81 FR 7032 - 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); Correction of Supplementary Information
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 81, Issue 27 (February 10, 2016)
Federal Register Volume 81, Issue 27 (February 10, 2016)
| Page Range | 7032-7032 | |
| FR Document | 2016-02630 |
[Federal Register Volume 81, Number 27 (Wednesday, February 10, 2016)] [Rules and Regulations] [Page 7032] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02630] [[Page 7032]] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Parts 1024 and 1026 RIN 3170-AA19 2013 Integrated Mortgage Disclosures Rule Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); Correction of Supplementary Information AGENCY: Bureau of Consumer Financial Protection. ACTION: Correction of supplementary information. ----------------------------------------------------------------------- SUMMARY: In 2013, the Consumer Financial Protection Bureau (Bureau) issued the ``Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)'' final rule (TILA-RESPA Final Rule).\1\ The Supplementary Information to the TILA-RESPA Final Rule contained a typographical error, which this document corrects, regarding the application of tolerances to property insurance premiums, property taxes, homeowner's association dues, condominium fees, and cooperative fees. --------------------------------------------------------------------------- \1\ 78 FR 79730 (Dec. 31, 2013). --------------------------------------------------------------------------- DATES: This correction is effective on February 10, 2016. FOR FURTHER INFORMATION CONTACT: Pedro De Oliveira or David Friend, Counsels, Office of Regulations, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552, at (202) 435-7700. SUPPLEMENTARY INFORMATION: In 2013, the Bureau issued the ``Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)'' final rule (TILA-RESPA Final Rule), combining certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan.\2\ The Supplementary Information to the TILA-RESPA Final Rule (2013 Supp. Information) contained a typographical error, which this notice corrects. Specifically, on page 79829 of Volume 78 of the Federal Register, in the first column, in the sentence containing ``property insurance premiums, property taxes, homeowner's association dues, condominium fees, and cooperative fees,'' the phrase ``are subject to tolerances'' should read ``are not subject to tolerances.'' --------------------------------------------------------------------------- \2\ 78 FR 79730 (Dec. 31, 2013). The Bureau published subsequent amendments to the TILA-RESPA Final Rule at 80 FR 8767 (Feb. 19, 2015) and 80 FR 43911 (July 24, 2015). --------------------------------------------------------------------------- Section 1026.19(e)(3)(iii) is titled ``Variations permitted for certain charges'' and lists certain charges--including property insurance premiums, ``[a]mounts placed into an escrow, impound, reserve, or similar account,'' and ``[c]harges paid for third-party services not required by the creditor''--in the category of charges not subject to tolerance.\3\ Property taxes, homeowner's association dues, condominium fees, and cooperative fees are all ``[c]harges paid for third-party services not required by the creditor.'' Additionally, the 2013 Supp. Information sentence being corrected here is inconsistent with the sentence that precedes it, because the preceding sentence states that ``property insurance premiums are included in the category of settlement charges not subject to a tolerance, whether or not the insurance provider is a lender affiliate.'' \4\ Consequently, on page 79829 of the 2013 Supp. Information, regarding ``property insurance premiums, property taxes, homeowner's association dues, condominium fees, and cooperative fees,'' the phrase ``are subject to tolerances'' should read ``are not subject to tolerances.'' --------------------------------------------------------------------------- \3\ Such charge is in good faith so long as such charge is ``consistent with the best information reasonably available to the creditor at the time it is disclosed, regardless of whether the amount paid by the consumer exceeds the amount disclosed'' on the Loan Estimate. 12 CFR 1026.19(e)(3)(iii) (emphasis added). \4\ 78 FR 79730, 79829 (Dec. 31, 2013) (emphasis added). --------------------------------------------------------------------------- Accordingly, the Bureau makes the following correction to FR Doc. 2013-28210 published on December 31, 2013 (78 FR 79730): 1. On page 79829, in the first column, in the 48th, 49th, and 50th lines, revise ``are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account'' to read ``are not subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account''. Dated: February 2, 2016. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2016-02630 Filed 2-9-16; 8:45 am] BILLING CODE 4810-AM-P
![7032 Federal Register / Vol. 81, No. 27 / Wednesday, February 10, 2016 / Rules and Regulations
BUREAU OF CONSUMER FINANCIAL subject to tolerances’’ should read ‘‘are ENVIRONMENTAL PROTECTION
PROTECTION not subject to tolerances.’’ AGENCY
Section 1026.19(e)(3)(iii) is titled
12 CFR Parts 1024 and 1026 40 CFR Part 180
‘‘Variations permitted for certain
RIN 3170–AA19 charges’’ and lists certain charges— [EPA–HQ–OPP–2015–0232; FRL–9941–15]
including property insurance premiums,
2013 Integrated Mortgage Disclosures ‘‘[a]mounts placed into an escrow, Poly(oxy-1,2-ethanediyl), α-(3-carboxy-
Rule Under the Real Estate Settlement impound, reserve, or similar account,’’ 1-oxosulfopropyl)-w-hydroxy-, alkyl
Procedures Act (Regulation X) and the (C10-C16) Ethers, Disodium Salts;
and ‘‘[c]harges paid for third-party
Truth in Lending Act (Regulation Z); Exemption From the Requirement of a
services not required by the creditor’’—
Correction of Supplementary Tolerance
in the category of charges not subject to
Information
tolerance.3 Property taxes, homeowner’s AGENCY: Environmental Protection
AGENCY: Bureau of Consumer Financial association dues, condominium fees, Agency (EPA).
Protection. and cooperative fees are all ‘‘[c]harges ACTION: Final rule.
ACTION: Correction of supplementary paid for third-party services not
information. required by the creditor.’’ Additionally, SUMMARY: This regulation establishes an
the 2013 Supp. Information sentence exemption from the requirement of a
SUMMARY: In 2013, the Consumer tolerance for residues of poly(oxy-1,2-
being corrected here is inconsistent with
Financial Protection Bureau (Bureau) ethanediyl), a-(3-carboxy-1-
the sentence that precedes it, because
issued the ‘‘Integrated Mortgage oxosulfopropyl)-w-hydroxy-, alkyl (C10-
the preceding sentence states that
Disclosures Under the Real Estate C16) ethers, disodium salts with a
Settlement Procedures Act (Regulation ‘‘property insurance premiums are
included in the category of settlement polyoxyethylene (POE) content
X) and the Truth in Lending Act averaging 5–15 moles, specifically CAS
(Regulation Z)’’ final rule (TILA–RESPA charges not subject to a tolerance,
whether or not the insurance provider is Reg. Nos. 68815–56–5, 68954–91–6,
Final Rule).1 The Supplementary 1013906–64–3, and 1024612–24–5,
Information to the TILA–RESPA Final a lender affiliate.’’ 4 Consequently, on
when used as inert ingredients
Rule contained a typographical error, page 79829 of the 2013 Supp.
(surfactants) in pesticide formulations
which this document corrects, regarding Information, regarding ‘‘property
applied to crops at a concentration not
the application of tolerances to property insurance premiums, property taxes, to exceed 10% by weight under 40 CFR
insurance premiums, property taxes, homeowner’s association dues, 180.910. Keller and Heckman LLP on
homeowner’s association dues, condominium fees, and cooperative behalf of Cytec Industries, Inc.,
condominium fees, and cooperative fees,’’ the phrase ‘‘are subject to submitted a petition to EPA under the
fees. tolerances’’ should read ‘‘are not subject Federal Food, Drug, and Cosmetic Act
DATES: This correction is effective on to tolerances.’’ (FFDCA), requesting the establishment
February 10, 2016. Accordingly, the Bureau makes the of exemptions from the requirement of
FOR FURTHER INFORMATION CONTACT: following correction to FR Doc. 2013– a tolerance. This regulation eliminates
Pedro De Oliveira or David Friend, 28210 published on December 31, 2013 the need to establish a maximum
Counsels, Office of Regulations, (78 FR 79730): permissible level for residues of these
Consumer Financial Protection Bureau, poly(oxy-1,2-ethanediyl), a-(3-carboxy-
1. On page 79829, in the first column,
1700 G Street NW., Washington, DC 1-oxosulfopropyl)-w-hydroxy-, alkyl
20552, at (202) 435–7700. in the 48th, 49th, and 50th lines, revise (C10-C16) ethers, disodium salts.
‘‘are subject to tolerances whether or not
SUPPLEMENTARY INFORMATION: In 2013, DATES: This regulation is effective
they are placed into an escrow,
the Bureau issued the ‘‘Integrated February 10, 2016. Objections and
impound, reserve, or similar account’’ to
Mortgage Disclosures Under the Real requests for hearings must be received
Estate Settlement Procedures Act read ‘‘are not subject to tolerances
on or before April 11, 2016, and must
(Regulation X) and the Truth in Lending whether or not they are placed into an be filed in accordance with the
Act (Regulation Z)’’ final rule (TILA– escrow, impound, reserve, or similar instructions provided in 40 CFR part
RESPA Final Rule), combining certain account’’. 178 (see also Unit I.C. of the
disclosures that consumers receive in Dated: February 2, 2016. SUPPLEMENTARY INFORMATION).
connection with applying for and Richard Cordray, ADDRESSES: The docket for this action,
closing on a mortgage loan.2 The Director, Bureau of Consumer Financial identified by docket identification (ID)
Supplementary Information to the Protection. number EPA–HQ–OPP–2015–0232, is
TILA–RESPA Final Rule (2013 Supp. available at http://www.regulations.gov
[FR Doc. 2016–02630 Filed 2–9–16; 8:45 am]
Information) contained a typographical or at the Office of Pesticide Programs
BILLING CODE 4810–AM–P
error, which this notice corrects. Regulatory Public Docket (OPP Docket)
Specifically, on page 79829 of Volume in the Environmental Protection Agency
78 of the Federal Register, in the first Docket Center (EPA/DC), West William
column, in the sentence containing Jefferson Clinton Bldg., Rm. 3334, 1301
‘‘property insurance premiums, Constitution Ave. NW., Washington, DC
property taxes, homeowner’s association 3 Such charge is in good faith so long as such
20460–0001. The Public Reading Room
jstallworth on DSK7TPTVN1PROD with RULES
dues, condominium fees, and charge is ‘‘consistent with the best information is open from 8:30 a.m. to 4:30 p.m.,
cooperative fees,’’ the phrase ‘‘are reasonably available to the creditor at the time it is
Monday through Friday, excluding legal
disclosed, regardless of whether the amount paid by
the consumer exceeds the amount disclosed’’ on the
holidays. The telephone number for the
1 78FR 79730 (Dec. 31, 2013).
2 78 Loan Estimate. 12 CFR 1026.19(e)(3)(iii) (emphasis Public Reading Room is (202) 566–1744,
FR 79730 (Dec. 31, 2013). The Bureau
published subsequent amendments to the TILA– added). and the telephone number for the OPP
RESPA Final Rule at 80 FR 8767 (Feb. 19, 2015) and 4 78 FR 79730, 79829 (Dec. 31, 2013) (emphasis Docket is (703) 305–5805. Please review
80 FR 43911 (July 24, 2015). added). the visitor instructions and additional
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Document Created: 2016-02-10 00:19:40
Document Modified: 2016-02-10 00:19:40
| 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 | Rules and Regulations | |
| Action | Correction of supplementary information. | |
| Dates | This correction is effective on February 10, 2016. | |
| Contact | Pedro De Oliveira or David Friend, Counsels, Office of Regulations, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552, at (202) 435-7700. | |
| FR Citation | 81 FR 7032 | |
| RIN Number | 3170-AA19 | |
| CFR Citation | 12
CFR
1024 12 CFR 1026 |
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