Federal Register / Vol. 77, No. 173 / Thursday, September 6, 2012 / Proposed Rules 54843 

1 77 FR 51116 (Aug. 23, 2012). The version of the 

TILA-RESPA Integration Proposal published in the 

Federal Register on August 23, 2012 is identical to 

the version of the proposed rule published on the 

Bureau’s Web site on July 9, 2012, except for 

limited formatting and typographical changes. 

licensees and applicants consider the 

guidance discussed in this RIS regarding 

the timeliness of submittal of alternative 

requests when planning their submittal 

of IST relief requests. 

Backfit Discussion 

This RIS requires no action or written 

response and is therefore, not a backfit 

under 10 CFR 50.109, ‘‘Backfitting.’’ 

Consequently, the staff did not perform 

a backfit analysis. 

Federal Register Notification 

[Discussion to be provided in final 

RIS.] 

Congressional Review Act 

[Discussion to be provided in final 

RIS.] 

Paperwork Reduction Act Statement 

This RIS references information 

collection requirements that are subject 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.). The Office of 

Management and Budget (OMB) 

approved the existing requirements 

under OMB approval number 3150– 

0011. 

Public Protection Notification 

The NRC may not conduct or sponsor, 

and a person is not required to respond 

to, an information collection unless the 

requesting document displays a 

currently valid OMB control number. 

Dated at Rockville, Maryland, this 22nd 

day of August 2012. 

For the Nuclear Regulatory Commission. 

David L. Pelton, 

Chief, Generic Communications Branch, 

Division of Policy and Rulemaking, Office 

of Nuclear Reactor Regulation. 

[FR Doc. 2012–21541 Filed 9–5–12; 8:45 am] 

BILLING CODE 7590–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1026 

[Docket No. CFPB–2012–0028] 

RIN 3170–AA19 

Integrated Mortgage Disclosures 

Under the Real Estate Settlement 

Procedure Act (Regulation X) and the 

Truth In Lending Act (Regulation Z) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice of request for public 

comment; extension of comment period. 

SUMMARY: On July 9, 2012, the 

Consumer Financial Protection Bureau 

(Bureau) published on its Web site and 

transmitted to the Federal Register a 

notice requesting comment on proposed 

rules and forms to integrate certain 

disclosure requirements of the Truth in 

Lending Act (TILA) and the Real Estate 

Settlement Procedures Act (RESPA) for 

most closed-end consumer credit 

transactions secured by real property, as 

required by the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act). The proposed rule, 

which would amend Regulation X 

(RESPA) and Regulation Z (TILA), was 

published in the Federal Register on 

August 23, 2012. See 77 FR 51116 (Aug. 

23, 2012). Comments on the integrated 

rules and forms are due November 6, 

2012. However, the proposed rule set a 

comment deadline of September 7, 2012 

on two issues: Proposed changes to the 

definition of the finance charge; and 

whether to delay implementation of 

certain disclosure requirements added 

to TILA and RESPA by title XIV of the 

Dodd-Frank Act. Because of the 

relationship of the proposed changes to 

other ongoing Bureau rulemakings and 

the Bureau’s request for data on the 

potential impact of the proposed 

changes to the finance charge on those 

rulemakings, the Bureau has determined 

that an extension of the comment period 

until November 6, 2012 is appropriate. 

This extension applies solely to the 

proposed changes to the definition of 

the finance charge. 

DATES: The comment period for the 

proposed amendments to 12 CFR 1026.4 

contained in the Bureau’s notice at 77 

FR 51116 (Aug. 23, 2012) is extended to 

November 6, 2012. The comment period 

for the proposed changes to 12 CFR 

1026.1(c) contained in that notice, 

which ends on September 7, 2012, is 

unchanged. The comment period for all 

other proposed amendments in that 

notice, which ends on November 6, 

2012, is unchanged. 

ADDRESSES: You may submit comments, 

identified by Docket No. CFPB–2012– 

0028 or RIN 3170–AA19, by any of the 

following methods: 

• Electronic: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Mail/Hand Delivery/Courier: 

Monica Jackson, Office of the Executive 

Secretary, Consumer Financial 

Protection Bureau, 1700 G Street, NW., 

Washington, DC 20552. 

Instructions: All submissions should 

include the agency name and docket 

number or Regulatory Information 

Number (RIN) for this rulemaking. 

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 comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. Sensitive 

personal information, such as account 

numbers or social security numbers, 

should not be included. Comments will 

not be edited to remove any identifying 

or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Priscilla Walton-Fein, Counsel, or Paul 

Mondor, Managing Counsel, Office of 

Regulations, at (202) 435–7700. 

SUPPLEMENTARY INFORMATION: On July 9, 

2012, the Consumer Financial 

Protection Bureau (Bureau) published 

on its Web site and transmitted to the 

Federal Register a notice requesting 

comment on proposed rules and forms 

to integrate certain disclosure 

requirements of the Truth in Lending 

Act (TILA) and the Real Estate 

Settlement Procedures Act (RESPA) for 

most closed-end consumer credit 

transactions secured by real property 

(TILA-RESPA Integration Proposal), as 

required by sections 1032(f), 1098, and 

1100A of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act). The proposed rule 

would amend Regulation X (RESPA) 

and Regulation Z (TILA). The notice 

was published in the Federal Register 

on August 23, 2012.1 In addition to 

requesting comment on the integrated 

rules and forms, the TILA-RESPA 

Integration Proposal requests comment 

on other amendments to Regulation Z, 

including proposed provisions to delay 

implementation of certain disclosure 

requirements added to TILA and RESPA 

by title XIV of the Dodd-Frank Act (in 

proposed § 1026.1(c)) and proposed 

changes to the definition of the finance 

charge (in proposed § 1026.4). 

Under proposed § 1026.4, most of the 

current exclusions from the finance 

charge would be eliminated for closedend transactions secured by real 

property or a dwelling, resulting in a 

simpler, more inclusive definition of the 


TKELLEY on DSK3SPTVN1PROD with PROPOSALS
54844 Federal Register / Vol. 77, No. 173 / Thursday, September 6, 2012 / Proposed Rules 

2 74 FR 43232 (Aug. 26, 2009). 

3 Generally, these other rulemakings are as 

follows: (1) Expanded protections for high-cost 

mortgage loans under HOEPA pursuant to TILA 

sections 103(bb) and 129, as amended by DoddFrank Act sections 1431 through 1433 (see 

proposed rule at 77 FR 49089 (Aug. 15, 2012)); (2) 

requirements for creditors to determine that a 

consumer can repay a mortgage loan and the 

establishment of minimum standards for 

compliance, such as by making a ‘‘qualified 

mortgage,’’ pursuant to TILA section 129C, as 

established by Dodd-Frank Act sections 1411 and 

1412 (see proposed rule at 76 FR 27390 (May 11, 

2011)); (3) required escrow account disclosures and 

mandatory escrow accounts for certain first-lien 

higher-priced mortgage loans pursuant to TILA 

section 129D, as established by Dodd-Frank Act 

sections 1461 and 1462 (see proposed rule at 76 FR 

11598 (Mar. 2, 2011)); and (4) required appraisals 

for higher-risk mortgages pursuant to TILA section 

129H, as established by Dodd-Frank Act section 

1471 (see proposed rule at https:// 

s3.amazonaws.com/publicinspection.federalregister.gov/2012-20432.pdf; 

Federal Register publication scheduled for 

September 5, 2012). The TILA-RESPA Integration 

Proposal explains in detail the intersection of the 

proposed more inclusive finance charge and these 

other rulemakings. See 77 FR 51116, 51144–46. 

finance charge. This aspect of the TILARESPA Integration Proposal largely 

mirrors a 2009 proposed rule published 

by the Board of Governors of the Federal 

Reserve System (Board), which was not 

finalized before TILA rulemaking 

authority transferred to the Bureau 

(2009 Closed-End Proposal).2

The TILA-RESPA Integration Proposal 

provides for a bifurcated comment 

process. Comments regarding the 

proposed amendments to §§ 1026.1(c) 

and 1026.4 must be received on or 

before September 7, 2012. For all other 

proposed amendments, comments must 

be received on or before November 6, 

2012. 

The TILA-RESPA Integration Proposal 

describes the rationale for a bifurcated 

comment process. With respect to the 

proposed changes to the definition of 

the finance charge, the proposed rule 

notes that the Bureau expects to issue 

several final rules to implement 

provisions of title XIV of the DoddFrank Act by January 21, 2013, that 

address loan pricing thresholds for 

coverage of various substantive 

requirements under the Home 

Ownership and Equity Protection Act 

(HOEPA) and other Dodd-Frank Act 

provisions that are based, at least in 

part, on the finance charge and 

corresponding annual percentage rate 

(APR).3 Accordingly, the Bureau wished 

to evaluate comments on the expanded 

definition of the finance charge 

simultaneously with comments on the 

other proposed rules, and therefore 

provided a comment period of 60 days 

for the proposed amendments to 

§ 1026.4, rather than the 120-day 

comment period provided for most 

other aspects of the proposed rule. The 

Bureau also believed a shorter comment 

period would be appropriate for the 

proposed changes to the finance charge 

definition given that this aspect of the 

proposal largely mirrors the 2009 

Closed-End Proposal. The Bureau also 

sought comment on the timing of 

implementation of the proposed 

changes to the finance charge definition 

in light of the Bureau’s other 

rulemakings. 

Based on informal feedback received 

by the Bureau since publishing the 

TILA-RESPA Integration Proposal, the 

Bureau now believes that it is 

appropriate to provide additional time 

for commenters to provide their views 

on the proposed changes to the 

definition of the finance charge. The 

Bureau recently published proposed 

rules related to HOEPA protections and 

mandatory appraisals for certain higherrisk mortgages; those proposals discuss 

certain means of reconciling an 

expanded definition of the finance 

charge with coverage thresholds that 

depend on the finance charge or APR. 

The Bureau understands that 

commenters may need additional time 

to evaluate the proposed more inclusive 

finance charge in light of these 

proposals, as well as prior proposed 

rules published by the Board related to 

qualified mortgages and mandatory 

escrow accounts that discuss similar 

issues. In particular, the TILA-RESPA 

Integration Proposal specifically 

requests data that will allow the Bureau 

to perform a quantitative analysis to 

determine the impacts of a broader 

finance charge definition on the 

coverage thresholds for these other 

regimes. The Bureau understands that 

such data collection may require 

additional time and that commenters 

may wish to evaluate any data they 

collect when preparing their comments. 

For these reasons, the Bureau is 

extending the comment period for the 

proposed changes to § 1026.4 in the 

TILA-RESPA Integration Proposal to 

November 6, 2012. In light of this 

extended comment period and the 

subsequent, necessary analysis of 

comments and data received, the Bureau 

does not expect to address any proposed 

changes to § 1026.4 until after the 

Bureau has met its deadlines to issue 

final rules to implement requirements of 

the Dodd-Frank Act that would 

otherwise take effect on January 21, 

2013. Instead, the Bureau expects to 

address the proposals to expand the 

finance charge when it finalizes the 

disclosures in the TILA-RESPA 

Integration Proposal. 

The comment period for the proposed 

changes to § 1026.1(c) concerning 

certain disclosure requirements under 

the Dodd-Frank Act, which ends 

September 7, 2012, is unchanged. In 

addition, the comment period for all 

other aspects of the TILA-RESPA 

Integration Proposal containing 

proposed amendments, which ends 

November 6, 2012, is unchanged. In a 

separate notice, the Bureau is also 

extending to November 6, 2012, the 

comment period for the portions of the 

Bureau’s HOEPA Proposal regarding 

whether and how to account for the 

implications of a more inclusive finance 

charge on the scope of HOEPA coverage. 

If the Bureau expands the definition of 

the finance charge, the Bureau will at 

the same time address the proposals to 

adjust the coverage thresholds that 

depend on the finance charge or the 

APR in the HOEPA Proposal and the 

other proposed rules implementing title 

XIV of the Dodd-Frank Act. The Bureau 

continues to encourage commenters to 

submit comments during the relevant 

comment periods. 

Dated: August 30, 2012. 

Richard Cordray, 

Director, Bureau of Consumer Financial 

Protection. 

[FR Doc. 2012–22000 Filed 9–5–12; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Part 1026 

[Docket No. CFPB–2012–0029] 

RIN 3170–AA12 

High-Cost Mortgage and 

Homeownership Counseling 

Amendments to the Truth in Lending 

Act (Regulation Z) and 

Homeownership Counseling 

Amendments to the Real Estate 

Settlement Procedures Act (Regulation 

X) 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice of request for public 

comment; extension of comment period. 

SUMMARY: On July 9, 2012, the 

Consumer Financial Protection Bureau 

(Bureau) published on its Web site and 

transmitted to the Federal Register a 

notice requesting comment on, among 

other things, proposed changes to 

Regulation Z (Truth in Lending) to 

implement amendments to the Truth in 

Lending Act made by the Dodd-Frank 

Wall Street Reform and Consumer 

Protection Act that expand the types of 

mortgage loans that are subject to the 

protections of the Home Ownership and 


TKELLEY on DSK3SPTVN1PROD with PROPOSALS