81 FR 64142 - Sunshine Act; Notice of Meeting

CONSUMER PRODUCT SAFETY COMMISSION

Federal Register Volume 81, Issue 181 (September 19, 2016)

Page Range		64142-64142
FR Document		2016-22653

Federal Register, Volume 81 Issue 181 (Monday, September 19, 2016)

[Federal Register Volume 81, Number 181 (Monday, September 19, 2016)]
[Notices]
[Page 64142]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-22653]


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CONSUMER PRODUCT SAFETY COMMISSION


Sunshine Act; Notice of Meeting

TIME AND DATE: Thursday September 22, 2016, 9:30 a.m.-11:30 a.m.

PLACE: Hearing Room 420, Bethesda Towers, 4330 East-West Highway, 
Bethesda, Maryland.

STATUS: Commission Meeting--Open to the Public.

Matter to be Considered: 
    Briefing Matter: Fiscal Year 2017 Operating Plan.
    A live webcast of the Meeting can be viewed at www.cpsc.gov/live.

CONTACT PERSON FOR MORE INFORMATION: Todd A. Stevenson, Office of the 
Secretary, U.S. Consumer Product Safety Commission, 4330 East West 
Highway, Bethesda, MD 20814, (301) 504-7923.

    Dated: September 15, 2016.
Todd A. Stevenson,
Secretariat.
[FR Doc. 2016-22653 Filed 9-15-16; 4:15 pm]
 BILLING CODE 6355-01-P

64142 Federal Register / Vol. 81, No. 181 / Monday, September 19, 2016 / Notices

BUREAU OF CONSUMER FINANCIAL mortgage, five-year variable rate how the Bureau provides notice of the
PROTECTION mortgage, and one-year variable rate sources of survey data, the Bureau will
mortgage.4 Currently, both the no longer revise the methodology
Notice of Availability of Revised methodology statement and the FFIEC statement each time it is necessary to
Methodology for Determining Average Web page that lists the survey data used change the source of survey data.
Prime Offer Rates to calculate APORs identify the sources Accordingly, the Bureau revised the
of the survey data used to calculate methodology statement to remove the
AGENCY: Bureau of Consumer Financial
APORs. references to the sources of survey data.
Protection. The Freddie Mac Primary Mortgage
ACTION: Notice of availability. In addition to this change to the
Market Survey® (PMMS) previously
methodology statement, the Bureau
SUMMARY: The Bureau of Consumer provided survey data for all four of the
mortgage products that were used to corrected the methodology statement to
Financial Protection (Bureau) clarify that the survey data reflect only
announces the availability of a revised calculate the weekly APORs. Earlier this
year, Freddie Mac discontinued points and do not include fees. There
methodology statement, entitled the are no other substantive changes to the
‘‘Methodology for Determining Average publishing the result for the one-year
variable rate mortgage product. methodology statement.
Prime Offer Rates.’’ The methodology
statement describes the methodology However, it provided the Bureau with Dated: September 13, 2016.
used to calculate average prime offer data on the one-year variable rate Richard Cordray,
rates for purposes of Regulation C and mortgage product obtained using the
Director, Bureau of Consumer Financial
Regulation Z. The Bureau removed from same survey and calculation techniques
Protection.
the methodology statement the as the PMMS. Beginning on July 7,
[FR Doc. 2016–22504 Filed 9–16–16; 8:45 am]
references to the sources of survey data 2016, the Bureau started using data
provided by a survey conducted by HSH BILLING CODE 4810–AM–P
used to calculate average prime offer
Associates (HSH) for the one-year
rates.
variable rate mortgage product together
ADDRESSES: The revised methodology with PMMS data on 30-year fixed rate
statement is available on the Web site of mortgage, 15-year fixed rate mortgage, CONSUMER PRODUCT SAFETY
the Federal Financial Institutions and five-year variable rate mortgage COMMISSION
Examination Council (FFIEC) at https:// products to calculate the weekly
www.ffiec.gov/ratespread/ APORs. The Bureau updated both the Sunshine Act; Notice of Meeting
newcalchelp.aspx#4. methodology statement 5 and the FFIEC
FOR FURTHER INFORMATION CONTACT: Web site to note the change in the TIME AND DATE: Thursday September 22,
Terry J. Randall, Counsel, Office of source of survey data for the one-year 2016, 9:30 a.m.–11:30 a.m.
Regulations, at 202–435–7700. variable rate mortgage product and
PLACE:Hearing Room 420, Bethesda
SUPPLEMENTARY INFORMATION: The continued to post the survey data used
to calculate APORs on the FFIEC Web Towers, 4330 East-West Highway,
average prime offer rates (APORs) are Bethesda, Maryland.
annual percentage rates derived from site on a weekly basis.6 The Bureau has
average interest rates, points, and other learned that, this month, HSH will STATUS: Commission Meeting—Open to
loan pricing terms offered to borrowers discontinue collecting mortgage survey the Public.
by a representative sample of lenders for data, including data on the one-year
variable rate mortgage product. The MATTER TO BE CONSIDERED:
mortgage loans that have low-risk
pricing characteristics. APORs have Bureau has identified a replacement Briefing Matter: Fiscal Year 2017
implications for data reporters under source of survey data on the one-year Operating Plan.
Regulation C and creditors under variable rate product: Data obtained A live webcast of the Meeting can be
Regulation Z. Regulation C requires from Freddie Mac using the same survey
viewed at www.cpsc.gov/live.
covered financial institutions to report, and calculation techniques as PMMS,
although the official PMMS no longer CONTACT PERSON FOR MORE INFORMATION:
for certain transactions, the difference
publishes results for the one-year Todd A. Stevenson, Office of the
between a loan’s annual percentage rate
variable rate mortgage product. The Secretary, U.S. Consumer Product
(APR) and the APOR for a comparable
Bureau will use these data to calculate Safety Commission, 4330 East West
transaction.1 Under Regulation Z, a
APORs beginning on September 22, Highway, Bethesda, MD 20814, (301)
creditor may be subject to certain
2016. 504–7923.
special provisions if the difference The Bureau will continue to post the
between a loan’s APR and the APOR for survey data used to calculate APORs on Dated: September 15, 2016.
a comparable transaction exceeds the FFIEC Web site every week at Todd A. Stevenson,
certain thresholds.2 https://www.ffiec.gov/ratespread/ Secretariat.
The Bureau calculates APORs on a
mortgagerates.htm and will continue to [FR Doc. 2016–22653 Filed 9–15–16; 4:15 pm]
weekly basis according to a identify the source of the survey data on
methodology statement that is available that Web page. However, to streamline
BILLING CODE 6355–01–P
to the public and posts the APORs.3 To
calculate APORs, survey data on four 4 See FFIEC, Mortgage Rate Survey Data Used to
mortgage products are used and posted Calculate Rate Spreads for Loans Reportable under
mstockstill on DSK3G9T082PROD with NOTICES

on the FFIEC Web site weekly: 30-year HMDA, available at https://www.ffiec.gov/
fixed rate mortgage, 15-year fixed rate ratespread/mortgagerates.htm.
5 Notice of Availability of Revised Methodology

for Determining Average Prime Offer Rates, 81 FR
1 12 CFR 1003.4(a)(12)(i). 52831 (Aug. 10, 2016).
2 12 CFR 1026.35(a) and 1026.32(a)(1)(i). 6 See FFIEC, Mortgage Rate Survey Data Used to
3 See FFIEC, Average Prime Offer Rate Tables, Calculate Rate Spreads for Loans Reportable under
available at https://www.ffiec.gov/ratespread/ HMDA, available at https://www.ffiec.gov/
aportables.htm. ratespread/mortgagerates.htm.

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Document Created: 2016-09-17 02:30:46
Document Modified: 2016-09-17 02:30:46

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
Dates		Thursday September 22, 2016, 9:30 a.m.-11:30 a.m.
FR Citation		81 FR 64142