Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Proposed Rules 8667 

1 76 FR 78465 (Dec. 19, 2011). 

2See Home Mortgage Disclosure (Regulation C), 

80 FR 66128 (Oct. 28, 2015). 

3 Dodd-Frank Act, Public Law 111–2033, Section 

1029(f)(1). 

4 Dodd-Frank Act, Public Law 111–2033, Section 

1029(b)(1). 

Participants must register at the Internet 

link in the meeting notice to participate 

in the Webinar. 

Additional details regarding the 

meeting will be posted at least 10 days 

prior to the public meeting on the NRC’s 

public meeting Web site at: http://

meetings.nrc.gov/pmns/mtg. 

Dated at Rockville, Maryland, this 12th day 

of February 2016. 

For the Nuclear Regulatory Commission. 

Lawrence E. Kokajko, 

Director, Division of Policy and Rulemaking, 

Office of Nuclear Reactor Regulation. 

[FR Doc. 2016–03593 Filed 2–19–16; 8:45 am] 

BILLING CODE 7590–01–P 

FEDERAL RESERVE SYSTEM 

12 CFR Part 203 

[Docket No. R–1532] 

RIN 7100 AE–46 

Regulation C Home Mortgage 

Disclosure 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice of proposed rulemaking; 

request for public comment. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) is 

proposing to repeal its Regulation C, 

which was issued to implement the 

Home Mortgage Disclosure Act (HMDA). 

Title X of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act 

(Dodd-Frank Act) transferred 

rulemaking authority for a number of 

consumer financial protection laws, 

including HMDA, from the Board to the 

Bureau of Consumer Financial 

Protection (Bureau). In December 2011, 

the Bureau published an interim final 

rule establishing its own Regulation C to 

implement HMDA, which substantially 

duplicated the Board’s Regulation C. In 

October 2015, the Bureau finalized the 

interim final rule and expanded and 

revised its Regulation C, pursuant to the 

Dodd-Frank Act. 

HMDA requires covered financial 

institutions to collect and report loan 

data in connection with residential 

mortgage applications and loans. 

Although the Board retains authority to 

issue some consumer financial 

protection rules, all rulemaking 

authority under HMDA concerning 

mortgage loan transactions was 

transferred to the Bureau. Accordingly, 

the Board is proposing to repeal its 

Regulation C and the Official Staff 

Commentary that accompanies the 

regulation. 

DATES: Comments must be received on 

or before April 27, 2016. 

ADDRESSES: You may submit comments, 

identified by Docket No. R–1532 and 

RIN 7100 AE–46, by any of the 

following methods: 

• Agency Web site: http://

www.federalreserve.gov. Follow the 

instructions for submitting comments at 

http://www.federalreserve.gov/

generalinfo/foia/ProposedRegs.cfm. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting comments. 

• Email: regs.comments@

federalreserve.gov. Include the docket 

number in the subject line of the 

message. 

• FAX: (202) 452–3819 or (202) 452– 

3102. 

• Mail: Robert deV. Frierson, 

Secretary, Board of Governors of the 

Federal Reserve System, 20th Street and 

Constitution Avenue NW., Washington, 

DC 20551. 

All public comments are available 

from the Board’s Web site at http://

www.federalreserve.gov/generalinfo/

foia/ProposedRegs.cfm as submitted, 

unless modified for technical reasons. 

Accordingly, your comments will not be 

edited to remove any identifying or 

contact information. Public comments 

may also be viewed electronically or in 

paper form in Room MP–500 of the 

Board’s Martin Building (20th and C 

Streets, NW.) between 9:00 a.m. and 

5:00 p.m. on weekdays. 

FOR FURTHER INFORMATION CONTACT: 

Nikita M. Pastor, Counsel, Division of 

Consumer and Community Affairs, at 

(202) 452–3667, Board of Governors of 

the Federal Reserve System, 20th and C 

Streets NW., Washington, DC 20551. For 

users of Telecommunications Device for 

the Deaf (TDD) only, contact (202) 263– 

4869. 

SUPPLEMENTARY INFORMATION: 

I. Background 

The Home Mortgage Disclosure Act 

(HMDA), 12 U.S.C. 2801 et seq., 

historically was implemented by the 

Board’s Regulation C, published at 12 

CFR part 203. The purpose of the act 

and regulation is to provide the public 

with sufficient information about 

mortgage loans to determine whether 

financial institutions are serving the 

housing credit needs of their 

communities; encourage private 

investments to areas in need; and collect 

and report applicant and borrower 

characteristic data to identify potential 

lending discrimination. Accordingly, 

HMDA requires covered financial 

institutions to report loan data in 

connection with mortgage loan 

applications. 

Title X of the Dodd-Frank Act 

transferred rulemaking authority for a 

number of consumer financial 

protection laws from the Board to the 

Bureau, effective July 21, 2011, with 

some exceptions. In connection with the 

transfer of the Board’s rulemaking 

authority for HMDA, the Bureau 

published an interim final rule to 

establish its own Regulation C, 12 CFR 

part 1003, to implement HMDA (Bureau 

Interim Final Rule).1 In October 2015, 

the Bureau finalized its own Regulation 

C, including rules that expand and 

revise the data collection and reporting 

regime required under HMDA, as 

amended by the Dodd-Frank Act.2

Under Section 1029(a) of the DoddFrank Act, the Board generally retains 

authority to issue rules for certain motor 

vehicle dealers that are predominantly 

engaged in the sale and servicing of 

motor vehicles, the leasing and 

servicing of motor vehicles, or both. For 

purposes of Section 1029, a ‘‘motor 

vehicle’’ is defined to include, among 

other things, motor homes, recreational 

vehicle trailers (RVs) and recreational 

boats.3 The Dodd-Frank Act also 

provided several exceptions to the 

Board’s rulemaking authority over 

motor vehicle dealers. Specifically, 

Section 1029(b)(1) of the Dodd-Frank 

Act provides that the Board’s 

rulemaking authority does not apply to 

any motor vehicle dealer to the extent 

that the motor vehicle dealer ‘‘provides 

consumers with any services related to 

residential or commercial mortgages or 

self-financing transactions involving 

real property.’’ 4 Accordingly, all 

rulemaking authority under HMDA 

concerning mortgage loan transactions 

was transferred to the Bureau. 

II. Discussion 

HMDA and Regulation C apply to 

covered financial institutions. For this 

purpose, financial institutions include 

depository institutions, such as a bank, 

savings institution, or credit union that 

meet certain coverage tests. Financial 

institutions also include nondepository, mortgage lending 

institutions that have an office in a 

metropolitan statistical area and meet 

certain asset and home lending 

thresholds. See 12 U.S.C. 2802; 12 CFR 

203.2 and 12 CFR 1003.2. Entities that 

are subject to HMDA must collect and 

report loan data to the appropriate 

federal agency on its housing-related 


Lhorne on DSK5TPTVN1PROD with PROPOSALS
8668 Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Proposed Rules 

5Regulation C covers loans secured by a 

‘‘dwelling,’’ which is defined as any residential 

structure, whether or not it is attached to real 

property, which would include mobile homes or 

manufactured homes. 12 CFR 1003.2. Under the 

Bureau’s 2015 final rule, however, recreational 

vehicles used as a residence are not covered as 

dwellings for purposes of HMDA. See 80 FR 66128, 

66145 (Oct. 28, 2015). 

6Section 1029(b)(1) of the Dodd-Frank Act states: 

Subsection (a) shall not apply to any person, to the 

extent such person (1) provides consumers with any 

services related to residential or commercial 

mortgages or self-financing transaction involving 

real property. . . .’’ 12 U.S.C. 5519(b). 

loan activities (i.e., mortgage loan 

applications). HMDA’s requirements 

concerning mortgage loans were 

implemented in Regulation C to apply 

to home purchase loans secured by a 

dwelling (or refinancings) and home 

improvement loans.5

As noted above, the Dodd-Frank Act 

transferred the Board’s rulemaking 

authority under HMDA and other 

enumerated consumer protection laws 

to the Bureau, but Section 1029 of the 

Dodd-Frank Act also preserved the 

Board’s rulemaking authority over 

certain motor vehicle dealers, with some 

exceptions. The rulemaking authority 

retained by the Board under Section 

1029 does not extend to residential or 

commercial mortgages or self-financing 

transactions involving real property.6

Thus, all rulemaking authority under 

HMDA, which pertains only to mortgage 

loan transactions, was transferred to the 

Bureau. Consequently, the Board is 

publishing a proposal to repeal the 

Board’s Regulation C, 12 CFR part 203. 

The Board requests comment on any 

technical issues raised by the proposed 

repeal of the Board’s Regulation C. 

III. Initial Regulatory Flexibility 

Analysis 

The Regulatory Flexibility Act (5 

U.S.C. 601 et seq.) (RFA) generally 

requires an agency to perform an 

assessment of the impact a rule is 

expected to have on small entities. 

Based on its analysis, and for the 

reasons stated below, the Board believes 

that this proposed rule will not have a 

significant economic impact on a 

substantial number of small entities. A 

final regulatory flexibility analysis will 

be conducted after consideration of 

comments received during the public 

comment period. 

1. Statement of the need for, and 

objectives of, the proposed rule. Title X 

of the Dodd-Frank Act transferred 

rulemaking authority for HMDA and 

other enumerated consumer financial 

protection laws from the Board to the 

Bureau, effective July 21, 2011. In 

December 2011, the Bureau issued an 

Interim Final Rule to implement HMDA 

pursuant to the transfer of rulemaking 

authority. Although the Board retains 

authority to issue some consumer 

financial protection rules, all 

rulemaking authority under HMDA 

concerning mortgage loan transactions 

was transferred to the Bureau. 

Consequently, the Board is proposing to 

repeal the Board’s Regulation C, 12 CFR 

part 203. 

2. Small entities affected by the 

proposed rule. Any entity that is 

currently covered by HMDA is subject 

to the rules issued by the Bureau, 

located in 12 CFR part 1003. Therefore 

the Board’s repeal of its Regulation C 

would not affect any entity, including 

small entities. 

3. Recordkeeping, reporting, and 

compliance requirements. The proposed 

rule would repeal the Board’s 

Regulation C, 12 CFR part 203, and 

would therefore not impose any 

recordkeeping, reporting, or compliance 

requirements on any entities. 

4. Other federal rules. The Board has 

not identified any federal rules that 

duplicate, overlap, or conflict with the 

proposed repeal of the Board’s 

Regulation C, 12 CFR part 203. 

5. Significant alternatives to the 

proposed revisions. The Board is not 

aware of any significant alternatives that 

would further minimize the impact on 

small entities of the proposed repeal, 

but solicits comment on this approach. 

IV. Paperwork Reduction Act 

In accordance with the Paperwork 

Reduction Act (PRA) of 1995 (44 U.S.C. 

3506; 5 CFR 1320 Appendix A.1), the 

Board reviewed the rule under the 

authority delegated to the Federal 

Reserve by the Office of Management 

and Budget (OMB). The proposed rule 

contains no collections of information 

under the PRA. See 44 U.S.C. 3502(3). 

Accordingly, there is no paperwork 

burden associated with the proposed 

rule. 

List of Subjects in 12 CFR Part 203 

Banks, Banking, Federal Reserve 

System, Mortgages, and Reporting and 

recordkeeping requirements. 

Authority and Issuance 

For the reasons set forth in the 

preamble, the Board proposes to amend 

Regulation C, 12 CFR part 203, and the 

Official Staff Commentary, as set forth 

below: 

PART 203—HOME MORTGAGE 

DISCLOSURE (REGULATION C) 

■ 1. Part 203 is removed and reserved. 

By order of the Board of Governors of the 

Federal Reserve System, February 11, 2016. 

Robert deV. Frierson, 

Secretary of the Board. 

[FR Doc. 2016–03229 Filed 2–19–16; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2016–3698; Directorate 

Identifier 2015–NM–138–AD] 

RIN 2120–AA64 

Airworthiness Directives; The Boeing 

Company Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed rulemaking 

(NPRM). 

SUMMARY: We propose to adopt a new 

airworthiness directive (AD) for certain 

The Boeing Company Model 767–200 

and –300 series airplanes. This 

proposed AD was prompted by an 

evaluation by the design approval 

holder (DAH) indicating that the aft 

pressure bulkhead at a certain area is 

subject to widespread fatigue damage 

(WFD). This proposed AD would 

require replacing the aft pressure 

bulkhead with a new, improved aft 

pressure bulkhead, and doing related 

investigative and corrective actions if 

necessary. We are proposing this AD to 

prevent fatigue cracking in the radial 

web lap splices of the aft pressure 

bulkhead. Such cracking could result in 

rapid decompression and consequent 

reduced structural integrity of the 

airplane. 

DATES: We must receive comments on 

this proposed AD by April 7, 2016. 

ADDRESSES: You may send comments, 

using the procedures found in 14 CFR 

11.43 and 11.45, by any of the following 

methods: 

• Federal eRulemaking Portal: Go to 

http://www.regulations.gov. Follow the 

instructions for submitting comments. 

• Fax: 202–493–2251. 

• Mail: U.S. Department of 

Transportation, Docket Operations, M– 

30, West Building Ground Floor, Room 

W12–140, 1200 New Jersey Avenue SE., 

Washington, DC 20590. 

• Hand Delivery: Deliver to Mail 

address above between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays. 

For service information identified in 

this NPRM, contact Boeing Commercial 


Lhorne on DSK5TPTVN1PROD with PROPOSALS