82 FR 29713 - Policy Guidance on Supervisory and Enforcement Priorities Regarding Early Compliance With the 2016 Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 82, Issue 125 (June 30, 2017)
Federal Register Volume 82, Issue 125 (June 30, 2017)
| Page Range | 29713-29714 | |
| FR Document | 2017-13799 |
[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)] [Rules and Regulations] [Pages 29713-29714] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-13799] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Parts 1024 and 1026 [Docket No. CFPB-2017-0016] Policy Guidance on Supervisory and Enforcement Priorities Regarding Early Compliance With the 2016 Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) AGENCY: Bureau of Consumer Financial Protection. ACTION: Policy guidance. ----------------------------------------------------------------------- SUMMARY: The Consumer Financial Protection Bureau (Bureau) is issuing policy guidance on its supervisory and enforcement priorities regarding early compliance with the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules. DATES: The Bureau released this Policy Guidance on its Web site on June 27, 2017. FOR FURTHER INFORMATION CONTACT: Joel L. Singerman, Counsel, or Laura A. Johnson, Senior Counsel, Office of Regulations, at 202-435-7700. SUPPLEMENTARY INFORMATION: I. Summary On August 4, 2016, the Bureau issued the 2016 Mortgage Servicing Final Rule clarifying, revising, or amending certain of the Bureau's mortgage servicing rules.\1\ Each of the changes will take effect on either Thursday, October 19, 2017, or Thursday, April 19, 2018.\2\ The Bureau has heard concerns that these midweek effective dates for the 2016 Mortgage Servicing Final Rule could create operational challenges for servicers. The Bureau understands that, for many servicers, the Thursday effective dates could afford less than a full day--from the close of business overnight on each of the preceding Wednesdays--to update and test systems in order to be compliant with the 2016 amendments. If servicers do not have sufficient time to complete these tasks, their systems may be more likely to produce errors, which could expose servicers and consumers to risk. Industry participants have notified the Bureau that implementing the 2016 Mortgage Servicing Final Rule during the weekend, with early compliance beginning on the Monday before each of the respective Thursday effective dates, would address these concerns. --------------------------------------------------------------------------- \1\ Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z), 81 FR 72160 (Oct. 19, 2016). \2\ See id. at 72160, 72349-50. --------------------------------------------------------------------------- The Bureau understands industry's concerns and believes that, in the context of the 2016 Mortgage Servicing Final Rule, servicers and consumers are likely to benefit if servicers have the weekend immediately before each of the effective dates to update and test their systems. The Bureau does not, therefore, intend to take supervisory or enforcement action for violations of existing Regulation X or Regulation Z resulting from a servicer's compliance with the 2016 Mortgage Servicing Final Rule occurring up to three days before the applicable effective dates. For these purposes, ``up to three days before the applicable effective dates'' means, for the amendments that will take effect on Thursday, October 19, 2017, the period of Monday, October 16, through Wednesday, October 18, 2017; and, for the amendments that will take effect on Thursday, April 19, 2018, the period of Monday, April 16, through Wednesday, April 18, 2018. [[Page 29714]] II. Regulatory Requirements This Policy Guidance is a non-binding general statement of policy articulating considerations relevant to the Bureau's exercise of its supervisory and enforcement authority. It is therefore exempt from notice and comment rulemaking requirements under the Administrative Procedure Act pursuant to 5 U.S.C. 553(b). Because no notice of proposed rulemaking is required, the Regulatory Flexibility Act does not require an initial or final regulatory flexibility analysis. 5 U.S.C. 603(a), 604(a). The Bureau has determined that this Policy Guidance does not impose any new or revise any existing recordkeeping, reporting, or disclosure requirements on covered entities or members of the public that would be collections of information requiring OMB approval under the Paperwork Reduction Act, 44 U.S.C. 3501, et seq. Dated: June 26, 2017. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2017-13799 Filed 6-29-17; 8:45 am] BILLING CODE 4810-25-P
![Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Rules and Regulations 29713
you that the request cannot be processed modify the scope of your request or FOR FURTHER INFORMATION CONTACT: Joel
in the specified time limit. In such arrange an alternative time frame for L. Singerman, Counsel, or Laura A.
cases, NCUA will make available its processing after being given the Johnson, Senior Counsel, Office of
FOIA Public Liaison and notify you of opportunity to do so by NCUA, when it Regulations, at 202–435–7700.
the right to seek dispute resolution notifies you of the existence of unusual SUPPLEMENTARY INFORMATION:
services from the Office of Government circumstances as set forth in § 792.16.
Information Services. ■ 9. In § 792.28, revise the introductory I. Summary
■ 7. In § 792.16, revise paragraph (c) to text to read as follows: On August 4, 2016, the Bureau issued
read as follows:
§ 792.28 What if I am not satisfied with the the 2016 Mortgage Servicing Final Rule
§ 792.16 What unusual circumstances can response I receive? clarifying, revising, or amending certain
delay NCUA’s response? If you are not satisfied with NCUA’s of the Bureau’s mortgage servicing
* * * * * response to your request, you can seek rules.1 Each of the changes will take
(c) If NCUA sends you an extension dispute resolution services from the effect on either Thursday, October 19,
notice, it will also advise you that you FOIA Public Liaison and the Office of 2017, or Thursday, April 19, 2018.2 The
can either limit the scope of your Government Information Services, and Bureau has heard concerns that these
request so that it can be processed you can file an administrative appeal. midweek effective dates for the 2016
within the statutory time limit or agree Your appeal must be in writing and Mortgage Servicing Final Rule could
to an alternative time frame for must be filed within 90 days from create operational challenges for
processing your request. In such cases, receipt of the initial determination (in servicers. The Bureau understands that,
NCUA will make available its FOIA cases of denials of the entire request or for many servicers, the Thursday
Public Liaison and notify you of the denials of a fee waiver or reduction), or effective dates could afford less than a
right to seek dispute resolution services from receipt of any records being made full day—from the close of business
from the Office of Government available pursuant to the initial overnight on each of the preceding
Information Services. determination (in cases of partial Wednesdays—to update and test
■ 8. Revise § 792.17 to read as follows: denials). In the response to your initial systems in order to be compliant with
request, the Freedom of Information Act the 2016 amendments. If servicers do
§ 792.17 What can I do if the time limit not have sufficient time to complete
passes and I still have not received a Officer or the Inspector General (or
designee), will notify you that you may these tasks, their systems may be more
response?
appeal any adverse determination to the likely to produce errors, which could
(a) If NCUA does not comply with the expose servicers and consumers to risk.
time limits under § 792.15, or as Office of General Counsel. The General
Counsel, or designee, as set forth in this Industry participants have notified the
extended under § 792.16, you do not Bureau that implementing the 2016
have to pay search fees; requesters paragraph, will:
Mortgage Servicing Final Rule during
qualifying for free search fees will not * * * * *
[FR Doc. 2017–13640 Filed 6–29–17; 8:45 am]
the weekend, with early compliance
have to pay duplication fees. However, beginning on the Monday before each of
if NCUA has extended the time limits BILLING CODE 7535–01–P
the respective Thursday effective dates,
under § 792.16 and must review more would address these concerns.
than 5,000 pages to respond to the
The Bureau understands industry’s
request, NCUA may charge you search BUREAU OF CONSUMER FINANCIAL
concerns and believes that, in the
fees (or for requesters qualifying for free PROTECTION
context of the 2016 Mortgage Servicing
search fees, duplication fees), if NCUA
12 CFR Parts 1024 and 1026 Final Rule, servicers and consumers are
has discussed with you via written mail,
likely to benefit if servicers have the
electronic mail, or telephone (or made [Docket No. CFPB–2017–0016] weekend immediately before each of the
not less than 3 good-faith attempts to do
effective dates to update and test their
so) how you could effectively limit the Policy Guidance on Supervisory and systems. The Bureau does not, therefore,
scope of the request. Enforcement Priorities Regarding Early
(b) You can seek assistance from the intend to take supervisory or
Compliance With the 2016 enforcement action for violations of
FOIA Public Liaison or dispute Amendments to the 2013 Mortgage
resolution services from the Office of existing Regulation X or Regulation Z
Rules Under the Real Estate resulting from a servicer’s compliance
Government Information Services. You Settlement Procedures Act (Regulation
also can file suit against NCUA because with the 2016 Mortgage Servicing Final
X) and the Truth in Lending Act Rule occurring up to three days before
you will be deemed to have exhausted (Regulation Z)
your administrative remedies if NCUA the applicable effective dates. For these
fails to comply with the time limit AGENCY: Bureau of Consumer Financial purposes, ‘‘up to three days before the
provisions of this subpart. If NCUA can Protection. applicable effective dates’’ means, for
show that exceptional circumstances the amendments that will take effect on
ACTION: Policy guidance.
exist and that it is exercising due Thursday, October 19, 2017, the period
diligence in responding to your request, SUMMARY: The Consumer Financial of Monday, October 16, through
the court may retain jurisdiction and Protection Bureau (Bureau) is issuing Wednesday, October 18, 2017; and, for
allow NCUA to complete its review of policy guidance on its supervisory and the amendments that will take effect on
the records. You may have to pay search enforcement priorities regarding early Thursday, April 19, 2018, the period of
Monday, April 16, through Wednesday,
mstockstill on DSK30JT082PROD with RULES
or duplication fees if a court has compliance with the final rule it issued
determined that exceptional in August 2016 (2016 Mortgage April 18, 2018.
circumstances exist and has extended Servicing Final Rule) amending certain
the time limits for NCUA’s response by of the Bureau’s mortgage servicing rules. 1 Amendments to the 2013 Mortgage Rules under
the Real Estate Settlement Procedures Act
a court order. In determining whether DATES: The Bureau released this Policy (Regulation X) and the Truth in Lending Act
exceptional circumstances exist, the Guidance on its Web site on June 27, (Regulation Z), 81 FR 72160 (Oct. 19, 2016).
court may consider your refusal to 2017. 2 See id. at 72160, 72349–50.
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![29714 Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Rules and Regulations
II. Regulatory Requirements ACTION: Final rule. increased. At the same time that CBP is
This Policy Guidance is a non-binding looking to update its fee to reflect the
SUMMARY: This document adopts as a costs of administering the exam, OPM
general statement of policy articulating final rule, with changes, the
considerations relevant to the Bureau’s has informed CBP that it will no longer
amendments proposed to the U.S. administer the paper-based examination
exercise of its supervisory and Customs and Border Protection (CBP)
enforcement authority. It is therefore and it is shifting all the examinations it
regulations concerning the customs administers to an electronic format.
exempt from notice and comment broker’s examination provisions. On September 14, 2016, CBP
rulemaking requirements under the Specifically, this rule transitions the published a document in the Federal
Administrative Procedure Act pursuant examination to a computer automated Register (81 FR 63149) proposing to
to 5 U.S.C. 553(b). Because no notice of customs broker examination, adjusts the amend title 19 of the Code of Federal
proposed rulemaking is required, the dates of the examination to account for Regulations (‘‘19 CFR’’) to modernize
Regulatory Flexibility Act does not the fiscal year transition period and the customs broker’s examination
require an initial or final regulatory payment schedule requirements, and provisions. Specifically, CBP proposed
flexibility analysis. 5 U.S.C. 603(a), increases the examination fee to cover amending the customs broker’s
604(a). The Bureau has determined that the cost of delivering the exam. examination provisions, which are
this Policy Guidance does not impose contained in 19 CFR part 111, to permit
DATES: Effective July 31, 2017.
any new or revise any existing automation of the examination. CBP
recordkeeping, reporting, or disclosure FOR FURTHER INFORMATION CONTACT: Julia
Peterson, Chief, Broker Management proposed removing references to the
requirements on covered entities or ‘‘written’’ examination to accommodate
members of the public that would be Branch, Office of Trade, U.S. Customs
and Border Protection, (202) 863–6601, the transition from the paper and pencil
collections of information requiring format to an electronic format; and
OMB approval under the Paperwork julia.peterson@cbp.dhs.gov.
proposed removing the requirement that
Reduction Act, 44 U.S.C. 3501, et seq. SUPPLEMENTARY INFORMATION:
CBP grade the examinations to permit
Dated: June 26, 2017. Background officials at the Office of Personnel
Richard Cordray, Management (OPM) or OPM contractors
Section 641 of the Tariff Act of 1930,
Director, Bureau of Consumer Financial to grade the examinations. CBP
as amended (19 U.S.C. 1641), provides,
Protection. proposed removing the reference to
among other things, that a person (an ‘‘Headquarters’’ to allow CBP offices
[FR Doc. 2017–13799 Filed 6–29–17; 8:45 am] individual, corporation, association, or nationwide to assist in preparing the
BILLING CODE 4810–25–P partnership) must hold a valid customs examination. CBP also proposed moving
broker’s license and permit in order to the examination dates to the fourth
transact customs business on behalf of Monday in April and October to allow
DEPARTMENT OF COMMERCE others, sets forth standards for the more time between the start of the
issuance of a broker’s license and federal fiscal year and the October
Bureau of Industry and Security permit, and provides for disciplinary examination date. To cover the costs of
action against brokers that have engaged administering the examination, plus the
15 CFR Part 744 in specific infractions. This section also cost of automating the examination, CBP
provides that an examination may be proposed to increase the fee. CBP
Control Policy: End-User and End-Use
conducted to assess an applicant’s proposed removing the special
Based
qualifications for a license. examination provision because it was
CFR Correction The regulations issued under the unnecessary. Finally, to better reflect
authority of section 641 are set forth in CBP’s organizational structure, CBP
■ In Title 15 of the Code of Federal title 19 of the Code of Federal
Regulations, Parts 300 to 799, revised as proposed updating the information on
Regulations, part 111 (19 CFR part 111). whom to contact when an applicant
of January 1, 2017, on page 498, in Part 111 sets forth the regulations
supplement number 4 to part 744, under either would miss an examination, or
regarding, among other things, the would file an appeal of examination
United Arab Emirates, remove the entry licensing of, and granting of permits to,
for ‘‘Indira Mirchandani’’. results. CBP proposed these changes to
persons desiring to transact customs benefit both applicants and CBP. For
[FR Doc. 2017–13802 Filed 6–29–17; 8:45 am] business as customs brokers. These applicants, automation would
BILLING CODE 1301–00–P regulations also include the standardize the testing environment and
qualifications required of applicants and equipment for all examinations, and
the procedures for applying for licenses provide earlier notification of test
DEPARTMENT OF HOMELAND and permits, including examination scores. For CBP, automation would
SECURITY procedures and requirements. provide for a more efficient use of CBP
Currently, a customs broker’s staff and administrative resources. The
U.S. Customs and Border Protection examination consists of a paper test notice of proposed rulemaking
booklet and a scannable answer sheet requested public comments. The public
19 CFR Part 111 which is administered by the Office of comment period closed on November
[Docket No. USCBP–2016–0059; CBP Dec. Personnel Management (OPM). CBP 14, 2016.
No. 17–05] supplements OPM’s resources by
providing CBP officials to proctor the Discussion of Comments
RIN 1651–AB07
mstockstill on DSK30JT082PROD with RULES
examination and space to conduct the Eight comments were received in
Modernization of the Customs Brokers examination. There is a $200 fee to take response to the notice of proposed
Examination the examination. This fee, which has rulemaking.
not changed since 2000, currently does Comment: Six commenters sought
AGENCY: U.S. Customs and Border not cover the administrative costs of the clarification about the transition from a
Protection, Department of Homeland paper-based examination as the costs of paper and pencil format to computer
Security. administering the examination have automated examinations as described in
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Document Created: 2017-06-30 06:01:07
Document Modified: 2017-06-30 06:01:07
| 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 | Policy guidance. | |
| Dates | The Bureau released this Policy Guidance on its Web site on June 27, 2017. | |
| Contact | Joel L. Singerman, Counsel, or Laura A. Johnson, Senior Counsel, Office of Regulations, at 202-435-7700. | |
| FR Citation | 82 FR 29713 | |
| CFR Citation | 12
CFR
1024 12 CFR 1026 |
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