83 FR 52816 - Supervisory Highlights: Summer 2018
BUREAU OF CONSUMER FINANCIAL PROTECTION Federal Register Volume 83, Issue 202 (October 18, 2018)
Federal Register Volume 83, Issue 202 (October 18, 2018)
| Page Range | 52816-52822 | |
| FR Document | 2018-22726 |
[Federal Register Volume 83, Number 202 (Thursday, October 18, 2018)] [Notices] [Pages 52816-52822] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-22726] ======================================================================= ----------------------------------------------------------------------- BUREAU OF CONSUMER FINANCIAL PROTECTION Supervisory Highlights: Summer 2018 AGENCY: Bureau of Consumer Financial Protection. ACTION: Supervisory Highlights; notice. ----------------------------------------------------------------------- SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is issuing its seventeenth edition of its Supervisory Highlights. In this issue of Supervisory Highlights, we report examination findings in the areas of auto finance lending; credit card account management; debt collection; deposits; mortgage servicing; mortgage origination; service providers; short-term, small-dollar lending; remittances; and fair lending. As in past editions, this report includes information on the Bureau's use of its supervisory and enforcement authority, recently released examination procedures, and Bureau guidance. DATES: The Bureau released this edition of the Supervisory Highlights on its website on September 06, 2018. FOR FURTHER INFORMATION CONTACT: Adetola Adenuga, Consumer Financial Protection Analyst, Office of Supervision Policy, at (202) 435-9373. If you require this document in an alternative electronic format, please contact [email protected]. SUPPLEMENTARY INFORMATION: 1. Introduction The Bureau of Consumer Financial Protection (Bureau) is committed to a consumer financial marketplace that is free, innovative, competitive, and transparent, where the rights of all parties are protected by the rule of law, and where consumers are free to choose the products and services that best fit their individual needs. To effectively accomplish this, the Bureau remains committed to sharing with the public key findings from its supervisory work to help industry limit risks to consumers and comply with Federal consumer financial law. The findings included in this report cover examinations in the areas of automobile loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and small business lending that were generally completed between December 2017 and May 2018 (unless otherwise stated). It is important to keep in mind that institutions are subject only to the requirements of relevant laws and regulations. The information contained in Supervisory Highlights is disseminated to help institutions better understand how the Bureau examines institutions for compliance with those requirements. This document does not impose any new or different legal requirements. In addition, the legal violations described in this and previous issues of Supervisory Highlights are based on the particular facts and circumstances reviewed by the Bureau as part of its examinations. A conclusion that a legal violation exists on the facts and circumstances [[Page 52817]] described here may not lead to such a finding under different facts and circumstances. We invite readers with questions or comments about the findings and legal analysis reported in Supervisory Highlights to contact us at [email protected]. 2. Supervisory Observations Recent supervisory observations are reported in the areas of automobile loan servicing, credit cards, debt collection, mortgage servicing, payday lending, and, for the first time, small business lending. 2.1 Automobile Loan Servicing The Bureau continues to examine auto loan servicing activities, primarily to assess whether servicers have engaged in unfair, deceptive, or abusive acts or practices prohibited by the Consumer Financial Protection Act of 2010 (CFPA). Recent auto loan servicing examinations identified deceptive and unfair acts or practices related to billing statements and wrongful repossessions. 2.1.1 Billing Statements Showing Paid-Ahead Status After Applying Insurance Proceeds One or more examinations observed instances in which notes required that insurance proceeds from a total vehicle loss be applied as a one- time payment to the loan with any remaining balance to be collected according to the consumer's regular billing schedule. However, in some instances after consumers experienced a total vehicle loss, the servicers sent billing statements showing that the insurance proceeds had been applied to the loan payments so that the loan was paid ahead and that the next payment on the remaining balance was due many months or years in the future. Servicers then treated consumers who failed to pay by the next month as late and in some cases also reported the negative information to consumer reporting agencies. The examination found that servicers engaged in a deceptive practice by sending billing statements indicating that consumers did not need to make a payment until a future date when in fact the consumer needed to make a monthly payment.\1\ The billing statements contained due dates inconsistent with the note and the servicer's insurance payment application. Such information would mislead reasonable consumers to think they did not need to make the next monthly payment. The misrepresentation is material because it likely affected consumers' conduct with regard to auto loans. Consumers would have been more likely to make a monthly payment if they knew that not doing so would result in a late fee, delinquency notice, or adverse credit reporting. In response to examination findings, the servicers are sending billing statements that accurately reflect the account status of the loan after applying insurance proceeds from a total vehicle loss. --------------------------------------------------------------------------- \1\ 12 U.S.C. 5531, 5536. --------------------------------------------------------------------------- 2.1.2 Repossessions Many auto servicers provide options to consumers to avoid repossession once a loan is delinquent or in default. Servicers may offer formal extension agreements that allow consumers to forbear payments for a certain period of time or may cancel a repossession order once a consumer makes a payment. One or more recent examinations found that servicers repossessed vehicles after the repossession was supposed to be cancelled. In these instances, the servicers incorrectly coded the account as remaining delinquent or customer service representatives did not timely cancel the repossession order after the consumer's agreement with the servicers to avoid repossession. The examinations identified this as an unfair practice.\2\ The practice of wrongfully repossessing vehicles causes substantial injury because it deprives borrowers of the use of their vehicles and potentially leads to additional associated harm, such as lost wages and adverse credit reporting. Such injury is not reasonably avoidable when consumers take action they believed would halt the repossession and there is no additional action the borrower can take to prevent it. Finally, the injury is not outweighed by countervailing benefits to the consumer or to competition. No benefits to competition are apparent from erroneous repossessions. And the expense to better monitor repossession activity is unlikely to be substantial enough to affect institutional operations or pricing. In response to the examination findings, the servicers are stopping the practice, reviewing the accounts of consumers affected by a wrongful repossession, and removing or remediating all repossession-related fees. --------------------------------------------------------------------------- \2\ Id. --------------------------------------------------------------------------- 2.2 Credit Cards The Bureau continues to examine the credit card account management operations of one or more supervised entities. Typically, examinations assess advertising and marketing, account origination, account servicing, payments and periodic statements, dispute resolution, and the marketing, sale and servicing of credit card add-on products. With some notable exceptions, the examinations found that supervised entities generally are complying with applicable Federal consumer financial laws. 2.2.1 Periodic Re-Evaluation of Rate Increases Regulation Z, as revised to implement the Card Accountability Responsibility and Disclosure (CARD) Act, requires credit card issuers to periodically re-evaluate consumer credit card accounts subjected to certain increases in the applicable Annual Percentage Rate(s) (APR or rate) to assess whether it is appropriate to reduce the account's APR(s).\3\ Issuers must first re-evaluate each such account no later than six months after the rate increase and at least every six months thereafter.\4\ In re-evaluating each account, the issuer must apply either (a) the factors on which the rate increase was originally based or (b) the factors the issuer currently considers when determining the APR applicable to similar, new consumer credit card accounts.\5\ --------------------------------------------------------------------------- \3\ 12 CFR 1026.59(a). \4\ 12 CFR 1026.59(c). \5\ 12 CFR 1026.59(d)(1). --------------------------------------------------------------------------- One or more examinations between January and July 2018 found that entities: (a) Failed to re-evaluate all eligible accounts, (b) failed to consider the appropriate factors when re-evaluating eligible accounts, or (c) failed to appropriately reduce the rates of accounts eligible for rate reduction. In one or more instances, the issuers failed to re-evaluate all eligible accounts because they inadvertently excluded some eligible accounts from the pool of accounts they re- evaluated. In one or more instances, the issuers failed to consider the appropriate factors because they inappropriately conflated re- evaluation factors, among other reasons. In one or more instances, the issuers failed to appropriately reduce the rates for eligible accounts because they effectively imposed additional criteria for a rate reduction. The issuers have undertaken, or developed plans to undertake, remedial and corrective actions in response to these examination findings. 2.3 Debt Collection The Bureau's Supervision program has authority to examine certain entities that engage in consumer debt collection activities, including nonbanks that are larger participants in the consumer debt collection market. Recent examinations [[Page 52818]] of larger participants identified one or more violations of the Fair Debt Collection Practices Act (FDCPA).\6\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 1692-1692p. --------------------------------------------------------------------------- 2.3.1 Failure To Obtain and Mail Debt Verification Before Engaging in Further Collection Activities Section 809(b) of the FDCPA requires a debt collector, upon receipt of a written debt validation request from a consumer, to cease collection of the debt until it obtains verification of the debt and mails it to the consumer.\7\ Examinations found that one or more debt collectors routinely failed to mail debt verifications before engaging in further collections activities. Instead, one or more debt collectors forwarded consumer debt validation requests to originating creditors; the creditors then reviewed the debts and mailed responses directly to consumers. One or more debt collectors accepted creditor determinations that the debt was owed by the relevant consumer for the amount claimed without receiving information verifying the debt and without mailing the required verification to consumers. One or more debt collectors then continued collection activities on accounts in violation of section 809(b) of the FDCPA.\8\ In response to these examination findings, one or more debt collectors are revising their debt validation policies, procedures, and practices to ensure both that they obtain appropriate verification of the debt when requested and that they mail the verification to consumers prior to engaging in further collection activities. --------------------------------------------------------------------------- \7\ 15 U.S.C. 1692g(b). \8\ Id. --------------------------------------------------------------------------- 2.4 Mortgage Servicing Bureau examinations continue to focus on the loss mitigation process and, in particular, on how servicers handle trial modifications where consumers are paying as agreed. One or more recent mortgage servicing examinations observed unfair acts or practices relating to conversion of trial modifications to permanent status and initiation of foreclosures after consumers accepted loss mitigation offers. Recent examinations also identified unfair acts or practices when institutions charged consumers amounts not authorized by modification agreements or by mortgage notes. 2.4.1 Converting Trial Modifications to Permanent Status Past editions of Supervisory Highlights discussed how one or more servicers failed to place consumers who successfully completed trial modifications into permanent modifications in a timely manner.\9\ Such delays may harm consumers when interest accrues at a higher non- modified rate or when servicers report consumers as delinquent or still in trial modifications to consumer reporting agencies during the delay. Where a servicer does not provide full financial remediation to the consumer for such a delay, one or more examinations have identified an unfair practice. --------------------------------------------------------------------------- \9\ See, e.g., Issue 11 of Supervisory Highlights, section 3.2, available at, https://www.consumerfinance.gov/documents/509/Mortgage_Servicing_Supervisory_Highlights_11_Final_web_.pdf. --------------------------------------------------------------------------- One or more recent examinations reviewed the practices of servicers with policies providing for permanent modifications of loans if consumers made four timely trial modification payments. However, for nearly 300 consumers who successfully completed the trial modification, the servicers delayed processing the permanent modification for more than 30 days. During these delays, consumers accrued interest and fees that would not have been accrued if the permanent modification had been processed. The servicers did not remediate all of the affected consumers nor did they have policies or procedures for remediating consumers in such circumstances. The servicers attributed the modification delays to insufficient staffing. As a result, one or more examinations identified an unfair act or practice. Consumers experienced substantial injury that could not be reasonably avoided. The accrued fees and interest that the servicers failed to fully remediate were likely significant because the delays were more than 30 days. And consumers could not reasonably avoid these injuries. They could neither control the processing of their loan modifications nor compel remediation from the servicers. The harm to consumers outweighs the cost to consumers or to competition, given that the servicers acknowledged that the delay was in error and did not indicate that the cost of remediation was burdensome. In response to examination findings, the servicers are fully remediating affected consumers and developing and implementing policies and procedures to timely convert trial modifications to permanent modifications where the consumers have met the trial modification conditions.\10\ --------------------------------------------------------------------------- \10\ 12 U.S.C. 5531, 5536. --------------------------------------------------------------------------- In September 2017, examinations also found that one or more servicers mitigated the potential consumer harm associated with trial conversion delays by maintaining communication with consumers during the delay and by proactively remediating individual consumers for the costs associated with the delay after eventually making the consumers' modifications permanent. 2.4.2 Charging Consumers Unauthorized Amounts One or more examinations found instances in which mortgage servicers charged consumers more than the amounts authorized by their loan modification agreements. The overcharges were caused by data errors affecting the modified loan's starting balance, step-rate and interest-rate changes, deferred interest, and amortization maturity date when the loan was entered into the servicing system. The examinations identified this as an unfair practice.\11\ The overcharges resulted in substantial injury to consumers when consumers made payments higher than those stipulated in the modification agreements or when they made payments for a term longer than stipulated in the modification agreements. Consumers could not reasonably avoid this injury, which was caused by errors in the servicers' systems. The injury to consumers is not outweighed by any countervailing benefits to consumers or to competition. No benefits to competition are apparent from the systemic errors that resulted in erroneous billing statements. And the expense of instituting validation procedures for loan- modification data is unlikely to be substantial enough to affect institutional operations or pricing. In response to the examination findings, the servicers are remediating affected consumers and correcting loan modification terms in their systems. --------------------------------------------------------------------------- \11\ 12 U.S.C. 5531, 5536. --------------------------------------------------------------------------- 2.4.3 Representations Regarding Initiation of Foreclosure When one or more mortgage servicers approved borrowers for a loss mitigation option on a non-primary residence, the servicers represented to borrowers that the servicers would not initiate foreclosure if the borrower accepted loss mitigation offers in writing or by phone by a specified date. However, the servicers then initiated foreclosure even if borrowers had called or written to accept the loss mitigation offers by that date. Examinations identified this as a deceptive act or practice. The misrepresentations were likely to mislead borrowers when the servicers expressly indicated that the servicers would not initiate foreclosure proceedings if borrowers accepted the [[Page 52819]] loss mitigation offers. The borrowers' interpretation of the misrepresentations was reasonable in this circumstance, i.e., that the servicers would not initiate foreclosure after the borrowers accepted the loss mitigation offers. The misrepresentations were material because they were likely to prompt borrowers to accept the loss mitigation offers to avoid the initiation of foreclosure proceedings. 2.4.4 Representations Regarding Foreclosure Sales Examinations observed that when borrowers submitted complete loss mitigation applications less than 37 days from a scheduled foreclosure sale date, one or more servicers sent the borrowers notices indicating that the applications were complete and stating that the servicer(s) would notify the borrowers of the decision on the applications in writing within 30 days. But after sending these notices, the servicers proceeded to conduct the scheduled foreclosure sales without making a decision on the borrowers' loss mitigation applications. The examinations did not find that this conduct amounted to a legal violation but observed that it could pose a risk of a deceptive practice. The notices could potentially mislead borrowers by stating that the borrowers would receive a decision on their loss mitigation applications. Borrowers reasonably could take that statement to mean that foreclosure sales would be postponed until a decision was reached. 2.5 Payday Lending The Bureau's Supervision program covers entities that offer or provide payday loans. Examinations of payday lenders identified unfair and deceptive acts or practices as well as violations of Regulation E.\12\ --------------------------------------------------------------------------- \12\ 12 CFR 1005.10(b). --------------------------------------------------------------------------- 2.5.1 Misleading Collection Letters Examinations observed one or more entities engaging in a deceptive act or practice in their collection letters. These entities represented in their letters that they will, or may have no choice but to, repossess consumers' vehicles if the consumers fail to make payments or contact the entities. This was despite the fact that these entities did not have business relationships with any party to repossess vehicles and, as a general matter, did not repossess vehicles. Given these facts, the examination concluded that the net impression of these representations in the context of each letter was to mislead consumers to believe that these entities would repossess or were likely to repossess consumers' vehicles. The representations were material because they were likely to affect the behavior of consumers who were misled. The representations were likely to induce consumers to make payments to these entities, as opposed to allocating their funds toward other expenses. In response to the examination findings, the entity or entities are ensuring that their collection letters do not contain deceptive content. 2.5.2 Debiting Consumers' Accounts Without Valid Authorization by Using Account Information Previously Provided for Other Purposes Examinations observed one or more entities using debit card numbers or Automated Clearing House (ACH) credentials that consumers had not validly authorized the entities to use to debit funds in connection with a single-payment or installment loan in default. Upon a consumer's failure to repay the loan obligation as agreed, one or more entities attempted to initiate electronic fund transfers (EFTs) using debit card numbers or ACH credentials that borrowers had identified on authorization forms executed in connection with the defaulted loan at issue. If those attempts were unsuccessful, the entities would then seek to collect balances due and owing via EFTs using debit card numbers or ACH credentials that the borrowers had supplied to the entities for other purposes, such as when obtaining other loans or making one-time payments on other loans or the loan at issue. Through these invalidly authorized EFTs, the entities sought payment of up to the entire amount due on the loan. The examinations identified these as unfair acts or practices and also, in some cases, as violations of Regulation E. With respect to unfairness, the invalidly authorized debits caused substantial injury in the form of debits that consumers could not anticipate, leading to potential fees. Because the credentials were provided to the entities for other purposes, such as account information consumers provided in previous credit applications, consumers could not anticipate that the entities would use them for the defaulted loan at issue and thus could not reasonably avoid such injury. Finally, the injury was not outweighed by any countervailing benefits to consumers, such as satisfying their debts, or to competition, such as passing on lower costs to consumers derived from easier debt collection. By giving an unfair advantage over other entities that obtain authorization to initiate debits from consumers pursuant to clear and readily understandable terms, the unfair acts or practices likely harmed competition.\13\ --------------------------------------------------------------------------- \13\ 12 U.S.C. 5531, 5536. --------------------------------------------------------------------------- With respect to loans for which the consumer entered into preauthorized EFTs that recurred at substantially regular intervals, the examinations identified this practice as a violation of Regulation E, which requires that preauthorized EFTs from a consumer's account be authorized only by a writing signed or similarly authenticated by the consumer.\14\ Here, the loan agreements and EFT authorization forms failed to provide clear and readily understandable terms regarding the entities' use of debit card numbers or ACH credentials that consumers provided for other purposes. Accordingly, the entities did not obtain valid preauthorized EFT authorizations for the debits they initiated using debit card numbers or ACH credentials consumers provided for other purposes. --------------------------------------------------------------------------- \14\ 12 CFR 1005.10(b). --------------------------------------------------------------------------- In response to examination findings, the entity or entities are ceasing the violations, remediating borrowers impacted by the invalid EFTs, and revising loan agreement templates and ACH authorization forms. 2.6 Small Business Lending The Equal Credit Opportunity Act (ECOA) prohibition against discrimination is not limited to consumer transactions; it also applies to business-purpose credit transactions, including credit extended to small businesses. In 2016 and 2017, the Bureau began conducting supervision work to assess ECOA compliance in institutions' small business lending product lines, focusing in particular on the risks of an ECOA violation in underwriting, pricing, and redlining. The Bureau anticipates an ongoing dialogue with supervised institutions and other stakeholders as the Bureau moves forward with supervision work in small business lending. 2.6.1 Supervisory Observations In the course of conducting ECOA small business lending reviews, Bureau examination teams have observed instances in which one or more financial institutions effectively managed the risks of an ECOA violation in their small business lending programs. Examinations at one or more institutions observed that the board of directors and management maintained active oversight over the institutions' compliance management system (CMS) framework. Institutions developed and [[Page 52820]] implemented comprehensive risk-focused policies and procedures for small business lending originations and actively addressed the risks of an ECOA violation by conducting periodic reviews of small business lending policies and procedures and by revising those policies and procedures as necessary. Examinations also observed that one or more institutions maintained a record of policy and procedure updates to ensure that they were kept current. With regard to self-monitoring, one or more institutions implemented small business lending monitoring programs and conducted semi-annual ECOA risk assessments that include assessments of small business lending. In addition, one or more institutions actively monitored pricing-exception practices and volume through a committee. When examinations included file reviews of manual underwriting overrides at one or more institutions, they found that credit decisions made by the institutions were consistent with the requirements of ECOA, and thus the examinations did not find any violations of ECOA. At one or more institutions, however, examinations observed that institutions collect and maintain (in useable form) only limited data on small business lending decisions. Limited availability of data could impede an institution's ability to monitor and test for the risks of ECOA violations through statistical analyses. 3. Remedial Actions 3.1 Public Enforcement Actions The Bureau's supervisory activities resulted in or supported the following public enforcement actions. 3.1.1 Citibank N.A. On June 29, 2018, the Bureau announced an enforcement action against Citibank, N.A., (Citibank or Bank). The Bureau found Citibank violated the Truth in Lending Act (TILA) and its implementing regulation, Regulation Z, by failing to properly periodically re- evaluate and reduce the Annual Percentage Rates (rates) applicable to credit card accounts that had been subject to certain rate increases between 2011 and 2017 and by failing to have in place reasonable written policies and procedures to do so. In 2016, Citibank initiated a significant compliance review program across its credit cards line of business. That review led to Citibank's self-identifying several deficiencies and errors in its rate re- evaluation methodologies. After the Bank promptly self-disclosed the violations, the Bureau ultimately found through its supervisory process that Citibank violated TILA by failing to reevaluate and reduce the APRs for approximately 1.75 million consumer credit card accounts and thereby imposed on those accounts excess interest charges of $335 million. Under the terms of the resulting consent order, Citibank was required to correct these practices and pay $335 million in restitution to the impacted consumers.\15\ The Bureau did not assess civil money penalties based on a number of factors, including Citibank's self- identifying and self-reporting the violations to the Bureau and its self-initiating remediation to affected consumers. --------------------------------------------------------------------------- \15\ See Citibank Consent Order available at, https://www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-settles-citibank-na/. --------------------------------------------------------------------------- 3.1.2 Triton Management Group On July 19, 2018, the Bureau entered into a consent order with Triton Management Group, Inc., a payday lender that operates in Alabama, Mississippi, and South Carolina under several names including ``Always Money'' and ``Quik Pawn Shop.'' The Bureau found that Triton violated the CFPA and the disclosure requirements of TILA by failing to properly disclose finance charges associated with their auto title loans in Mississippi. The Bureau also found that Triton used advertisements that failed to disclose the annual percentage rate and other information in violation of TILA. The consent order bars Triton from misrepresenting the costs of its loans and requires Triton to remediate consumers $1,522,298. Based on Triton's inability to pay, it will remediate consumers $500,000.\16\ --------------------------------------------------------------------------- \16\ See Triton Management Group Consent Order available at, https://www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-settles-triton-management-group/. --------------------------------------------------------------------------- Supervision Program Developments 3.2 Recent Bureau Rules and Guidance 3.2.1 Mortgage Servicing Final Rule On March 8, 2018, the Bureau issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers a clearer and more straightforward standard for providing periodic statements to consumers entering or exiting bankruptcy by amending the Bureau's 2016 mortgage servicing rule. Specifically, the final rule provides a clear single-statement exemption for servicers to make the transition, superseding the single- billing-cycle exemption included in the 2016 rule. The effective date for the rule was April 19, 2018.\17\ --------------------------------------------------------------------------- \17\ See Mortgage Service Rules under the Truth in Lending Act (Regulation Z), 83 FR 10553 (Mar. 8, 2018), https://files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_final-rule_2018-amendments.pdf. --------------------------------------------------------------------------- 3.2.2 2017-2018 Amendments of the TILA-RESPA Integrated Disclosure Rule On August 11, 2017, the Bureau published a final rule \18\ in the Federal Register amending the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) as implemented by Regulation Z (2017 TILA-RESPA Rule). These amendments are intended to provide greater certainty and clarity to the 2013 TILA-RESPA Rule, which went into effect on October 3, 2015. Changes and clarifications in the 2017 TILA-RESPA Rule include creating a tolerance for the total of payments disclosure, clarifying the partial exemption for housing assistance lending, expanding coverage of the disclosure rule to include operative units regardless of whether State law considers the units real property or personal property, and clarifying when disclosures may be shared with third parties. Additionally, the 2017 TILA-RESPA Rule includes several additional clarifications and technical changes addressing various parts of the 2013 TILA-RESPA Rule, including the calculating cash to close table, construction-to-permanent lending, principal reductions, rounding requirements, and simultaneous second lien loans. The 2017 TILA-RESPA Rule became effective October 10, 2017. However, compliance with the 2017 TILA-RESPA Rule is mandatory only with respect to transactions for which a creditor or mortgage broker receives an application on or after October 1, 2018 (except for compliance with the escrow cancellation notice \19\ and compliance with the partial payment policy disclosure requirements,\20\ which will become mandatory on October 1, 2018, regardless of when an application was received). --------------------------------------------------------------------------- \18\ Amendments to Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z), 82 FR (Aug. 11, 2017). \19\ 12 CFR 1026.20(e). \20\ 12 CFR 1026.39(d)(5). --------------------------------------------------------------------------- On May 2, 2018, the Bureau published a final rule in the Federal Register amending the Federal mortgage disclosure requirements to address when a creditor may use a Closing Disclosure to determine if an estimated closing cost was disclosed in good faith [[Page 52821]] and within tolerance (2018 TILA-RESPA Rule).\21\ The 2013 TILA-RESPA Rule in effect as of October 3, 2015 included a timing restriction limiting the use of the Closing Disclosure to reset tolerances to a period relative to the date of consummation, resulting in a creditor's inability to pass through closing cost increases \22\ to the consumer in certain limited circumstances. The 2018 TILA-RESPA Rule removes this timing restriction, permitting the use of the Closing Disclosure to establish good faith and reset tolerances regardless of when the Closing Disclosure is provided relative to consummation. The final rule took effect on June 1, 2018. --------------------------------------------------------------------------- \21\ Federal Mortgage Disclosure Requirements under the Truth in Lending Act (Regulation Z), 83 FR 19159 (May 2, 2018). \22\ 12 CFR 1026.19(e)(3)(iv). --------------------------------------------------------------------------- 3.3 Fair Lending Developments 3.3.1 HMDA Implementation and New Data Submission Platform On December 21, 2017, the Bureau provided the following statement regarding HMDA implementation: Recognizing the impending January 1, 2018 effective date of the Bureau's amendments to Regulation C and the significant systems and operational challenges needed to adjust to the revised regulation, for HMDA data collected in 2018 and reported in 2019 the Bureau does not intend to require data resubmission unless data errors are material. Furthermore, the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. Collection and submission of the 2018 HMDA data will provide financial institutions an opportunity to identify any gaps in their implementation of amended Regulation C and make improvements in their HMDA CMS for future years. Any examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts. The Bureau intends to engage in a rulemaking to reconsider various aspects of the 2015 HMDA Rule such as the institutional and transactional coverage tests and the rule's discretionary data points. For data collected in 2017, financial institutions will submit their reports in 2018 in accordance with the current Regulation C using the Bureau's HMDA Platform.\23\ --------------------------------------------------------------------------- \23\ CFPB Issues Public Statement on Home Mortgage Disclosure Act Compliance (December 21, 2017), available at https://www.consumerfinance.gov/about-us/newsroom/cfpb-issues-public-statement-home-mortgage-disclosure-act-compliance/. --------------------------------------------------------------------------- On July 5, 2018, the Bureau provided the following statement regarding recent HMDA amendments: The President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) on May 24, 2018, a section of which amends the Home Mortgage Disclosure Act (HMDA). The Act provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements.\24\ The partial exemptions are generally available to insured depository institutions and insured credit unions: --------------------------------------------------------------------------- \24\ Public Law 115-174, section 104(a) (to be codified at 12 U.S.C. 2803). --------------------------------------------------------------------------- [ssquf] For closed-end mortgage loans if the institution originated fewer than 500 closed-end mortgage loans in each of the two preceding calendar years. [ssquf] For open-end lines of credit if the institution originated fewer than 500 open-end lines of credit in each of the two preceding calendar years. For closed-end mortgage loans or open-end lines of credit subject to the partial exemptions, the Act states that the ``requirements of [HMDA section 304(b)(5) and (6)]'' shall not apply. Accordingly, for these transactions, those institutions are exempt from the collection, recording, and reporting requirements for some, but not all, of the data points specified in current Regulation C. The Bureau expects to provide further guidance soon on the applicability of the Act to HMDA data collected in 2018.\25\ --------------------------------------------------------------------------- \25\ The partial exemptions are not available to insured depository institutions that do not meet certain Community Reinvestment Act performance evaluation rating standards. Guidance will include information on how this provision will be implemented. --------------------------------------------------------------------------- For all institutions filing HMDA data collected in 2018, the Act will not affect the format of the LARs: [ssquf] LARs will be formatted according to the previously released 2018 Filing Instructions Guide for HMDA Data Collected in 2018 (2018 FIG).\26\ --------------------------------------------------------------------------- \26\ https://s3.amazonaws.com/cfpb-hmda-public/prod/help/2018-hmda-fig.pdf. --------------------------------------------------------------------------- [ssquf] If an institution does not report information for a certain data field due to the Act's partial exemptions, the institution will enter an exemption code for the field specified in a revised 2018 FIG that the Bureau expects to release later this summer. [ssquf] All LARs will be submitted to the same HMDA Platform. A beta version of the HMDA Platform for submission of data collected in 2018 will be available later this year for filers to test. 3.3.2 Small Business Lending Review Procedures Each ECOA small business lending review includes a fair lending assessment of the institution's CMS related to small business lending. To conduct this portion of the review, examinations use Module II of the ECOA Baseline Review Modules. CMS reviews include assessments of the institution's board and management oversight, compliance program (policies and procedures, training, monitoring and/or audit, and complaint response), and service provider oversight. Examinations also use the Interagency Fair Lending Examination Procedures, which have been adopted in the Bureau's Supervision and Examination Manual. In some ECOA small business lending reviews, examination teams may evaluate an institution's fair lending risks and controls related to origination or pricing of small business lending products. Some reviews may include a geographic distribution analysis of small business loan applications, originations, loan officers, or marketing and outreach, in order to assess potential redlining risk. As with other in-depth ECOA reviews, ECOA small business lending reviews may include statistical analysis of lending data in order to identify fair lending risks and appropriate areas of focus during the examination. Notably, statistical analysis is only one factor taken into account by examination teams that review small business lending for ECOA compliance. Reviews typically include other methodologies to assess compliance, including policy and procedure reviews, interviews with management and staff, and reviews of individual loan files. 3.3.3 FFIEC HMDA Examiner Transaction Testing Guidelines Effective Date On August 22, 2017, the Federal Financial Institutions Examination Council (FFIEC) members, including the Bureau, announced new FFIEC Home Mortgage Disclosure Act (HMDA) Examiner Transaction Testing Guidelines for all financial institutions that report HMDA data.\27\ The Guidelines apply to the examination of HMDA data collected beginning in [[Page 52822]] 2018, which financial institutions must report to the Bureau by March 1, 2019.\28\ --------------------------------------------------------------------------- \27\ The Guidelines were published by the FFIEC member agencies including the Bureau, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the State Liaison Committee. These new Guidelines are available at https://files.consumerfinance.gov/f/documents/201708_cfpb_ffiec-hmda-examiner-transaction-testing-guidelines.pdf. \28\ For HMDA data collected in 2017 and submitted in 2018, the Bureau will follow the HMDA resubmission guidelines published on October 9, 2013 and available at http://files.consumerfinance.gov/f/201310_cfpb_hmda_resubmission-guidelines_fair-lending.pdf. --------------------------------------------------------------------------- 3.3.4 Upstart No-Action Letter The Bureau is continuing to monitor Upstart Network, Inc. (Upstart) regarding its compliance with the terms of the no-action letter (NAL) it received from Bureau staff. As part of its request for a NAL, Upstart agreed to conduct ongoing fair lending testing of its underwriting model, notify the Bureau before new variables are considered eligible for use in production, and maintain a robust model- related compliance management system. In addition to the ongoing fair lending testing discussed above, Upstart agreed as part of its request for a NAL to employ other consumer safeguards. These safeguards, which are described in the application materials posted on the Bureau's website, include ensuring compliance with requirements to provide adverse action notices under Regulation B and the Fair Credit Reporting Act and its implementing regulation, Regulation V, and ensuring that all of its consumer-facing communications are timely, transparent, and clear, and use plain language to convey to consumers the type of information that will be used in underwriting. Upstart has committed to monitoring the effectiveness of all safeguards and sharing the results of its testing, along with other relevant information, with the Bureau during the term of the NAL. On July 18, 2018, the Bureau announced the creation of its Office of Innovation, to foster consumer-friendly innovation, which is now a key priority for the Bureau. The Office of Innovation is in the process of revising the Bureau's NAL and trial disclosure policies, in order to increase participation by companies seeking to advance new products and services. 4. Conclusion The Bureau expects that the publication of Supervisory Highlights will continue to aid Bureau-supervised entities in their efforts to comply with Federal consumer financial law. The report shares information regarding general supervisory and examination findings (without identifying specific institutions, except in the case of public enforcement actions), communicates operational changes to the program, and provides a convenient and easily accessible resource for information on the Bureau's guidance documents. Dated: September 6, 2018. Mick Mulvaney, Acting Director, Bureau of Consumer Protection. [FR Doc. 2018-22726 Filed 10-17-18; 8:45 am] BILLING CODE 4810-AM-P
![52816 Federal Register / Vol. 83, No. 202 / Thursday, October 18, 2018 / Notices
ACTION: Notice. Resilience of the internet and Supervisory Highlights. In this issue of
Communications Ecosystem Supervisory Highlights, we report
SUMMARY: The Information Security and Against Botnets and Other examination findings in the areas of
Privacy Advisory Board (ISPAB) will Automated, Distributed Threats auto finance lending; credit card
meet Thursday, November 01, 2018 (May 22, 2018), account management; debt collection;
from 9:00 a.m. until 5:00 p.m., Eastern —Presentation and discussion on deposits; mortgage servicing; mortgage
Time, and Friday, November 02, 2018 cybersecurity and privacy issues origination; service providers; short-
from 9:00 a.m. until 4:30 p.m. Eastern related to Quantum Computing, term, small-dollar lending; remittances;
Time. All sessions will be open to the —Presentation and discussion on the and fair lending. As in past editions,
public. NIST privacy framework program, this report includes information on the
DATES: The meeting will be held on and Bureau’s use of its supervisory and
Thursday, November 01, 2018, from —Updates on NIST Information enforcement authority, recently released
9:00 a.m. until 5:00 p.m., Eastern Time, Technology Laboratory examination procedures, and Bureau
and Friday, November 02, 2018, from cybersecurity work. guidance.
9:00 a.m. until 4:30 p.m. Eastern Time. Note that agenda items may change DATES: The Bureau released this edition
ADDRESSES: The meeting will be held at without notice. The final agenda will be of the Supervisory Highlights on its
the American University Washington posted on the website indicated above. website on September 06, 2018.
College of Law, 4300 Nebraska Ave. Seating will be available for the public FOR FURTHER INFORMATION CONTACT:
NW, Washington, DC, 20016. and media. Pre-registration is not Adetola Adenuga, Consumer Financial
FOR FURTHER INFORMATION CONTACT: Jeff required to attend this meeting. Protection Analyst, Office of
Brewer, Information Technology Public Participation: The ISPAB Supervision Policy, at (202) 435–9373. If
Laboratory, NIST, 100 Bureau Drive, agenda will include a period, not to you require this document in an
Stop 8930, Gaithersburg, MD 20899– exceed thirty minutes, for oral alternative electronic format, please
8930, Telephone: (301) 975–2489, Email comments from the public (Thursday, contact CFPB_Accessibility@cfpb.gov.
address: jeffrey.brewer@nist.gov. November 01, 2018, between 4:30 p.m.
SUPPLEMENTARY INFORMATION:
SUPPLEMENTARY INFORMATION: and 5:00 p.m.). Speakers will be
Pursuant to the Federal Advisory selected on a first-come, first-served 1. Introduction
Committee Act, as amended, 5 U.S.C. basis. Each speaker will be limited to The Bureau of Consumer Financial
App., notice is hereby given that the five minutes. Questions from the public Protection (Bureau) is committed to a
ISPAB will meet Thursday, November will not be considered during this consumer financial marketplace that is
01, 2018, from 9:00 a.m. until 5:00 p.m., period. Members of the public who are free, innovative, competitive, and
Eastern Time, and Friday, November 02, interested in speaking are requested to transparent, where the rights of all
2018 from 9:00 a.m. until 4:30 p.m. contact Jeff Brewer at the contact parties are protected by the rule of law,
Eastern Time. All sessions will be open information indicated in the FOR and where consumers are free to choose
to the public. The ISPAB is authorized FURTHER INFORMATION CONTACT section of the products and services that best fit
by 15 U.S.C. 278g–4, as amended, and this notice. their individual needs. To effectively
advises the National Institute of Speakers who wish to expand upon accomplish this, the Bureau remains
Standards and Technology (NIST), the their oral statements, those who had committed to sharing with the public
Secretary of Homeland Security, and the wished to speak but could not be key findings from its supervisory work
Director of the Office of Management accommodated on the agenda, and those to help industry limit risks to
and Budget (OMB) on information who were unable to attend in person are consumers and comply with Federal
security and privacy issues pertaining to invited to submit written statements. In consumer financial law.
Federal government information addition, written statements are invited The findings included in this report
systems, including thorough review of and may be submitted to the ISPAB at cover examinations in the areas of
proposed standards and guidelines any time. All written statements should automobile loan servicing, credit cards,
developed by NIST. Details regarding be directed to the ISPAB Secretariat, debt collection, mortgage servicing,
the ISPAB’s activities are available at Information Technology Laboratory, 100 payday lending, and small business
http://csrc.nist.gov/groups/SMA/ispab/ Bureau Drive, Stop 8930, National lending that were generally completed
index.html. Institute of Standards and Technology, between December 2017 and May 2018
The agenda is expected to include the Gaithersburg, MD 20899–8930. (unless otherwise stated).
following items: Kevin A. Kimball, It is important to keep in mind that
—Deliberations and discussions by Chief of Staff.
institutions are subject only to the
the ISPAB on security and privacy requirements of relevant laws and
[FR Doc. 2018–22735 Filed 10–17–18; 8:45 am]
issues, regulations. The information contained
BILLING CODE 3510–13–P
—Presentation and discussion on in Supervisory Highlights is
NIST cybersecurity standards and disseminated to help institutions better
guidance, understand how the Bureau examines
—Briefings from the Department of BUREAU OF CONSUMER FINANCIAL institutions for compliance with those
Homeland Security National Risk PROTECTION requirements. This document does not
Management Center, impose any new or different legal
Supervisory Highlights: Summer 2018
requirements. In addition, the legal
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—Presentation and discussion on
supply chain risk management AGENCY: Bureau of Consumer Financial violations described in this and
programs, Protection. previous issues of Supervisory
—Briefing from NIST on Internet of ACTION: Supervisory Highlights; notice. Highlights are based on the particular
Things (IOT) guidance, facts and circumstances reviewed by the
—Presentation and discussion on the SUMMARY: The Bureau of Consumer Bureau as part of its examinations. A
draft roadmap from the Report to Financial Protection (Bureau) is issuing conclusion that a legal violation exists
the President on Enhancing the its seventeenth edition of its on the facts and circumstances
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![Federal Register / Vol. 83, No. 202 / Thursday, October 18, 2018 / Notices 52821
and within tolerance (2018 TILA– On July 5, 2018, the Bureau provided 3.3.2 Small Business Lending Review
RESPA Rule).21 The 2013 TILA–RESPA the following statement regarding recent Procedures
Rule in effect as of October 3, 2015 HMDA amendments: Each ECOA small business lending
included a timing restriction limiting The President signed the Economic review includes a fair lending
the use of the Closing Disclosure to reset Growth, Regulatory Relief, and assessment of the institution’s CMS
tolerances to a period relative to the Consumer Protection Act (the Act) on related to small business lending. To
date of consummation, resulting in a May 24, 2018, a section of which conduct this portion of the review,
creditor’s inability to pass through amends the Home Mortgage Disclosure examinations use Module II of the
closing cost increases 22 to the consumer Act (HMDA). The Act provides partial ECOA Baseline Review Modules. CMS
in certain limited circumstances. The exemptions for some insured depository reviews include assessments of the
2018 TILA–RESPA Rule removes this institutions and insured credit unions institution’s board and management
timing restriction, permitting the use of from certain HMDA requirements.24 The oversight, compliance program (policies
the Closing Disclosure to establish good partial exemptions are generally and procedures, training, monitoring
faith and reset tolerances regardless of available to insured depository and/or audit, and complaint response),
when the Closing Disclosure is provided institutions and insured credit unions: and service provider oversight.
relative to consummation. The final rule D For closed-end mortgage loans if the Examinations also use the Interagency
took effect on June 1, 2018. institution originated fewer than 500 Fair Lending Examination Procedures,
closed-end mortgage loans in each of the which have been adopted in the
3.3 Fair Lending Developments Bureau’s Supervision and Examination
two preceding calendar years.
3.3.1 HMDA Implementation and New D For open-end lines of credit if the Manual. In some ECOA small business
Data Submission Platform institution originated fewer than 500 lending reviews, examination teams
open-end lines of credit in each of the may evaluate an institution’s fair
On December 21, 2017, the Bureau lending risks and controls related to
two preceding calendar years.
provided the following statement origination or pricing of small business
regarding HMDA implementation: For closed-end mortgage loans or
lending products. Some reviews may
open-end lines of credit subject to the
Recognizing the impending January 1, include a geographic distribution
partial exemptions, the Act states that
2018 effective date of the Bureau’s analysis of small business loan
the ‘‘requirements of [HMDA section
amendments to Regulation C and the applications, originations, loan officers,
304(b)(5) and (6)]’’ shall not apply.
significant systems and operational or marketing and outreach, in order to
Accordingly, for these transactions,
challenges needed to adjust to the assess potential redlining risk.
those institutions are exempt from the As with other in-depth ECOA
revised regulation, for HMDA data collection, recording, and reporting
collected in 2018 and reported in 2019 reviews, ECOA small business lending
requirements for some, but not all, of reviews may include statistical analysis
the Bureau does not intend to require the data points specified in current
data resubmission unless data errors are of lending data in order to identify fair
Regulation C. lending risks and appropriate areas of
material. Furthermore, the Bureau does
The Bureau expects to provide further focus during the examination. Notably,
not intend to assess penalties with
guidance soon on the applicability of statistical analysis is only one factor
respect to errors in data collected in
the Act to HMDA data collected in taken into account by examination
2018 and reported in 2019. Collection
2018.25 teams that review small business
and submission of the 2018 HMDA data
will provide financial institutions an For all institutions filing HMDA data lending for ECOA compliance. Reviews
opportunity to identify any gaps in their collected in 2018, the Act will not affect typically include other methodologies to
implementation of amended Regulation the format of the LARs: assess compliance, including policy and
C and make improvements in their D LARs will be formatted according to procedure reviews, interviews with
HMDA CMS for future years. Any the previously released 2018 Filing management and staff, and reviews of
examinations of 2018 HMDA data will Instructions Guide for HMDA Data individual loan files.
be diagnostic to help institutions Collected in 2018 (2018 FIG).26 3.3.3 FFIEC HMDA Examiner
identify compliance weaknesses and D If an institution does not report Transaction Testing Guidelines Effective
will credit good faith compliance information for a certain data field due Date
efforts. The Bureau intends to engage in to the Act’s partial exemptions, the
On August 22, 2017, the Federal
a rulemaking to reconsider various institution will enter an exemption code
Financial Institutions Examination
aspects of the 2015 HMDA Rule such as for the field specified in a revised 2018
Council (FFIEC) members, including the
the institutional and transactional FIG that the Bureau expects to release
Bureau, announced new FFIEC Home
coverage tests and the rule’s later this summer.
Mortgage Disclosure Act (HMDA)
discretionary data points. For data D All LARs will be submitted to the Examiner Transaction Testing
collected in 2017, financial institutions same HMDA Platform. A beta version of Guidelines for all financial institutions
will submit their reports in 2018 in the HMDA Platform for submission of that report HMDA data.27 The
accordance with the current Regulation data collected in 2018 will be available Guidelines apply to the examination of
C using the Bureau’s HMDA Platform.23 later this year for filers to test. HMDA data collected beginning in
21 Federal Mortgage Disclosure Requirements 24 Public Law 115–174, section 104(a) (to be 27 The Guidelines were published by the FFIEC
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under the Truth in Lending Act (Regulation Z), 83 codified at 12 U.S.C. 2803). member agencies including the Bureau, the Federal
FR 19159 (May 2, 2018). 25 The partial exemptions are not available to
Deposit Insurance Corporation, the Board of
22 12 CFR 1026.19(e)(3)(iv). insured depository institutions that do not meet Governors of the Federal Reserve System, the
23 CFPB Issues Public Statement on Home certain Community Reinvestment Act performance National Credit Union Administration, the Office of
Mortgage Disclosure Act Compliance (December 21, evaluation rating standards. Guidance will include the Comptroller of the Currency, and the State
2017), available at https:// information on how this provision will be Liaison Committee. These new Guidelines are
www.consumerfinance.gov/about-us/newsroom/ implemented. available at https://files.consumerfinance.gov/f/
cfpb-issues-public-statement-home-mortgage- 26 https://s3.amazonaws.com/cfpb-hmda-public/ documents/201708_cfpb_ffiec-hmda-examiner-
disclosure-act-compliance/. prod/help/2018-hmda-fig.pdf. transaction-testing-guidelines.pdf.
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![52822 Federal Register / Vol. 83, No. 202 / Thursday, October 18, 2018 / Notices
2018, which financial institutions must accessible resource for information on • Presentation on Physics Case for an
report to the Bureau by March 1, 2019.28 the Bureau’s guidance documents. Electron Ion Collider
Dated: September 6, 2018. • Presentation on Quantum
3.3.4 Upstart No-Action Letter
Mick Mulvaney,
Information Science and Nuclear
The Bureau is continuing to monitor Physics
Upstart Network, Inc. (Upstart) Acting Director, Bureau of Consumer
regarding its compliance with the terms Protection. Note: The NSAC Meeting will be broadcast
of the no-action letter (NAL) it received [FR Doc. 2018–22726 Filed 10–17–18; 8:45 am] live on the internet. You may find out how
from Bureau staff. As part of its request BILLING CODE 4810–AM–P to access the broadcast by going to the
for a NAL, Upstart agreed to conduct following site prior to the start of the
meeting. A video record of the meeting,
ongoing fair lending testing of its
including presentations that are made, will
underwriting model, notify the Bureau DEPARTMENT OF ENERGY be archived at this site after the meeting
before new variables are considered ends: http://www.tvworldwide.com/events/
eligible for use in production, and DOE/NSF Nuclear Science Advisory DOE/181102/.
maintain a robust model-related Committee Public Participation: The meeting is open
compliance management system. to the public. If you would like to file a
In addition to the ongoing fair lending AGENCY: Office of Science, Department written statement with the Committee, you
testing discussed above, Upstart agreed of Energy. may do so either before or after the meeting.
as part of its request for a NAL to ACTION: Notice of open meeting. If you would like to make oral statements
employ other consumer safeguards. regarding any of these items on the agenda,
SUMMARY: This notice announces a you should contact Brenda L. May, 301–903–
These safeguards, which are described
in the application materials posted on meeting of the DOE/NSF Nuclear 0536 or Brenda.May@science.doe.gov (email).
Science Advisory Committee (NSAC). You must make your request for an oral
the Bureau’s website, include ensuring statement at least five business days before
compliance with requirements to The Federal Advisory Committee Act
requires that public notice of these the meeting. Reasonable provision will be
provide adverse action notices under made to include the scheduled oral
Regulation B and the Fair Credit meetings be announced in the Federal
statements on the agenda. The Chairperson of
Reporting Act and its implementing Register. the Committee will conduct the meeting to
regulation, Regulation V, and ensuring DATES: Friday, November 2, 2018; 8:30 facilitate the orderly conduct of business.
that all of its consumer-facing a.m.–4:30 p.m. Public comment will follow the 10-minute
communications are timely, transparent, ADDRESSES: Crystal City Marriott at rule.
Minutes: The minutes of the meeting will
and clear, and use plain language to Reagan National Airport, 1999 Jefferson
be available for review after 60 days on the
convey to consumers the type of Davis Highway, Potomac Ballroom, U.S. Department of Energy’s Office of
information that will be used in Arlington, Virginia 22202, 703–413– Nuclear Physics website at: http://
underwriting. Upstart has committed to 5500. science.gov/np/nsac/meetings/.
monitoring the effectiveness of all FOR FURTHER INFORMATION CONTACT:
safeguards and sharing the results of its Signed in Washington, DC on October 4,
Brenda L. May, U.S. Department of 2018.
testing, along with other relevant Energy; SC–26/Germantown Building,
information, with the Bureau during the LaTanya Butler,
1000 Independence Avenue SW,
term of the NAL. Washington, DC 20585–1290; Deputy Committee Management Officer.
On July 18, 2018, the Bureau [FR Doc. 2018–22734 Filed 10–17–18; 8:45 am]
Telephone: 301–903–0536 or email:
announced the creation of its Office of
brenda.may@science.doe.gov. BILLING CODE 6450–01–P
Innovation, to foster consumer-friendly
The most current information
innovation, which is now a key priority
concerning this meeting can be found
for the Bureau. The Office of Innovation DEPARTMENT OF ENERGY
on the website: http://science.gov/np/
is in the process of revising the Bureau’s
nsac/meetings/. Distribution of Residual Citronelle
NAL and trial disclosure policies, in
order to increase participation by SUPPLEMENTARY INFORMATION: Settlement Agreement Funds
companies seeking to advance new Purpose of the Board: The purpose of
the Board is to provide advice and AGENCY: Office of Hearings and Appeals,
products and services.
guidance on a continuing basis to the Department of Energy.
4. Conclusion Department of Energy and the National ACTION: Implementation of special
The Bureau expects that the Science Foundation on scientific refund procedures.
publication of Supervisory Highlights priorities within the field of basic
will continue to aid Bureau-supervised nuclear science research. SUMMARY: The Office of Hearings and
entities in their efforts to comply with Tentative Agenda: Agenda will Appeals (OHA) of the Department of
Federal consumer financial law. The include discussions of the following: Energy (DOE) finalizes the procedures
report shares information regarding for the disbursement of residual funds
general supervisory and examination Friday, November 2, 2018 (totaling approximately $59,000)
findings (without identifying specific • Perspectives from Department of remaining in various Citronelle
institutions, except in the case of public Energy and National Science Settlement Agreement escrow accounts
enforcement actions), communicates Foundation to the parties to the Agreement.
operational changes to the program, and • Update from the Department of DATES: This plan is applicable October
khammond on DSK30JT082PROD with NOTICES
provides a convenient and easily Energy and National Science 18, 2018.
Foundation’s Nuclear Physics ADDRESSES: Inquiries should be sent to
28 For HMDA data collected in 2017 and Office the Office of Hearings and Appeals, U.S.
submitted in 2018, the Bureau will follow the • Presentation of the Mo–99 Charge Department of Energy, 1000
HMDA resubmission guidelines published on
October 9, 2013 and available at http://
• Presentation of the Committee of Independence Ave. SW, Washington,
files.consumerfinance.gov/f/201310_cfpb_hmda_ Visitors Charge DC 20585–0107, (202) 287–1550, Email:
resubmission-guidelines_fair-lending.pdf. • NSAC Business/Discussions kristin.martin@hq.doe.gov.
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Document Created: 2018-10-18 03:05:40
Document Modified: 2018-10-18 03:05:40
| 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 | Notices | |
| Action | Supervisory Highlights; notice. | |
| Dates | The Bureau released this edition of the Supervisory Highlights | |
| Contact | Adetola Adenuga, Consumer Financial | |
| FR Citation | 83 FR 52816 |
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