Federal Register / Vol. 76, No. 140 / Thursday, July 21, 2011 / Rules and Regulations 43569 

1The Act is Title X of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, Public Law 

111–203. 

2The Secretary of the Treasury designated this 

date pursuant to section 1062 of the Act. See 75 FR 

57252–02, Sept. 20, 2010. 

3Section 1061(a)(2) of the Act defines the terms 

‘‘transferor agency’’ and ‘‘transferor agencies’’ to 

mean, respectively, ‘‘(A) the Board of Governors 

(and any Federal reserve bank, as context requires), 

the Federal Deposit Insurance Corporation, the 

Federal Trade Commission, the National Credit 

Union Administration, the Office of the Comptroller 

of the Currency, the Office of Thrift Supervision, 

and the Department of Housing and Urban 

Development, and the heads of those agencies, and 

(B) the agencies listed in subparagraph (A) 

collectively.’’ 

4 ‘‘Enumerated consumer laws’’ is defined in 

section 1002(12) of the Act and section 1400(b) of 

the Mortgage Reform and Anti-Predatory Lending 

Act, Tit. XIV, Public Law 111–203. 

5These rules are listed as items 1 and 6 through 

12 in section F (‘‘Federal Trade Commission’’) of 

the list below. 

6Section 1063(i) requires the CFPB to list only 

the rules and orders issued by transferor agencies 

that will be enforceable by the CFPB. The list 

Continued 

(columns A and B) and Line 11 (column 

B), any successor form issued by the 

FFIEC, and any other fiduciary and 

related assets defined in the ‘‘Notice of 

Comptroller of the Currency Fees.’’ 

§ 8.7 [Amended] 

■ 44. Amend § 8.7. paragraph (a) by: 

■ a. Removing ‘‘and’’ after ‘‘Federal 

branch,’’ and adding ‘‘, and each Federal 

savings association’’ after ‘‘each Federal 

agency’’ in the first sentence; and 

■ b. Adding ‘‘, each Federal savings 

association,’’ after ‘‘each national bank’’ 

in the second sentence. 

PART 28—INTERNATIONAL BANKING 

ACTIVITIES 

■ 45. The authority citation for part 28 

continues to read as follows: 

Authority: 12 U.S.C. 1 et seq., 24 (Seventh), 

93a, 161, 602, 1818, 3101 et seq., and 3901 

et seq. 

§ 28.16 [Amended] 

■ 46. Section 28.16 is amended by 

removing in paragraph (b) introductory 

text the term ‘‘$100,000’’ and adding in 

its place ‘‘the standard maximum 

deposit insurance amount as defined in 

12 U.S.C. 1821(a)(1)(E)’’. 

PART 34—REAL ESTATE LENDING 

AND APPRAISALS 

■ 47. The authority citation for part 34 

is revised to read as follows: 

Authority: 12 U.S.C. 1 et seq., 25b, 29, 93a, 

371, 1465, 1701j–3, 1828(o), 3331 et seq., 

5101 et seq., and 5412(b)(2)(B). 

Subpart A—General 

■ 48. Amend § 34.4 by: 

■ a. Revising paragraph (a) introductory 

text; 

■ b. Revising paragraph (b) introductory 

text; 

■ c. Revising footnote 2 in paragraph 

(b)(3); and 

■ d. Revising paragraph (b)(9). 

The revisions read as follows: 

§ 34.4 Applicability of state law. 

(a) A national bank may make real 

estate loans under 12 U.S.C. 371 and 

§ 34.3, without regard to state law 

limitations concerning: 

* * * * * 

(b) State laws on the following 

subjects are not inconsistent with the 

real estate lending powers of national 

banks and apply to national banks to the 

extent consistent with the decision of 

the Supreme Court in Barnett Bank of 

Marion County, N.A. v. Nelson, Florida 

Insurance Commissioner, et al., 517 U.S. 

25 (1996): 

* * * * * 

(3) Criminal law; 2

2But see the distinction drawn by the 

Supreme Court in Easton v. Iowa, 188 U.S. 

220, 238 (1903), where the Court stated that 

‘‘[u]ndoubtedly a state has the legitimate 

power to define and punish crimes by 

general laws applicable to all persons within 

its jurisdiction * * *. But it is without 

lawful power to make such special laws 

applicable to banks organized and operating 

under the laws of the United States.’’ Id. at 

239 (holding that Federal law governing the 

operations of national banks preempted a 

state criminal law prohibiting insolvent 

banks from accepting deposits). 

* * * * * 

(9) Any other law that the OCC 

determines to be applicable to national 

banks in accordance with the decision 

of the Supreme Court in Barnett Bank of 

Marion County, N.A. v. Nelson, Florida 

Insurance Commissioner, et al., 517 U.S. 

25 (1996), or that is made applicable by 

Federal law. 

■ 49. Add § 34.6 to subpart A to read as 

follows: 

§ 34.6 Applicability of state law to Federal 

savings associations and subsidiaries. 

In accordance with section 1046 of 

the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (12 U.S.C. 

25b), Federal savings associations and 

their subsidiaries shall be subject to the 

same laws and legal standards, 

including regulations of the OCC, as are 

applicable to national banks and their 

subsidiaries, regarding the preemption 

of state law. 

Dated: July 14, 2011. 

John Walsh, 

Acting Comptroller of the Currency. 

[FR Doc. 2011–18231 Filed 7–20–11; 8:45 am] 

BILLING CODE 4810–33–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

[Docket No. CFPB–HQ–2011–1] 

12 CFR Chapter X 

Identification of Enforceable Rules and 

Orders 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Final list. 

SUMMARY: Section 1063(i) of the 

Consumer Financial Protection Act of 

2010 (‘‘Act’’)1 requires the Bureau of 

Consumer Financial Protection 

(‘‘CFPB’’) to publish in the Federal 

Register not later than the designated 

transfer date a list of the rules and 

orders that will be enforced by the 

CFPB. This document sets forth that list. 

FOR FURTHER INFORMATION CONTACT: 

Monica Jackson, Office of the Executive 

Secretary, Bureau of Consumer 

Financial Protection, 1801 L Street, 

NW., Washington, DC 20036, 202–435– 

7275. 

SUPPLEMENTARY INFORMATION: 

I. Background 

Under the Act, on the designated 

transfer date, July 21, 2011,2 certain 

consumer financial protection 

authorities will transfer from seven 

transferor agencies 3 to the CFPB, and 

the CFPB will also assume certain new 

authorities. Subject to the limitations 

and other provisions of the Act, the 

CFPB will be authorized to enforce, 

inter alia, rules and orders issued by the 

transferor agencies under the 

enumerated consumer laws.4 The CFPB 

will also have authority to enforce in 

some circumstances the Federal Trade 

Commission’s Telemarketing Sales Rule 

and its rules under the Federal Trade 

Commission Act, although the Federal 

Trade Commission will retain full 

authority over these rules.5

Section 1063(i) of the Act provides 

that, not later than the designated 

transfer date, the CFPB ‘‘(1) shall, after 

consultation with the head of each 

transferor agency, identify the rules and 

orders that will be enforced by the 

[CFPB]; and (2) shall publish a list of 

such rules and orders in the Federal 

Register.’’ The CFPB consulted with 

each transferor agency pursuant to 

section 1063(i) and developed an initial 

list of rules. After consultation, neither 

the transferor agencies nor the CFPB 

identified any orders for inclusion in 

the list.6


wreier-aviles on DSKDVH8Z91PROD with RULES
43570 Federal Register / Vol. 76, No. 140 / Thursday, July 21, 2011 / Rules and Regulations 

contained in this notice therefore does not include 

any rules and orders issued by non-transferor 

agencies that will be enforceable by the CFPB. 

7Because publication of the list under section 

1063(i) is not subject to the APA’s notice-andcomment requirements, a regulatory flexibility 

analysis is not required under the Regulatory 

Flexibility Act (5 U.S.C. 601 et seq.). 

8 76 FR 31222, May 31, 2011. Section 1066 of the 

Act grants the Secretary of the Treasury interim 

authority to perform certain functions of the CFPB. 

Pursuant to that authority, Treasury published the 

May 31 Notice and is publishing this document on 

behalf of the CFPB. 

9For example, the inclusion of rules relating to 

HUD administrative enforcement procedures does 

not detract from the CFPB’s authority to bring 

lawsuits and administrative enforcement actions 

under subtitle E of the Act. 

10This rule will become effective on August 29, 

2011. See 76 FR 34864, June 30, 2011. The list 

contained in this notice does not include proposed 

rules that are currently pending. 

11For example, these comments included: 

requests that CFPB take or refrain from taking 

regulatory action with respect to certain entities or 

industries; requests that the CFPB not impose new 

or duplicative regulatory burdens; and requests that 

the CFPB appropriately take into account 

differences between regulated entities (e.g., 

differences between credit unions and banks). Some 

comments indicated support for the Act’s 

consolidation of certain consumer financial 

protection functions into a single federal agency, 

while others expressed concern about such 

consolidation. Other comments emphasized the 

importance of involving stakeholders in the 

rulemaking process and requested information on 

the CFPB’s plans for doing so. 

12Rulemaking authority for all the rules 

contained on the list below, except items 1 and 6 

through 12 in section F (‘‘Federal Trade 

Commission’’), will transfer to the CFPB on the 

designated transfer date. 

13 During this interim period, the CFPB may from 

time to time provide guidance on its Web site, 

http://www.consumerfinance.gov, regarding 

procedural matters (e.g. how to make certain filings 

with the CFPB) relating to compliance with the 

existing regulations in light of the transfer of 

authority to the CFPB. 

14Unless otherwise noted, all references to a Part 

include accompanying appendices and 

supplements. 

Because the list under section 1063(i) 

reflects the CFPB’s interpretation of its 

authority under the Act and relates to 

agency organization, procedure, or 

practice, the list is not subject to the 

notice-and-comment requirements of 

the Administrative Procedure Act 

(‘‘APA’’) (5 U.S.C. 551 et seq.).7

Nevertheless, on May 31, 2011, the 

CFPB published a Notice containing an 

initial list in the Federal Register (‘‘May 

31 Notice’’) and requested public 

comment.8

As noted in the May 31 Notice, the 

CFPB’s authority is defined by the Act 

and other applicable law. As a result, 

the CFPB’s publication of the list called 

for by section 1063(i) will not have a 

substantive effect on any rules or orders 

or the parties who may be subject to 

them; it merely provides a convenient 

reference source. Accordingly, the 

inclusion or exclusion of any rule or 

order does not alter the CFPB’s 

authority.9 In addition, section 1063(i) 

does not require the CFPB to update, 

correct, or otherwise maintain the final 

list. 

II. Discussion of Comments and 

Clarifications 

In response to the May 31 Notice, the 

CFPB received 12 comments from 

regulated entities, trade associations, 

and consumer groups, among others. 

None of the comments recommended 

that any items be added to or removed 

from the list. The list contained in this 

document is identical to the list 

published in the May 31 Notice, except 

that the final list contains a technical 

correction to the ordering of the 

Department of Housing and Urban 

Development (‘‘HUD’’) rules and reflects 

the addition of two rules issued after the 

May 31 Notice: the FTC’s Mortgage Acts 

and Practices—Advertising rule, and 

HUD’s rule implementing the Secure 

and Fair Enforcement for Mortgage 

Licensing Act of 2008.10

Some comments inquired about the 

CFPB’s application of guidance issued 

by the transferor agencies in connection 

with the rules contained on the list. The 

CFPB does not consider guidance or 

similar documents as falling within the 

meaning of enforceable ‘‘rules and 

orders’’ that are required to be listed 

pursuant to section 1063(i). However, by 

way of clarification, the CFPB notes that 

for laws with respect to which 

rulemaking authority will transfer to the 

CFPB, the official commentary, 

guidance, and policy statements issued 

prior to July 21, 2011, by a transferor 

agency with exclusive rulemaking 

authority for the law in question (or 

similar documents that were jointly 

agreed to by all relevant agencies in the 

case of shared rulemaking authority) 

will be applied by the CFPB pending 

further CFPB action. The CFPB will give 

due consideration to the application of 

other written guidance, interpretations, 

and policy statements issued prior to 

July 21, 2011, by a transferor agency in 

light of all relevant factors, including: 

whether the agency had rulemaking 

authority for the law in question; the 

formality of the document in question 

and the weight afforded it by the issuing 

agency; the persuasiveness of the 

document; and whether the document 

conflicts with guidance or 

interpretations issued by another 

agency. The CFPB will seek over time to 

improve the clarity and uniformity of 

guidance regarding the laws it will 

administer as necessary in order to 

facilitate compliance with the Federal 

consumer financial laws. 

Several other comments addressed 

policy issues that are outside the scope 

of the list called for by section 1063(i), 

such as specific recommendations 

regarding the CFPB’s exercise of its 

rulemaking authority.11 The CFPB 

values this input, but has determined 

that this document is not the 

appropriate forum in which to address 

the issues raised. 

Finally, it bears noting that, later this 

year, the CFPB intends to publish in 

chapter X of title 12 of the Code of 

Federal Regulations the rules for which 

rulemaking authority transfers to the 

CFPB. These rules will contain 

conforming amendments to reflect both 

the transfer of authority to the CFPB 

under the Act and certain other changes 

made by the Act to the underlying 

statutes.12 In the interim, the existing 

rules will continue in effect and the 

changes made by the Act to transfer 

authority to the CFPB will be effective 

as of the designated transfer date by 

operation of law.13

III. Final List 

Accordingly, pursuant to section 

1063(i) of the Act, the CFPB sets forth 

the following list of rules that will be 

enforceable by the CFPB subject to the 

limitations and other provisions of the 

Act: 14

A. Board of Governors of the Federal Reserve 

1. 12 CFR part 202—Equal Credit 

Opportunity Act (Regulation B) 

2. 12 CFR part 203—Home Mortgage 

Disclosure (Regulation C) 

3. 12 CFR part 205—Electronic Fund 

Transfers (Regulation E) 

4. 12 CFR 208.101–.105 & Appendix A to 

Subpart I—Registration of Residential 

Mortgage Loan Originators (Regulation 

H, Subpart I) 

5. 12 CFR part 213—Consumer Leasing 

(Regulation M) 

6. 12 CFR part 216—Privacy of Consumer 

Financial Information (Regulation P) 

7. 12 CFR part 222—Fair Credit Reporting 

(Regulation V), except with respect to 

§§ 222.1(c) (effective dates), 222.83 

(Disposal of consumer information), 

222.90 (Duties regarding the detection, 

prevention, and mitigation of identity 

theft), 222.91 (Duties of card issuers 

regarding changes of address), & 

Appendix J (Interagency Guidelines on 

Identity Theft Detection, Prevention, and 

Mitigation) 

8. 12 CFR part 226—Truth in Lending 

(Regulation Z) 

9. 12 CFR part 230—Truth in Savings 

(Regulation DD) 

B. Federal Deposit Insurance Corporation 

1. 12 CFR part 332—Privacy of Consumer 

Financial Information 

2. 12 CFR part 334—Fair Credit Reporting, 

except with respect to §§ 334.83 


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Federal Register / Vol. 76, No. 140 / Thursday, July 21, 2011 / Rules and Regulations 43571 

(Disposal of consumer information), 

334.90 (Duties regarding the detection, 

prevention, and mitigation of identity 

theft), 334.91 (Duties of card issuers 

regarding changes of address), & 

Appendix J (Interagency Guidelines on 

Identity Theft Detection, Prevention, and 

Mitigation) 

3. 12 CFR 365.101–.105 & Appendix A to 

Subpart B—Registration of Residential 

Mortgage Loan Originators 

C. Office of the Comptroller of the Currency 

1. 12 CFR 34.20–.25—Adjustable-Rate 

Mortgages (but only as applied to nonfederally chartered housing creditors 

under the Alternative Mortgage 

Transaction Parity Act (‘‘AMTPA’’)) 

2. 12 CFR 34.101–.105 & Appendix A to 

Subpart F—Registration of Residential 

Mortgage Loan Originators 

3. 12 CFR part 40—Privacy of Consumer 

Financial Information 

4. 12 CFR part 41—Fair Credit Reporting, 

except with respect to §§ 41.83 (Disposal 

of consumer information), 41.90 (Duties 

regarding the detection, prevention, and 

mitigation of identity theft), 41.91 

(Duties of card issuers regarding changes 

of address), & Appendix J (Interagency 

Guidelines on Identity Theft Detection, 

Prevention, and Mitigation) 

D. Office of Thrift Supervision 

1. 12 CFR 560.35—Adjustments to home 

loans (but only as applied to nonfederally chartered housing creditors 

under AMTPA) 

2. 12 CFR 560.210–220—Alternative 

Mortgage Transactions (but only as it 

relates to AMTPA) 

3. 12 CFR 563.101–.105 & Appendix A to 

Subpart D—Registration of Residential 

Mortgage Loan Originators 

4. 12 CFR part 571—Fair Credit Reporting, 

except with respect to §§ 571.83 

(Disposal of consumer information), 

571.90 (Duties regarding the detection, 

prevention, and mitigation of identity 

theft), 571.91 (Duties of card issuers 

regarding change of address), & 

Appendix J (Interagency Guidelines on 

Identity Theft Detection, Prevention, and 

Mitigation) 

5. 12 CFR part 573—Privacy of Consumer 

Financial Information 

E. National Credit Union Administration 

1. 12 CFR 701.21—Loans to members and 

lines of credit to members (but only as 

applied to non-federally chartered 

housing creditors under AMTPA) 

2. 12 CFR part 707—Truth in Savings 

3. 12 CFR part 716—Privacy of Consumer 

Financial Information 

4. 12 CFR part 717—Fair Credit Reporting, 

except with respect to §§ 717.83 

(Disposal of consumer information), 

717.90 (Duties regarding the detection, 

prevention, and mitigation of identity 

theft), 717.91 (Duties of card issuers 

regarding changes of address), & 

Appendix J (Interagency Guidelines on 

Identity Theft Detection, Prevention, and 

Mitigation) 

5. 12 CFR part 741—Requirements for 

Insurance, but only with respect to 

§§ 741.217 (Truth in savings), 741.220 

(Privacy of consumer financial 

information), & 741.223 (Registration of 

residential mortgage loan originators) 

6. 12 CFR part 761—Registration of Mortgage 

Loan Originators 

F. Federal Trade Commission 

1. 16 CFR part 310—Telemarketing Sales 

Rule 

2. 16 CFR part 313—Privacy of Consumer 

Financial Information 

3. 16 CFR part 320—Disclosure Requirements 

for Depository Institutions Lacking 

Federal Depository Insurance 

4. 16 CFR part 321—Mortgage Acts and 

Practices—Advertising 

5. 16 CFR part 322—Mortgage Assistance 

Relief Services 

6. 16 CFR part 425—Use of Prenotification 

Negative Option Plans 

7. 16 CFR part 429—Rule Concerning 

Cooling-Off Period for Sales Made at 

Homes or at Certain Other Locations 

8. 16 CFR part 433—Preservation of 

Consumers’ Claims and Defenses 

9. 16 CFR part 444—Credit Practices 

10. 16 CFR part 435—Mail or Telephone 

Order Merchandise 

11. 16 CFR part 436—Disclosure 

Requirements and Prohibitions 

Concerning Franchising 

12. 16 CFR part 437—Disclosure 

Requirements and Prohibitions 

Concerning Business Opportunities 

13. 16 CFR Subchapter F, Parts 603 et seq.— 

Fair Credit Reporting Act, except with 

respect to Part 681 (Identity Theft Rules), 

Part 682 (Disposal of Consumer Report 

Information and Records), & Appendix A 

to Part 681 (Interagency Guidelines on 

Identity Theft Detection, Prevention, and 

Mitigation) 

14. 16 CFR part 901—Procedures for State 

Application for Exemption from the 

Provisions of the [Fair Debt Collection 

Practices] Act 

G. Department of Housing and Urban 

Development 

1. 24 CFR 26.28–.56—Hearing Procedures 

Pursuant to the Administrative 

Procedure Act 

2. 24 CFR part 30—Civil Money Penalties: 

Certain Prohibited Conduct (but only as 

applied to the Real Estate Settlement 

Procedures Act of 1974 (‘‘RESPA’’), the 

Interstate Land Sales Full Disclosure Act 

(‘‘ILSA’’), and the Secure and Fair 

Enforcement for Mortgage Licensing Act 

of 2008) 

3. 24 CFR part 1710—Land Registration 

4. 24 CFR part 1715—Purchasers’ Revocation 

Rights, Sales Practices, and Standards 

5. 24 CFR part 1720—Formal Procedures and 

Rules of Practice 

6. 24 CFR part 3400—SAFE Mortgage 

Licensing Act: Minimum Licensing 

Standards and Oversight Responsibilities 

7. 24 CFR part 3500—Real Estate Settlement 

Procedures Act 

8. 24 CFR part 3800—Investigations in 

Consumer Regulatory Programs (but only 

as applied to RESPA and ILSA) 

Dated: July 14, 2011. 

Alastair Fitzpayne, 

Deputy Chief of Staff and Executive Secretary, 

Department of the Treasury. 

[FR Doc. 2011–18426 Filed 7–20–11; 8:45 am] 

BILLING CODE 4810–25–P 

SMALL BUSINESS ADMINISTRATION 

13 CFR Part 126 

RIN 3245–AG45 

Small Business HUBZone Program; 

Government Contracting Programs 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Interim final rule with request 

for comments. 

SUMMARY: This interim final rule 

amends the U.S. Small Business 

Administration’s regulations pertaining 

to the Historically Underutilized 

Business Zone (HUBZone Program). 

Specifically, this interim final rule 

allows a declined or decertified 

HUBZone small business to reapply 

ninety (90) calendar days after the 

decline or decertification decision is 

rendered, rather than wait one year to 

reapply, provided that it meets the 

eligibility requirements at that time of 

application. 

DATES: Effective Date: This rule is 

effective July 21, 2011. 

Comment Date: Comments must be 

received on or before August 22, 2011. 

ADDRESSES: You may submit comments, 

identified by RIN 3245–AG45 by any of 

the following methods: 

• Federal Rulemaking Portal: http:// 

www.regulations.gov and follow the 

instructions for submitting comments. 

• Mail, for paper, disk, or CD–ROM 

submissions: Mariana Pardo, Deputy 

Director, HUBZone Program, 409 Third 

Street, SW., Washington, DC 20416. 

• Hand Delivery/Courier: Mariana 

Pardo, Deputy Director, HUBZone 

Program, 409 Third Street, SW., 

Washington, DC 20416. 

SBA will post all comments on http:// 

www.Regulations.gov. If you wish to 

submit confidential business 

information (CBI) as defined in the User 

Notice at http://www.Regulations.gov, 

please submit the information to 

Mariana Pardo and highlight the 

information that you consider to be CBI 

and explain why you believe this 

information should be held confidential. 

SBA will review the information and 

make a final determination of whether 

the information will be published or 

not. 


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