11950 Federal Register / Vol. 87, No. 42 / Thursday, March 3, 2022 / Rules and Regulations 

■ i. Remove the text ‘‘Revision 19’’ and 

add in its place the text ‘‘Revision 20’’; 

and 

■ ii. Remove the text ‘‘dated October 

2019’’ and add in its place the text 

‘‘issued December 2021’’; 

■ d. In paragraph (a)(3)(iii): 

■ i. Remove the text ‘‘Revision 3’’ and 

add in its place the text ‘‘Revision 4’’; 

and 

■ ii. Remove the text ‘‘dated October 

2019’’ and add in its place the text 

‘‘issued December 2021’’; 

■ e. Add paragraph (a)(3)(iv); 

■ f. In paragraph (b)(1)(ii), remove the 

text ‘‘Table I of this section’’ and add in 

its place the text ‘‘table 1 to this 

paragraph (b)(1)(ii)’’; 

■ g. Designate the table immediately 

following paragraph (b)(1)(ii) as table 1 

to paragraph (b)(1)(ii) and revise the 

heading of the newly designated table; 

■ h. Designate the table immediately 

following paragraph (b)(2)(xv)(K)(4) as 

table 2 to paragraph (b)(2)(xv)(K)(4) and 

revise the heading of the newly 

designated table; and 

■ i. Designate the table immediately 

following paragraph (b)(3)(iv) as table 3 

to paragraph (b)(3)(iv) and revise the 

heading and column headings of the 

newly designated table. 

The revisions and addition read as 

follows: 

§ 50.55a Codes and standards. 

(a) * * * For information on the 

availability of this material at NARA, 

email fr.inspection@nara.gov or go to 

www.archives.gov/federal-register/cfr/ 

ibr-locations.html. 

(1) American Society of Mechanical 

Engineers (ASME), Three Park Avenue, 

New York, NY 10016; telephone: 1– 

800–843–2763; https://www.asme.org/ 

Codes/. 

* * * * * 

(3) U.S. Nuclear Regulatory 

Commission (NRC) Public Document 

Room, 11555 Rockville Pike, Rockville, 

Maryland 20852; telephone: 1–800– 

397–4209; email: pdr.resource@nrc.gov; 

https://www.nrc.gov/reading-rm/doccollections/reg-guides/. The use of code 

cases listed in the NRC regulatory 

guides in paragraphs (a)(3)(i) through 

(iii) of this section is acceptable with the 

specified conditions in those guides 

when implementing the editions and 

addenda of the ASME BPV Code and 

ASME OM Code incorporated by 

reference in paragraph (a)(1) of this 

section. The NRC report in paragraph 

(a)(3)(iv) of this section is acceptable as 

specified in the conditions when 

implementing code cases listed in the 

NRC regulatory guides in paragraphs 

(a)(3)(i) through (iii) of this section. 

* * * * * 

(iv) NUREG–2228. NUREG–2228, 

‘‘Weld Residual Stress Finite Element 

Analysis Validation: Part II—Proposed 

Validation Procedure,’’ Published July 

2020 (including Errata September 22, 

2021), which is referenced in RG 1.147, 

Revision 20. 

* * * * * 

(b) * * * 

(1) * * * 

(ii) * * * 

Table 1 to Paragraph (b)(1)(ii)— 

Prohibited Code Provisions 

* * * * * 

(2) * * * 

(xv) * * * 

(K) * * * 

(4) * * * 

Table 2 to Paragraph (b)(2)(xv)(K)(4)— 

Table VIII: S7–1—Modified 

* * * * * 

(3) * * * 

(iv) * * * 

TABLE 3 TO PARAGRAPH (b)(3)(iv)—MAXIMUM INTERVALS FOR USE WHEN APPLYING INTERVAL EXTENSIONS

Group size 

Maximum interval between activities of 

member valves in the groups 

(years) 

Maximum interval between activities of each 

valve in the group 

(years) 

*******

* * * * * 

Dated: January 25, 2022. 

For the Nuclear Regulatory Commission. 

Andrea D. Veil, 

Director, Office of Nuclear Reactor 

Regulation. 

[FR Doc. 2022–04374 Filed 3–2–22; 8:45 am] 

BILLING CODE 7590–01–P 

FEDERAL ELECTION COMMISSION 

11 CFR Part 111 

[Notice 2022–04] 

Agency Procedure Concerning the 

Treatment of Foreign State 

Respondents at the Initiation of the 

Enforcement Process 

AGENCY: Federal Election Commission. 

ACTION: Adoption of Agency procedure. 

SUMMARY: The Federal Election 

Commission is adopting a procedure 

concerning the enforcement process in 

situations where the respondent to a 

complaint is a foreign state, a political 

subdivision of a foreign state, a head of 

state or other foreign official acting in 

his or her official capacity, or an agency 

or instrumentality of a foreign state. 

DATES: The procedure is adopted as of 

March 3, 2022. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Robert Mark Knop, Assistant General 

Counsel, 1050 First Street NE, 

Washington, DC 20463, (202) 694 1650 

or (800) 424 9530. 

SUPPLEMENTARY INFORMATION: This 

procedure requires the Commission to 

adopt a supplemental notification 

process in matters involving foreign 

state respondents. 

In all enforcement matters in which a 

foreign state, political subdivision of a 

foreign state, a head of state or other 

foreign official acting in his or her 

official capacity, or any agency or 

instrumentality of a foreign state is 

identified as a respondent, the Office of 

General Counsel (‘‘OGC’’), prior to 

issuing the notification letters required 

by 52 U.S.C. 30109(a)(1), will notify the 

Office of the Legal Adviser at the 

Department of State (‘‘Department’’) of 

the receipt of the complaint and of the 

Commission’s statutory notification 

obligations. This procedure does not 

alter the Commission’s statutory 

obligation to issue notification letters to 

respondents within the period required 

by 52 U.S.C. 30109(a)(1). 

In such matters, OGC will provide a 

simultaneous report to the Commission 

concerning the notification to the 

Department and will promptly inform 

the Commission of any subsequent 

communications between OGC and the 

Department. 

Within forty-five days of receiving a 

complaint naming a foreign state 

respondent, OGC will make a 

recommendation to the Commission as 

to whether consultation with the 

Department is appropriate to obtain its 

views concerning any legal or factual 

question presented by the matter. 

This notification represents a general 

statement announcing the general 


khammond on DSKJM1Z7X2PROD with RULES
Federal Register / Vol. 87, No. 42 / Thursday, March 3, 2022 / Rules and Regulations 11951 

1Although the focus of this bulletin is UDAAPs, 

the Bureau notes that certain provisions of the Fair 

Debt Collection Practices Act and its implementing 

Regulation F may also apply to the repossession of 

automobiles. Fair Debt Collection Practices Act, 

803(6), 15 U.S.C. 1692a(6); 12 CFR 1006.2(i)(1) 

(effective November 30, 2021). 

2 Dodd-Frank Act sections 1031, 1036, 12 U.S.C. 

5531, 5536. 

3See CFPB Exam Manual at UDAAP 5. 

4 12 U.S.C. 5531(d). 

5For convenience, this document generally refers 

to historical findings by ‘‘the Bureau’’ in both 

Supervision and Enforcement, even though in 

Supervisory matters the findings are made by the 

Bureau’s examiners rather than by the Bureau itself. 

6 In the Matter of Nissan Motor Acceptance Corp., 

2020–BCFP–0017 (Oct. 13, 2020). 

course of action that the Commission 

intends to follow. This rule of agency 

procedure does not constitute an agency 

regulation requiring notice of proposed 

rulemaking, opportunities for public 

participation, prior publication, and 

delay in effective date under 5 U.S.C. 

553 of the Administrative Procedure Act 

(‘‘APA’’). The provisions of the 

Regulatory Flexibility Act, 5 U.S.C. 

605(b), which apply when notice and 

comment are required by the APA or 

another statute, are not applicable. 

Dated: February 18, 2022. 

On behalf of the Commission, 

Allen J. Dickerson, 

Chairman, Federal Election Commission. 

[FR Doc. 2022–04358 Filed 3–2–22; 8:45 am] 

BILLING CODE 6715–01–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Chapter X 

Bulletin 2022–04: Mitigating Harm 

From Repossession of Automobiles 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Compliance bulletin and policy 

guidance. 

SUMMARY: The Consumer Financial 

Protection Bureau (Bureau or CFPB) is 

issuing this Compliance Bulletin 

regarding repossession of vehicles, and 

the potential for violations of sections 

1031 and 1036 of the Dodd-Frank Wall 

Street Reform and Consumer Protection 

Act’s (Dodd-Frank Act’s) prohibition on 

engaging in unfair, deceptive, or abusive 

acts or practices (collectively, UDAAPs) 

when repossessing vehicles. 

DATES: This bulletin is applicable on 

March 3, 2022. 

FOR FURTHER INFORMATION CONTACT: Pax 

Tirrell, Counsel, Office of Supervision 

Policy at 202–435–7097; Tara Flynn, 

Senior Counsel for Enforcement Policy 

and Strategy, Office of Enforcement at 

202–435–9734. If you require this 

document in an alternative electronic 

format, please contact CFPB_

Accessibility@cfpb.gov. 

SUPPLEMENTARY INFORMATION: 

I. Background 

In recent months, there has been 

extremely strong demand for used 

automobiles. Since the start of the 

COVID–19 pandemic, the average list 

price for used automobiles has 

continued to climb. While there are 

many factors contributing to high prices, 

the Consumer Financial Protection 

Bureau is concerned that these market 

conditions might create incentives for 

risky auto repossession practices, since 

repossessed automobiles can command 

these higher prices when resold. To 

mitigate harms from these risks, the 

Bureau is issuing this bulletin to remind 

market participants about certain legal 

obligations under Federal consumer 

financial laws. 

To secure an auto loan, lenders 

require borrowers to give creditors a 

security interest in the vehicle. If a 

borrower defaults, a creditor may 

exercise its contractual rights to 

repossess the secured vehicle. Servicers 

collect and process auto loan or lease 

payments from borrowers and are either 

creditors or act on behalf of creditors. 

Generally, servicers do not immediately 

repossess a vehicle upon default and 

instead attempt to contact consumers 

before repossession, usually by phone or 

mail. Servicers may give consumers in 

default the opportunity to avoid 

repossession by making additional 

payments or promises to pay. Servicers 

generally use service providers to 

conduct repossessions. 

While some repossessions are 

unavoidable, the Bureau pays particular 

attention to servicers’ repossession of 

automobiles. Loan holders and servicers 

are responsible for ensuring that their 

repossession-related practices, and the 

practices of their service providers, do 

not violate the law. The Bureau intends 

to hold loan holders and servicers 

accountable for UDAAPs related to the 

repossession of consumers’ vehicles.1

II. Unfair and Deceptive Acts or 

Practices in Supervision and 

Enforcement Matters 

This Bulletin summarizes the current 

law and highlights relevant examples of 

conduct observed during supervisory 

examinations or enforcement 

investigations that may violate Federal 

consumer financial law. 

Under the Dodd-Frank Act, all 

covered persons or service providers are 

prohibited from committing unfair, 

deceptive, or abusive acts or practices in 

violation of the Act. An act or practice 

is unfair when (i) it causes or is likely 

to cause substantial injury to 

consumers; (ii) the injury is not 

reasonably avoidable by consumers; and 

(iii) the injury is not outweighed by 

countervailing benefits to consumers or 

to competition.2

Whether an act or practice is 

deceptive is informed by decades of 

precedent involving Section 5 of the 

Federal Trade Commission Act.3

The Dodd-Frank Act prohibits two 

types of abusive practices. First, 

materially interfering with the ability of 

a consumer to understand a term or 

condition of a product or service is 

abusive. Second, taking unreasonable 

advantage of statutorily specified market 

imbalances is abusive. Those market 

imbalances include (1) a consumer’s 

lack of understanding of the material 

risks, costs or conditions of a product or 

service, (2) a consumer’s inability to 

protect their interests in selecting or 

using a product or service, or (3) a 

consumer’s reasonable reliance on a 

covered person to act in their interests.4

a. Unfair or Deceptive Practices During 

the Repossession Process 

In its Supervisory and Enforcement 

work, the Bureau has found the 

following conduct related to 

repossession of automobiles to be 

UDAAPs.5

Wrongful Repossession of Consumers’ 

Vehicles 

Many auto servicers provide options 

to borrowers to avoid repossession once 

a loan is delinquent or in default. 

Failure to prevent repossession after 

borrowers complete one of these 

options, where reasonably practicable 

given the timing of the borrowers’ 

action, may constitute an unfair act or 

practice. 

For example, in a public enforcement 

action, the Bureau found that an entity 

engaged in an unfair act or practice 

when it wrongfully repossessed 

consumers’ vehicles.6 The servicer told 

consumers it would not repossess 

vehicles when they were less than 60 

days past due. Additionally, the servicer 

maintained a policy and told consumers 

that it would not repossess vehicles of 

consumers who had entered into an 

agreement to extend the loan, or who 

had made a promise to make a payment 

on a specific date and that date had not 

passed or who successfully kept a 

promise to pay. Nevertheless, the 

servicer wrongfully repossessed 


khammond on DSKJM1Z7X2PROD with RULES