PROTECTION been used to calculate the weekly
under the MMPA, all species listed APORs. Freddie Mac has discontinued
under the ESA, and bird species Notice of Availability of Revised
Methodology for Determining Average publishing the one-year variable rate
protected under the Migratory Bird mortgage data. Beginning on July 7,
Treaty Act. Prime Offer Rates
2016, the Bureau started using data
NMFS is also evaluating a second AGENCY: Bureau of Consumer Financial provided by HSH Associates for the one-
type of no-action alternative that Protection. year variable rate mortgage product to
considers no Federal funding for field ACTION: Notice of availability. calculate the weekly APORs, while
fisheries and ecosystem research continuing to derive the other data used
activities. This is called the No Research SUMMARY: The Bureau of Consumer by the methodology from the PMMS.
Alternative to distinguish it from the Financial Protection (Bureau) The Bureau has revised the
No-Action/Status Quo Alternative. The announces the availability of a revised methodology statement in light of that
No-Action/Status Quo Alternative will methodology statement, entitled the change. No other substantive changes
be used as the baseline to compare all ‘‘Methodology for Determining Average have been made to the methodology
of the other alternatives. Prime Offer Rates.’’ The methodology statement.
Potential direct and indirect effects on statement describes the data and the
the environment are evaluated under methodology used to calculate average Dated: August 2, 2016.
each alternative in the DPEA. The prime offer rates for purposes of Richard Cordray,
environmental effects on the following Regulation C and Regulation Z. The Director, Bureau of Consumer Financial
resources are considered: Physical statement has been revised to reflect the Protection.
environment, special resource areas, fact that the Bureau is using a different [FR Doc. 2016–18899 Filed 8–9–16; 8:45 am]
fish, marine mammals, birds, source of survey data for the one-year BILLING CODE 4810–AM–P
invertebrates, and the social and variable rate mortgage product to
economic environment. Cumulative calculate average prime offer rates.
effects of external actions and the ADDRESSES: The revised methodology DEPARTMENT OF DEFENSE
contribution of fisheries and ecosystem statement is available on the Web site of
research activities to the overall the Federal Financial Institutions Department of the Army
cumulative impact on the Examination Council (FFIEC) at https://
aforementioned resources is also [Docket ID: USA–2016–HQ–0028]
www.ffiec.gov/ratespread/
evaluated in the DPEA for the three newcalchelp.aspx#4. Privacy Act of 1974; System of
main geographic regions in which AFSC
FOR FURTHER INFORMATION CONTACT: Records
surveys are conducted.
NMFS requests comments on the Terry J. Randall, Counsel, Office of AGENCY: Department of the Army, DoD.
DPEA for Fisheries and Ecosystem Regulations, at 202–435–7700.
ACTION: Notice to alter a system of
Research Conducted and Funded by the SUPPLEMENTARY INFORMATION: The
records.
National Marine Fisheries Service, average prime offer rates (APORs) are
Alaska Fisheries Science Center. annual percentage rates derived from
mstockstill on DSK3G9T082PROD with NOTICES
SUMMARY: The Department of the Army
Through this notice, NMFS is notifying average interest rates, points, and other proposes to alter a system of records
the public that a DPEA is available for loan pricing terms offered to borrowers notice A0690–600 SAMR, entitled
review so that interested or affected by a representative sample of lenders for ‘‘Equal Opportunity and Equal
people may participate and contribute mortgage loans that have low-risk Employment Opportunity Complaint
to the final decision. NMFS is seeking pricing characteristics. APORs have
written public comments on the scope implications for data reporters under 1 12 CFR 1003.4(a)(12)(i).
of issues, potential impacts, and Regulation C and creditors under 2 12 CFR 1026.35(a) and 1026.32(a)(1)(i).
VerDate Sep<11>2014 17:34 Aug 09, 2016 Jkt 238001 PO 00000 Frm 00022 Fmt 4703 Sfmt 4703 E:\FR\FM\10AUN1.SGM 10AUN1](https://thefederalregister.org/doc/81_FR_52985/page/1.svg)
Document Created: 2016-08-10 01:59:45
Document Modified: 2016-08-10 01:59:45
| 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 of availability. | |
| Contact | Terry J. Randall, Counsel, Office of Regulations, at 202-435-7700. | |
| FR Citation | 81 FR 52831 |
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