Federal Register / Vol. 73, No. 154 / Friday, August 8, 2008 / Rules and Regulations 46191 

1602(aa)(3) and 12 CFR 226.32(a)(1)(ii). 

The Board adjusted the $400 amount to 

$561 for the year 2008. 

The Bureau of Labor Statistics 

publishes consumer-based indices 

monthly, but does not report a CPI 

change on June 1; adjustments are 

reported in the middle of each month. 

The Board uses the CPI–U index, which 

is based on all urban consumers and 

represents approximately 87 percent of 

the U.S. population, as the index for 

adjusting the $400 dollar figure. The 

adjustment to the CPI–U index reported 

by the Bureau of Labor Statistics on May 

14, 2008, was the CPI–U index in effect 

on June 1, and reflects the percentage 

increase from April 2007 to April 2008. 

The adjustment to the $400 figure below 

reflects a 3.94 percent increase in the 

CPI–U index for this period and is 

rounded to whole dollars for ease of 

compliance. 

II. Adjustment and Commentary 

Revision 

Effective January 1, 2009, for purposes 

of determining whether a home 

mortgage transaction is covered by 12 

CFR 226.32 (based on the total points 

and fees payable by the consumer at or 

before loan consummation), a loan is 

covered if the points and fees exceed the 

greater of $583 or 8 percent of the total 

loan amount. Comment 32(a)(1)(ii)–2, 

which lists the adjustments for each 

year, is amended to reflect the dollar 

adjustment for 2009. Because the timing 

and method of the adjustment is set by 

statute, the Board finds that notice and 

public comment on the change are 

unnecessary. 

This adjustment is being made 

pursuant to TILA section 103(aa)(3). In 

July 2008, the Board used its authority 

in TILA section 129(l)(2) to amend 

Regulation Z to prohibit certain acts and 

practices in connection with ‘‘higherpriced mortgage loans.’’ These 

additional protections and the 

definition of ‘‘higher-priced mortgage 

loans’’ are contained in section 226.35 

of Regulation Z. The adjustment being 

published today pursuant to section 

103(aa) does not affect the new rules for 

‘‘higher-priced mortgage loans’’ adopted 

by the Board in section 226.35. 

III. Regulatory Flexibility Analysis 

The Board certifies that this 

amendment will not have a substantial 

effect on regulated entities because the 

only change is to raise the threshold for 

transactions requiring HOEPA 

disclosures. 

List of Subjects in 12 CFR Part 226 

Advertising, Federal Reserve System, 

Mortgages, Reporting and recordkeeping 

requirements, Truth in lending. 

■ For the reasons set forth in the 

preamble, the Board amends Regulation 

Z, 12 CFR part 226, as set forth below: 

PART 226—TRUTH IN LENDING 

(REGULATION Z) 

■ 1. The authority citation for part 226 

continues to read as follows: 

Authority: 12 U.S.C. 3806; 15 U.S.C. 1604 

and 1637(c)(5). 

■ 2. In Supplement I to part 226, under 

Section 226.32—Requirements for 

Certain Closed-End Home Mortgages, 

under Paragraph 32(a)(1)(ii), paragraph 

2.xiv. is added to read as follows: 

Supplement I to Part 226—Official Staff 

Interpretations 

* * * * * 

Subpart E—Special Rules for Certain 

Home Mortgage Transactions 

* * * * * 

Section 226.32—Requirements for 

Certain Closed-End Home Mortgages 

32(a) Coverage 

* * * * * 

Paragraph 32(a)(1)(ii) 

* * * * * 

2. Annual adjustment of $400 

amount. 

* * * * * 

xiv. For 2009, $583, reflecting a 3.94 

percent increase in the CPI–U from June 

2007 to June 2008, rounded to the 

nearest whole dollar. 

* * * * * 

By order of the Board of Governors of the 

Federal Reserve System, acting through the 

Director of the Division of Consumer and 

Community Affairs under delegated 

authority. 

Dated: August 5, 2008. 

Jennifer J. Johnson, 

Secretary of the Board. 

[FR Doc. E8–18275 Filed 8–7–08; 8:45 am] 

BILLING CODE 6210–01–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[USCG–2008–0785] 

Drawbridge Operation Regulations; 

Shrewsbury River, Route 36 Bridge, 

Highlands, NJ, Schedule Change 

AGENCY: Coast Guard, DHS. 

ACTION: Notice of temporary deviation 

from regulations; request for comments. 

SUMMARY: The Commander, First Coast 

Guard District, has issued a temporary 

deviation from the regulation governing 

the operation of the Route 36 Bridge, 

across the Shrewsbury River, mile 1.8, 

at Highlands, New Jersey. This 

deviation will test a change to the 

drawbridge operation schedule to 

determine whether a permanent change 

to the schedule is needed. This 

deviation will allow the bridge to open 

on signal for all marine traffic once an 

hour on the hour between 4 p.m. and 7 

p.m. on weekends and holidays. 

DATES: This deviation is effective from 

4 p.m. on August 2, 2008, through 7 

p.m. on September 1, 2008. Comments 

must reach the Coast Guard on or before 

November 1, 2008. 

ADDRESSES: You may submit comments 

identified by Coast Guard docket 

number USCG–2008–0785 to the Docket 

Management Facility at the U.S. 

Department of Transportation. To avoid 

duplication, please use only one of the 

following methods: 

(1) Online: http:// 

www.regulations.gov. 

(2) Mail: Docket Management Facility 

(M–30), U.S. Department of 

Transportation, West Building ground 

floor, Room W12–140, 1200 New Jersey 

Avenue, SE., Washington, DC 20590–

0001. 

(3) Hand Delivery: Same as mail 

address above, between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays. The telephone number 

is (202) 366–9329. 

(4) Fax: (202) 493–2251. 

FOR FURTHER INFORMATION CONTACT: Mr. 

Gary Kassof, Project Officer, First Coast 

Guard District, (212) 668–7165. 

If you have questions on viewing or 

submitting material to the docket, call 

Renee V. Wright, Program Manager, 

Docket Operations, telephone (202) 

366–9826. 

SUPPLEMENTARY INFORMATION: 


rfrederick on PRODPC74 with RULES
46192 Federal Register / Vol. 73, No. 154 / Friday, August 8, 2008 / Rules and Regulations 

Public Participation and Request for 

Comments 

We encourage you to participate in 

this rulemaking by submitting 

comments and related material. All 

comments received will be posted, 

without change, to http:// 

www.regulations.gov and will include 

any personal information you have 

provided. We have an agreement with 

the Department of Transportation to use 

the Docket Management Facility. 

Submitting Comments 

If you submit a comment, please 

include the docket number for this 

rulemaking (USCG–2008–0785), 

indicate the specific section of this 

document to which each comment 

applies, and give the reason for each 

comment. We recommend that you 

include your name and mailing address, 

an e-mail address, or a phone number in 

the body of your document so that we 

can contact you if we have questions 

regarding your submission. You may 

submit your comments and materials by 

electronic means, mail, fax, or delivery 

to the Docket Management Facility at 

the address under ADDRESSES; but 

please submit your comments and 

materials by only one means. If you 

submit them by mail or delivery, submit 

them in an unbound format, no larger 

than 81⁄2 by 11 inches, suitable for 

copying and electronic filing. If you 

submit them by mail and would like to 

know that they reached the Facility, 

please enclose a stamped, self-addressed 

postcard or envelope. We will consider 

all comments and material received 

during the comment period. We may 

change this proposed rule in view of 

them. 

Viewing Comments and Documents 

To view comments, as well as 

documents mentioned in this preamble 

as being available in the docket, go to 

http://www.regulations.gov at any time. 

Enter the docket number for this 

rulemaking (USCG–2008–0785) in the 

Search box, and click ‘‘Go>>.’’ You may 

also visit either the Docket Management 

Facility in Room W12–140, on the 

ground floor of the Department of 

Transportation West Building, 1200 

New Jersey Avenue, SE., Washington, 

DC 20590–0001, between 9 a.m. and 5 

p.m., Monday through Friday, except 

Federal holidays; or First Coast Guard 

District, Bridge Branch, One South 

Street, New York, NY 10004, between 9 

a.m. and 5 p.m., Monday through 

Friday, except Federal holidays. 

Privacy Act 

Anyone can search the electronic 

form of all comments received into any 

of our dockets by the name of the 

individual submitting the comment (or 

signing the comment), if submitted on 

behalf of an association, business, labor 

union, etc. You may review a Privacy 

Act, system of records notice regarding 

our public dockets in the January 17, 

2008, issue of the Federal Register (73 

FR 3316). 

Public Meeting 

We do not plan to hold a public 

meeting. But you may submit a request 

for one to the Docket Management 

Facility at the address under ADDRESSES

explaining why one would be 

beneficial. If we determine that one 

would aid this rulemaking, we will hold 

one at a time and place announced by 

a later notice in the Federal Register. 

Background and Purpose 

The Route 36 Bridge has a vertical 

clearance in the closed position of 35 

feet at mean high water and 39 feet at 

mean low water. The existing 

drawbridge operation regulations are 

listed at 33 CFR 117.755(a). The bridge 

presently opens on the hour and half 

hour between 7 a.m. and 8 p.m. from 

May 15 through October 15, and on 

signal from 8 p.m. to 11 p.m. From 11 

p.m. to 7 a.m. the bridge opens on signal 

after a four-hour advance notice is 

given. 

The Shrewsbury River is navigated 

predominantly by recreational power 

boats and sail boats of various sizes. 

Currently only one lane of vehicular 

traffic is open northbound on the Route 

36 Bridge due to the Highlands Bridge 

replacement project presently 

underway. Two lanes of vehicular traffic 

were closed in early July 2008, to 

facilitate the new bridge construction. 

As a result of the vehicular travel lane 

closures traffic congestion has become a 

major concern to motorists and local 

officials. The nearby Gateway National 

Recreation Area, operated by the 

National Park Service, has been 

particularly impacted on weekends by 

traffic delays as a result of the bridge 

construction and drawbridge openings 

for vessel traffic. 

The National Park Service, the New 

Jersey Department of Transportation, 

and local officials have made various 

adjustments to traffic control to help 

mitigate the vehicular traffic congestion; 

however, the traffic congestion on 

weekends in the afternoon continues to 

be a major safety concern when 

motorists are exiting the Sandy Hook 

area and the Gateway National 

Recreation Park. 

As a result, the National Park Service 

requested a temporary deviation from 

the drawbridge operation regulations to 

test an alternate drawbridge operation 

schedule to help better balance the 

needs between vehicular land traffic 

and marine vessel traffic. 

Under this temporary deviation, in 

effect from August 2, 2008 through 

September 1, 2008, the Route 36 Bridge 

at mile 1.8, across the Shrewsbury 

River, shall operate as follows: 

Monday through Friday, the draw 

shall open on signal, from 7 a.m. to 8 

p.m., on the hour and half hour only. 

From 8 p.m. to 11 p.m. the draw shall 

open on signal. From 11 p.m. to 7 a.m. 

the draw shall open on signal after at 

least a four-hour notice is given by 

calling 732–872–1052. 

Saturday, Sunday and Labor Day, the 

draw shall open on signal from 7 a.m. 

to 4 p.m., and 7 p.m. to 8 p.m. on the 

hour and half hour only. From 4 p.m. 

to 7 p.m. the draw shall open on signal 

once an hour, on the hour only. From 

8 p.m. to 11 p.m. the draw shall open 

on signal. From 11 p.m. to 7 a.m. the 

draw shall open on signal after at least 

a four-hour advance notice is given by 

calling 732–872–1052. 

In accordance with 33 CFR 117.35(e), 

the bridge must return to its regular 

operating schedule immediately at the 

end of the designated time period. This 

deviation from the operating regulations 

is authorized under 33 CFR 117.35. 

Dated: July 31, 2008. 

Gary Kassof, 

Bridge Program Manager, First Coast Guard 

District. 

[FR Doc. E8–18312 Filed 8–7–08; 8:45 am] 

BILLING CODE 4910–15–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 117 

[USCG–2008–0302] 

RIN 1625–AA09 

Drawbridge Operation Regulations; 

Smith Creek at Wilmington, NC 

AGENCY: Coast Guard, DHS. 

ACTION: Final rule. 

SUMMARY: The Coast Guard is changing 

the drawbridge operation regulations of 

the S117–S133 Bridge, at mile 1.5, 

across Smith Creek at Wilmington, NC. 

This action will allow that the draw 

need not be opened for the passage of 

vessels. 

DATES: This rule is effective September 

8, 2008. 

ADDRESSES: Comments and related 

materials received from the public, as 


rfrederick on PRODPC74 with RULES