83 FR 12881 - Request for Information Regarding the Bureau's Inherited Regulations and Inherited Rulemaking Authorities
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 83, Issue 58 (March 26, 2018)
Federal Register Volume 83, Issue 58 (March 26, 2018)
| Page Range | 12881-12883 | |
| FR Document | 2018-06027 |
[Federal Register Volume 83, Number 58 (Monday, March 26, 2018)] [Proposed Rules] [Pages 12881-12883] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-06027] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Chapter X [Docket No. CFPB-2018-0012] Request for Information Regarding the Bureau's Inherited Regulations and Inherited Rulemaking Authorities AGENCY: Bureau of Consumer Financial Protection. ACTION: Request for information. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Bureau in considering whether, consistent with its statutory authority to prescribe rules pursuant to the Federal consumer financial laws, the Bureau should amend the regulations or exercise the rulemaking authorities that it inherited from certain other Federal agencies. DATES: Comments must be received by June 25, 2018. ADDRESSES: You may submit responsive information and other comments, identified by Docket No. CFPB-2018-0012, by any of the following methods:Electronic: Go to http://www.regulations.gov. Follow the instructions for submitting comments. Email: [email protected]. Include Docket No. CFPB-2018-0012 in the subject line of the message. Mail: Comment Intake, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. Hand Delivery/Courier: Comment Intake, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552. Instructions: The Bureau encourages the early submission of comments. All submissions must include the document title and docket number. Please note the number of the topic on which you are commenting at the top of each response (you do not need to address all topics). Because paper mail in the Washington, DC area and at the Bureau is subject to delay, commenters are encouraged to submit comments electronically. 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 1700 G Street NW, Washington, DC 20552, on official business days between the hours of 10 a.m. and 5 p.m. eastern time. You can make an appointment to inspect the documents by telephoning 202-435-7275. All submissions in response to this request for information, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Proprietary information or sensitive personal information, such as account numbers or Social Security numbers, or names of other individuals, should not be included. Submissions will not be edited to remove any identifying or contact information. FOR FURTHER INFORMATION CONTACT: Thomas L. Devlin and Kristin McPartland, Senior Counsels, Office of Regulations, at 202-435-7700. If you require this document in an alternative electronic format, please contact [email protected]. SUPPLEMENTARY INFORMATION: Congress established the Bureau in the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and therein set forth the Bureau's purpose, objectives, and functions.\1\ Pursuant to that Act, on July 21, 2011, the ``consumer financial protection functions'' previously vested in certain other Federal agencies transferred to the [[Page 12882]] Bureau.\2\ The term ``consumer financial protection function'' is defined to include ``all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines.'' \3\ The Dodd-Frank Act in turn defines Federal consumer financial law broadly to include ``the provisions of [title X of the Dodd-Frank Act], the enumerated consumer laws, the laws for which authorities are transferred under subtitles F and H, and any rule or order prescribed by the Bureau under [title X], an enumerated consumer law, or pursuant to the authorities transferred under subtitles F and H.'' \4\ --------------------------------------------------------------------------- \1\ Public Law 111-203, 124 Stat. 2081 (2010) (codified at 15 U.S.C. 1693a et seq.). Section 1021 of the Dodd-Frank Act states that the Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. Section 1021 also authorized the Bureau to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services, five specific objectives are met. \2\ 12 U.S.C. 5581. \3\ 12 U.S.C. 5581(a)(1). \4\ 12 U.S.C. 5481(14). --------------------------------------------------------------------------- Accordingly, Congress generally transferred to the Bureau rulemaking authority for Federal consumer financial laws previously vested in certain other Federal agencies, and the Bureau thereafter assumed responsibility over the various regulations that these agencies had issued under this rulemaking authority (the ``Inherited Regulations'').\5\ The Dodd-Frank Act also provided new rulemaking authorities to the Bureau under the Federal consumer financial laws. Since the Bureau's creation, it has prescribed a number of rules under Federal consumer financial law in rulemakings mandated by Congress, as well as in discretionary rulemakings. These Bureau-issued rules and the new authorities created under the Dodd-Frank Act are referred to collectively in this RFI as the ``Adopted Regulations.'' The Adopted Regulations have often amended the Inherited Regulations. --------------------------------------------------------------------------- \5\ The Bureau generally restated these regulations first through a series of interim final rules published in the Federal Register and subsequently through a final rule. 81 FR 25323 (Apr. 28, 2016). Bureau rules are generally set forth in title 12, Chapter X of the Code of Federal Regulations. --------------------------------------------------------------------------- The Bureau's Rulemaking Authority. The Dodd-Frank Act states that the Bureau is authorized to ``exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.'' \6\ The Dodd-Frank Act further authorizes the Director of the Bureau to prescribe rules as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, which include enumerated consumer laws as well as provisions of the Dodd-Frank Act, and to prevent evasions thereof.\7\ --------------------------------------------------------------------------- \6\ 12 U.S.C. 5512(a). \7\ 12 U.S.C. 5512(b)(1). --------------------------------------------------------------------------- Existing Bureau Work to Examine Inherited Regulations. The Dodd- Frank Act states that the Bureau is authorized to exercise its authorities under Federal consumer financial law for, among other objectives, ``ensuring that, with respect to consumer financial products and services . . . outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens.'' \8\ In 2011 and 2012, the Bureau sought and received stakeholders' suggestions to streamline the Inherited Regulations.\9\ The Bureau identified and executed several burden reduction projects from that undertaking.\10\ More recently, the Bureau has established an initiative to review periodically individual Inherited Regulations or portions of such regulations. The Bureau is beginning the first such review by focusing on subparts B and G of Regulation Z, which implement the Truth in Lending Act with respect to open-end credit generally and credit cards in particular.\11\ --------------------------------------------------------------------------- \8\ 12 U.S.C. 5511(b)(3). \9\ 76 FR 75825 (Dec. 5, 2011). \10\ See 79 FR 64057 (Oct. 28, 2014); 78 FR 25818 (May 3, 2013); 78 FR 18221 (Mar. 26, 2013). In some cases Congress took action related to the same topics identified as part of the Bureau's streamlining initiative. See, e.g., 81 FR 44801 (July 11, 2016); 78 FR 18221 (Mar. 26, 2013). \11\ See 83 FR 1968, 1970 (Jan. 12, 2018); RIN 3170-AA73. --------------------------------------------------------------------------- Overview of This Request for Information The Bureau is using this request for information (RFI) to seek public input regarding the substance of the Inherited Regulations, including whether the Bureau should issue additional rules. The Bureau encourages comments from all interested members of the public. The Bureau anticipates that the responding public may include (among others) entities and their service providers subject to Bureau rules, trade associations that represent these entities, individual consumers, consumer advocates, regulators, and researchers or members of academia. The Bureau previously issued an RFI regarding its rulemaking processes, and plans to issue an RFI about the Bureau's regulatory implementation and guidance functions. The Bureau also previously issued an RFI regarding the Adopted Regulations. Accordingly, the purpose of this RFI is to seek feedback on the content of the Inherited Regulations, not the Bureau's rulemaking processes, implementation initiatives that occur after the issuance of a final rule, or the Adopted Regulations.\12\ Also please note that the Bureau is not requesting comment on any pending rulemaking for which the Bureau has issued a Notice of Proposed Rulemaking or otherwise solicited public comment. --------------------------------------------------------------------------- \12\ The Adopted Regulations include rulemakings issued by the Bureau since its creation, including rules that were adopted pursuant to specific instructions from Congress. They also include new rulemaking authorities given to the Bureau by the Dodd-Frank Act that did not previously exist under the Federal consumer financial laws. --------------------------------------------------------------------------- The Inherited Regulations. The Inherited Regulations comprise the statutory authority and regulations that were transferred to the Bureau by title X of the Dodd-Frank Act. They include the regulations that the Bureau restated in Title 12, Chapter X of the Code of Federal Regulations. For clarity, the term ``Inherited Regulations'' also includes all rulemaking authority inherited by the Bureau, regardless of the extent to which the Bureau's predecessors exercised that authority. Suggested Topics for Commenters To allow the Bureau to more effectively evaluate suggestions, the Bureau requests that, where possible, comments include: Specific suggestions regarding any potential updates or modifications to the Inherited Regulations, consistent with the laws providing the Bureau with rulemaking authority and the Bureau's regulatory and statutory purposes and objectives, and including, in as much detail as possible, the nature of the requested change, and supporting data or other information on impacts and costs of the Inherited Regulations and on the suggested changes thereto; and Specific identification of any aspects of the Inherited Regulations that should not be modified, consistent with the laws providing the Bureau with rulemaking authority and the Bureau's regulatory and statutory purposes and objectives, and including, in as much detail as possible, supporting data or other information on impacts and costs, or information related to consumer and public benefit resulting from these rules. The following list represents a preliminary attempt by the Bureau to identify considerations relevant in determining where modifications of the Inherited Regulations or further exercise of the Bureau's rulemaking authorities may be appropriate. This non-exhaustive list is meant to assist in the formulation of comments and is not intended to restrict the issues that may be addressed. The Bureau requests that, [[Page 12883]] in addressing these questions or others, commenters identify with specificity the Bureau rules at issue, providing legal citations to specific regulations or statutes where appropriate and available. The Bureau invites commenters to identify the products or services that would be affected by any recommendations made by those commenters. Please feel free to comment on some or all of the questions below and on some or all of the Inherited Regulations, but please be sure to indicate on which area you are commenting. The Bureau encourages commenters to make their best efforts to limit their comments to the Inherited Regulations; however, the Bureau will consider all comments received under the Inherited Regulations and Adopted Regulations RFIs together. From all of the suggestions, commenters are requested to offer their highest priorities, along with their explanation of how or why they have prioritized suggestions. Commenters are asked to single out their top priority. Suggestions should focus on revisions that the Bureau could implement consistent with its authorities and without Congressional action. The Bureau is seeking feedback on all aspects of the Inherited Regulations, including but not limited to: 1. Aspects of the Inherited Regulations that: a. Should be tailored to particular types of institutions or to institutions of a particular size; b. Create unintended consequences; c. Overlap or conflict with other laws or regulations in a way that makes it difficult or particularly burdensome for institutions to comply; d. Are incompatible or misaligned with new technologies, including by limiting providers' ability to deliver, electronically, mandatory disclosures or other information that may be relevant to consumers; or e. Could be modified to provide consumers greater protection from the incidence and effects of identity theft. 2. Changes the Bureau could make to the Inherited Regulations, consistent with its statutory authority, to more effectively meet the statutory purposes and objectives set forth in the Federal consumer financial laws, as well as the Bureau's predecessor agencies' specific goals for the particular Inherited Regulation in the first instance. 3. Changes the Bureau could make to the Inherited Regulations, consistent with its statutory authority, that would advance the following statutory purposes and objectives as set forth in section 1021 of the Dodd-Frank Act: a. The statutory purposes set forth in section 1021(a) are: i. All consumers have access to markets for consumer financial products and services; and ii. Markets for consumer financial products and services are fair, transparent, and competitive. b. The statutory objectives set forth in section 1021(b) are: i. Consumers are provided with timely and understandable information to make responsible decisions about financial transactions; ii. Consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination; iii. Outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens; iv. Federal consumer financial law is enforced consistently in order to promote fair competition; and v. Markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. 4. Pilots, field tests, demonstrations, or other activities that the Bureau could launch to better quantify benefits and costs of potential revisions to the Inherited Regulations, or make compliance with the Inherited Regulations more efficient and effective. 5. Areas where the Bureau has inherited rulemaking authority, but has not exercised it, where rulemaking would be beneficial and align with the purposes and objectives of the applicable Federal consumer financial laws. Authority: 12 U.S.C. 5511(c). Dated: March 14, 2018. Mick Mulvaney, Acting Director, Bureau of Consumer Financial Protection. [FR Doc. 2018-06027 Filed 3-23-18; 8:45 am] BILLING CODE 4810-AM-P
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but not limited to, words such as ‘‘Paid communication must include an • Hand Delivery/Courier: Comment
for by,’’ ‘‘Paid by,’’ ‘‘Sponsored by,’’ or indicator. Intake, Consumer Financial Protection
‘‘Ad by’’; website URL; image; sound; * * * * * Bureau, 1700 G Street NW, Washington,
symbol; and icon. (f) Exceptions. DC 20552.
(ii) Every internet communication for (1) * * * Instructions: The Bureau encourages
which a disclaimer is required by (iv) Any internet public the early submission of comments. All
paragraph (a) of this section must satisfy communication that cannot provide a submissions must include the document
the general requirements of paragraphs disclaimer on the face of the internet title and docket number. Please note the
(b) and (c)(1) of this section, except an public communication itself nor an number of the topic on which you are
internet public communication may adapted disclaimer as provided in commenting at the top of each response
include an adapted disclaimer under the paragraph (c)(5) of this section, such as (you do not need to address all topics).
circumstances described in paragraphs a static banner ad on a small internet- Because paper mail in the Washington,
(c)(5)(iii)–(c)(5)(iv) of this section. For enabled device that cannot link to a DC area and at the Bureau is subject to
purposes of this paragraph, an adapted landing page of the person paying for delay, commenters are encouraged to
disclaimer means an abbreviated the internet public communication. The submit comments electronically. In
disclaimer on the face of the provisions of paragraph (f)(1)(i)–(iii) of general, all comments received will be
communication in conjunction with a this section do not apply to internet posted without change to http://
technological mechanism by which a public communications. www.regulations.gov. In addition,
reader can locate the disclaimer * * * * * comments will be available for public
satisfying the general requirements of inspection and copying at 1700 G Street
paragraphs (b) and (c)(1) of this section. On behalf of the Commission,
Dated: March 20, 2018.
NW, Washington, DC 20552, on official
Any internet public communication that business days between the hours of 10
includes an adapted disclaimer must Caroline C. Hunter,
a.m. and 5 p.m. eastern time. You can
comply with the following: Chair, Federal Election Commission.
make an appointment to inspect the
(A) The internet public [FR Doc. 2018–06010 Filed 3–23–18; 8:45 am] documents by telephoning 202–435–
communication must provide a BILLING CODE 6715–01–P 7275.
disclaimer satisfying the general
requirements of paragraphs (b) and All submissions in response to this
(c)(1) of this section through a request for information, including
BUREAU OF CONSUMER FINANCIAL attachments and other supporting
technological mechanism as described PROTECTION
in paragraph (c)(5)(i)(C) of this section. materials, will become part of the public
(B) The internet public record and subject to public disclosure.
12 CFR Chapter X
communication must present the Proprietary information or sensitive
abbreviated disclaimer on the face of the [Docket No. CFPB–2018–0012] personal information, such as account
communication in a clear and numbers or Social Security numbers, or
Request for Information Regarding the names of other individuals, should not
conspicuous manner. An abbreviated Bureau’s Inherited Regulations and
disclaimer is not clear and conspicuous be included. Submissions will not be
Inherited Rulemaking Authorities edited to remove any identifying or
if it is difficult to read, hear, or observe,
or if the placement is easily overlooked. AGENCY: Bureau of Consumer Financial contact information.
(C) For an internet public Protection. FOR FURTHER INFORMATION CONTACT:
communication consisting of text, ACTION: Request for information. Thomas L. Devlin and Kristin
graphics, or images, time or space must McPartland, Senior Counsels, Office of
be measured in [characters or pixels]. SUMMARY: The Bureau of Consumer Regulations, at 202–435–7700. If you
(D) For an internet public Financial Protection (Bureau) is seeking require this document in an alternative
communication consisting of audio or comments and information from electronic format, please contact CFPB_
video, time or space must be measured interested parties to assist the Bureau in Accessibility@cfpb.gov.
in [seconds]. considering whether, consistent with its
SUPPLEMENTARY INFORMATION: Congress
(iii) If the time or space required for statutory authority to prescribe rules
established the Bureau in the Dodd-
a disclaimer satisfying the general pursuant to the Federal consumer
Frank Wall Street Reform and Consumer
requirements of paragraphs (b) and financial laws, the Bureau should
Protection Act (Dodd-Frank Act) and
(c)(1) of this section would exceed [ten] amend the regulations or exercise the
therein set forth the Bureau’s purpose,
percent of the time or space in an rulemaking authorities that it inherited
objectives, and functions.1 Pursuant to
internet public communication, then the from certain other Federal agencies.
that Act, on July 21, 2011, the
abbreviated disclaimer on the face of the DATES: Comments must be received by
‘‘consumer financial protection
communication must include an June 25, 2018. functions’’ previously vested in certain
indicator and identify the person who ADDRESSES: You may submit responsive other Federal agencies transferred to the
paid for the internet public information and other comments,
communication by the person’s full identified by Docket No. CFPB–2018– 1 Public Law 111–203, 124 Stat. 2081 (2010)
name or by a clearly recognized 0012, by any of the following methods: (codified at 15 U.S.C. 1693a et seq.). Section 1021
abbreviation, acronym, or other unique • Electronic: Go to http:// of the Dodd-Frank Act states that the Bureau shall
identifier by which the person is www.regulations.gov. Follow the seek to implement and, where applicable, enforce
sradovich on DSK3GMQ082PROD with PROPOSALS
commonly known. Federal consumer financial law consistently for the
instructions for submitting comments. purpose of ensuring that all consumers have access
(iv) If the time or space required for • Email: FederalRegisterComments@ to markets for consumer financial products and
an abbreviated disclaimer under cfpb.gov. Include Docket No. CFPB– services and that markets for consumer financial
paragraph (c)(5)(iii) of this section 2018–0012 in the subject line of the products and services are fair, transparent, and
would exceed [ten] percent of the time message. competitive. Section 1021 also authorized the
Bureau to exercise its authorities under Federal
or space in the internet public • Mail: Comment Intake, Consumer consumer financial law for the purposes of ensuring
communication, then the abbreviated Financial Protection Bureau, 1700 G that, with respect to consumer financial products
disclaimer on the face of the Street NW, Washington, DC 20552. and services, five specific objectives are met.
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Bureau.2 The term ‘‘consumer financial Frank Act, and to prevent evasions rulemaking processes, implementation
protection function’’ is defined to thereof.7 initiatives that occur after the issuance
include ‘‘all authority to prescribe rules Existing Bureau Work to Examine of a final rule, or the Adopted
or issue orders or guidelines pursuant to Inherited Regulations. The Dodd-Frank Regulations.12 Also please note that the
any Federal consumer financial law, Act states that the Bureau is authorized Bureau is not requesting comment on
including performing appropriate to exercise its authorities under Federal any pending rulemaking for which the
functions to promulgate and review consumer financial law for, among other Bureau has issued a Notice of Proposed
such rules, orders, and guidelines.’’ 3 objectives, ‘‘ensuring that, with respect Rulemaking or otherwise solicited
The Dodd-Frank Act in turn defines to consumer financial products and public comment.
Federal consumer financial law broadly services . . . outdated, unnecessary, or The Inherited Regulations. The
to include ‘‘the provisions of [title X of unduly burdensome regulations are Inherited Regulations comprise the
the Dodd-Frank Act], the enumerated regularly identified and addressed in statutory authority and regulations that
consumer laws, the laws for which order to reduce unwarranted regulatory were transferred to the Bureau by title
authorities are transferred under burdens.’’ 8 In 2011 and 2012, the X of the Dodd-Frank Act. They include
subtitles F and H, and any rule or order Bureau sought and received the regulations that the Bureau restated
prescribed by the Bureau under [title X], stakeholders’ suggestions to streamline in Title 12, Chapter X of the Code of
an enumerated consumer law, or the Inherited Regulations.9 The Bureau Federal Regulations. For clarity, the
pursuant to the authorities transferred identified and executed several burden term ‘‘Inherited Regulations’’ also
under subtitles F and H.’’ 4 reduction projects from that includes all rulemaking authority
Accordingly, Congress generally undertaking.10 More recently, the inherited by the Bureau, regardless of
transferred to the Bureau rulemaking Bureau has established an initiative to the extent to which the Bureau’s
authority for Federal consumer financial review periodically individual Inherited predecessors exercised that authority.
laws previously vested in certain other Regulations or portions of such Suggested Topics for Commenters
Federal agencies, and the Bureau regulations. The Bureau is beginning the
first such review by focusing on To allow the Bureau to more
thereafter assumed responsibility over effectively evaluate suggestions, the
the various regulations that these subparts B and G of Regulation Z, which
implement the Truth in Lending Act Bureau requests that, where possible,
agencies had issued under this comments include:
rulemaking authority (the ‘‘Inherited with respect to open-end credit
generally and credit cards in • Specific suggestions regarding any
Regulations’’).5 The Dodd-Frank Act potential updates or modifications to
also provided new rulemaking particular.11
the Inherited Regulations, consistent
authorities to the Bureau under the Overview of This Request for with the laws providing the Bureau with
Federal consumer financial laws. Since Information rulemaking authority and the Bureau’s
the Bureau’s creation, it has prescribed regulatory and statutory purposes and
a number of rules under Federal The Bureau is using this request for
information (RFI) to seek public input objectives, and including, in as much
consumer financial law in rulemakings detail as possible, the nature of the
mandated by Congress, as well as in regarding the substance of the Inherited
Regulations, including whether the requested change, and supporting data
discretionary rulemakings. These or other information on impacts and
Bureau-issued rules and the new Bureau should issue additional rules.
The Bureau encourages comments from costs of the Inherited Regulations and
authorities created under the Dodd- on the suggested changes thereto; and
Frank Act are referred to collectively in all interested members of the public.
The Bureau anticipates that the • Specific identification of any
this RFI as the ‘‘Adopted Regulations.’’ aspects of the Inherited Regulations that
The Adopted Regulations have often responding public may include (among
others) entities and their service should not be modified, consistent with
amended the Inherited Regulations. the laws providing the Bureau with
providers subject to Bureau rules, trade
The Bureau’s Rulemaking Authority. associations that represent these rulemaking authority and the Bureau’s
The Dodd-Frank Act states that the entities, individual consumers, regulatory and statutory purposes and
Bureau is authorized to ‘‘exercise its consumer advocates, regulators, and objectives, and including, in as much
authorities under Federal consumer researchers or members of academia. detail as possible, supporting data or
financial law to administer, enforce, and The Bureau previously issued an RFI other information on impacts and costs,
otherwise implement the provisions of regarding its rulemaking processes, and or information related to consumer and
Federal consumer financial law.’’ 6 The plans to issue an RFI about the Bureau’s public benefit resulting from these rules.
Dodd-Frank Act further authorizes the The following list represents a
regulatory implementation and
Director of the Bureau to prescribe rules preliminary attempt by the Bureau to
guidance functions. The Bureau also
as may be necessary or appropriate to identify considerations relevant in
previously issued an RFI regarding the
enable the Bureau to administer and determining where modifications of the
Adopted Regulations. Accordingly, the
carry out the purposes and objectives of Inherited Regulations or further exercise
purpose of this RFI is to seek feedback
the Federal consumer financial laws, of the Bureau’s rulemaking authorities
on the content of the Inherited
which include enumerated consumer may be appropriate. This non-
Regulations, not the Bureau’s
laws as well as provisions of the Dodd- exhaustive list is meant to assist in the
7 12 U.S.C. 5512(b)(1). formulation of comments and is not
sradovich on DSK3GMQ082PROD with PROPOSALS
2 12 U.S.C. 5581. 8 12 U.S.C. 5511(b)(3). intended to restrict the issues that may
3 12 U.S.C. 5581(a)(1). 9 76 FR 75825 (Dec. 5, 2011). be addressed. The Bureau requests that,
4 12 U.S.C. 5481(14). 10 See 79 FR 64057 (Oct. 28, 2014); 78 FR 25818
5 The Bureau generally restated these regulations (May 3, 2013); 78 FR 18221 (Mar. 26, 2013). In some 12 The Adopted Regulations include rulemakings
first through a series of interim final rules cases Congress took action related to the same issued by the Bureau since its creation, including
published in the Federal Register and subsequently topics identified as part of the Bureau’s rules that were adopted pursuant to specific
through a final rule. 81 FR 25323 (Apr. 28, 2016). streamlining initiative. See, e.g., 81 FR 44801 (July instructions from Congress. They also include new
Bureau rules are generally set forth in title 12, 11, 2016); 78 FR 18221 (Mar. 26, 2013). rulemaking authorities given to the Bureau by the
Chapter X of the Code of Federal Regulations. 11 See 83 FR 1968, 1970 (Jan. 12, 2018); RIN Dodd-Frank Act that did not previously exist under
6 12 U.S.C. 5512(a). 3170–AA73. the Federal consumer financial laws.
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in addressing these questions or others, a. The statutory purposes set forth in SUMMARY: This action proposes to
commenters identify with specificity the section 1021(a) are: modify two VHF Omnidirectional Range
Bureau rules at issue, providing legal i. All consumers have access to (VOR) Federal airways (V–72 and V–
citations to specific regulations or markets for consumer financial products 429) in the vicinity of Mattoon and
statutes where appropriate and and services; and Charleston, IL. The FAA is proposing
available. The Bureau invites ii. Markets for consumer financial this action due to the planned
commenters to identify the products or products and services are fair, decommissioning of the Mattoon, IL
services that would be affected by any transparent, and competitive. (MTO), VOR/Distance Measuring
recommendations made by those b. The statutory objectives set forth in Equipment (VOR/DME) navigation aid
commenters. Please feel free to section 1021(b) are: (NAVAID) which provides navigation
comment on some or all of the questions i. Consumers are provided with guidance for portions of the affected
below and on some or all of the timely and understandable information ATS routes. The Mattoon VOR is being
Inherited Regulations, but please be sure to make responsible decisions about decommissioned in support of the
to indicate on which area you are financial transactions; FAA’s VOR Minimum Operational
commenting. The Bureau encourages ii. Consumers are protected from Network (MON) program.
commenters to make their best efforts to unfair, deceptive, or abusive acts and DATES: Comments must be received on
limit their comments to the Inherited practices and from discrimination; or before May 10, 2018.
Regulations; however, the Bureau will iii. Outdated, unnecessary, or unduly ADDRESSES: Send comments on this
consider all comments received under burdensome regulations are regularly proposal to the U.S. Department of
the Inherited Regulations and Adopted identified and addressed in order to Transportation, Docket Operations, 1200
Regulations RFIs together. reduce unwarranted regulatory burdens; New Jersey Avenue SE, West Building
From all of the suggestions, iv. Federal consumer financial law is Ground Floor, Room W12–140,
commenters are requested to offer their enforced consistently in order to Washington, DC 20590; telephone:
highest priorities, along with their promote fair competition; and 1(800) 647–5527, or (202) 366–9826.
explanation of how or why they have v. Markets for consumer financial You must identify FAA Docket No.
prioritized suggestions. Commenters are products and services operate FAA–2018–0219 and Airspace Docket
asked to single out their top priority. transparently and efficiently to facilitate No. 17–AGL–23 at the beginning of your
Suggestions should focus on revisions access and innovation. comments. You may also submit
that the Bureau could implement 4. Pilots, field tests, demonstrations, comments through the internet at http://
consistent with its authorities and or other activities that the Bureau could www.regulations.gov.
without Congressional action. launch to better quantify benefits and FAA Order 7400.11B, Airspace
The Bureau is seeking feedback on all costs of potential revisions to the Designations and Reporting Points, and
aspects of the Inherited Regulations, Inherited Regulations, or make subsequent amendments can be viewed
including but not limited to: compliance with the Inherited online at http://www.faa.gov/air_traffic/
1. Aspects of the Inherited Regulations more efficient and effective. publications/. For further information,
Regulations that: 5. Areas where the Bureau has you can contact the Airspace Policy
a. Should be tailored to particular inherited rulemaking authority, but has Group, Federal Aviation
types of institutions or to institutions of not exercised it, where rulemaking Administration, 800 Independence
a particular size; would be beneficial and align with the Avenue SW, Washington, DC 20591;
b. Create unintended consequences; purposes and objectives of the telephone: (202) 267–8783. The Order is
c. Overlap or conflict with other laws applicable Federal consumer financial also available for inspection at the
or regulations in a way that makes it laws. National Archives and Records
difficult or particularly burdensome for Authority: 12 U.S.C. 5511(c). Administration (NARA). For
institutions to comply; Dated: March 14, 2018. information on the availability of FAA
d. Are incompatible or misaligned Order 7400.11B at NARA, call (202)
Mick Mulvaney,
with new technologies, including by 741–6030, or go to https://
limiting providers’ ability to deliver, Acting Director, Bureau of Consumer
www.archives.gov/federal-register/cfr/
Financial Protection.
electronically, mandatory disclosures or ibr-locations.html.
[FR Doc. 2018–06027 Filed 3–23–18; 8:45 am]
other information that may be relevant FAA Order 7400.11, Airspace
to consumers; or BILLING CODE 4810–AM–P Designations and Reporting Points, is
e. Could be modified to provide published yearly and effective on
consumers greater protection from the September 15.
incidence and effects of identity theft. DEPARTMENT OF TRANSPORTATION FOR FURTHER INFORMATION CONTACT:
2. Changes the Bureau could make to Colby Abbott, Airspace Policy Group,
the Inherited Regulations, consistent Federal Aviation Administration
Office of Airspace Services, Federal
with its statutory authority, to more Aviation Administration, 800
effectively meet the statutory purposes 14 CFR Part 71
Independence Avenue SW, Washington,
and objectives set forth in the Federal [Docket No. FAA–2018–0219; Airspace DC 20591; telephone: (202) 267–8783.
consumer financial laws, as well as the Docket No. 17–AGL–23] SUPPLEMENTARY INFORMATION:
Bureau’s predecessor agencies’ specific
sradovich on DSK3GMQ082PROD with PROPOSALS
goals for the particular Inherited Proposed Amendment of Air Traffic Authority for This Rulemaking
Regulation in the first instance. Service (ATS) Routes in the Vicinity of The FAA’s authority to issue rules
3. Changes the Bureau could make to Mattoon and Charleston, IL regarding aviation safety is found in
the Inherited Regulations, consistent AGENCY: Federal Aviation Title 49 of the United States Code.
with its statutory authority, that would Administration (FAA), DOT. Subtitle I, Section 106 describes the
advance the following statutory authority of the FAA Administrator.
ACTION: Notice of proposed rulemaking
purposes and objectives as set forth in Subtitle VII, Aviation Programs,
(NPRM).
section 1021 of the Dodd-Frank Act: describes in more detail the scope of the
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Document Created: 2018-03-24 01:00:04
Document Modified: 2018-03-24 01:00:04
| 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 | Proposed Rules | |
| Action | Request for information. | |
| Dates | Comments must be received by June 25, 2018. | |
| Contact | Thomas L. Devlin and Kristin McPartland, Senior Counsels, Office of Regulations, at 202-435-7700. If you require this document in an alternative electronic format, please contact [email protected] | |
| FR Citation | 83 FR 12881 |
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