47602 Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 

1 78 FR 70624 (November 26, 2013). 

2Today the CFPB announced that it adopted and 

submitted the CFPB’s Final Rule for publication in 

the Federal Register. https://

www.consumerfinance.gov/policy-compliance/ 

rulemaking/final-rules/payday-vehicle-title-andcertain-high-cost-installment-loans/. The CFPB 

issued its notice of proposed rulemaking on payday 

loans in 2016. 81 FR 47864 (July 22, 2016). 

NHTSA Decision 

NHTSA Analysis: MTI explains that 

the noncompliance is that the wheels on 

the subject vehicles incorrectly identify 

the rim size as 24.5′′ x 8.25′′ instead of 

22.5′′ x 8.25′′, and therefore do not meet 

the requirements of paragraph S5.2(b) of 

FMVSS No. 120. Specifically, the 

marking error overstates the wheel 

diameter by 2′′. 

NHTSA has reviewed MTI’s analyses 

that the subject noncompliance is 

inconsequential to motor vehicle safety 

and provides the following analysis: 

When it comes to mating a tire and 

rim combination, it becomes very 

apparent very quickly that either an 

oversized tire on a rim or an undersized 

tire on the same sized rim will not 

properly seat to that rim. In this 

particular case (the former) as MTI has 

mentioned in its petition, if someone 

tries to mount a 24.5′′ inch tire on an 

undersized rim (22.5′′), it will not hold 

air and therefore cannot be inflated. The 

inability to mount the incorrect tire on 

the rim precludes one’s ability to 

actually drive with an incorrect tire-rim 

combination on public roadways. 

Furthermore, FMVSS No. 120 paragraph 

S5.3 requires vehicles be labeled with 

proper tire/rim size combinations. This 

additional information is available to 

provide the vehicle operator or 

technician with the correct tire/rim size 

information. 

NHTSA’s Decision: In consideration 

of the foregoing, NHTSA finds that MTI 

has met its burden of persuasion that 

the FMVSS No. 120 noncompliance is 

inconsequential as it relates to motor 

vehicle safety. Accordingly, MTI’s 

petition is hereby granted and MTI is 

consequently exempted from the 

obligation to provide notification of, and 

remedy for, the subject noncompliance 

in the affected vehicles under 49 U.S.C. 

30118 and 30120. 

NHTSA notes that the statutory 

provisions (49 U.S.C. 30118(d) and 

30120(h)) that permit manufacturers to 

file petitions for a determination of 

inconsequentiality allow NHTSA to 

exempt manufacturers only from the 

duties found in sections 30118 and 

30120, respectively, to notify owners, 

purchasers, and dealers of a defect or 

noncompliance and to remedy the 

defect or noncompliance. Therefore, this 

decision only applies to the subject 

vehicles that MTI no longer controlled 

at the time it determined that the 

noncompliance existed. However, the 

granting of this petition does not relieve 

vehicle distributors and dealers of the 

prohibitions on the sale, offer for sale, 

or introduction or delivery for 

introduction into interstate commerce of 

the noncompliant vehicles under their 

control after MTI notified them that the 

subject noncompliance existed. 

Authority: 49 U.S.C. 30118, 30120: 

delegations of authority at 49 CFR 1.95 and 

501.8. 

Jeffrey M. Giuseppe, 

Director, Office of Vehicle Safety Compliance. 

[FR Doc. 2017–22111 Filed 10–11–17; 8:45 am] 

BILLING CODE 4910–59–P 

DEPARTMENT OF THE TREASURY 

Office of the Comptroller of the 

Currency 

[Docket ID OCC–2017–0019] 

Rescission of Guidance on 

Supervisory Concerns and 

Expectations Regarding Deposit 

Advance Products 

AGENCY: Office of the Comptroller of the 

Currency (OCC), Treasury. 

ACTION: Rescission of guidance. 

SUMMARY: The OCC is rescinding its 

supervisory guidance entitled 

‘‘Guidance on Supervisory Concerns 

and Expectations Regarding Deposit 

Advance Products’’ and OCC Bulletin 

2013–40 (collectively, Guidance), which 

address the OCC’s expectations 

regarding the offering of deposit 

advance products by national banks and 

federal savings associations 

(collectively, banks). The OCC is 

rescinding the Guidance in light of the 

adoption of a final rule on payday, 

vehicle title, and certain high-cost 

installment loans by the Consumer 

Financial Protection Bureau (CFPB), 

which overlaps with the Guidance, 

resulting in potentially inconsistent 

regulatory guidance for banks. 

DATES: This Guidance is rescinded 

effective October 5, 2017. 

FOR FURTHER INFORMATION CONTACT: Paul 

Reymann, Director, Consumer 

Compliance Policy, (202) 649–5470; 

Steven Jones, Director, Retail Credit 

Risk, (202) 649–6220; Kenneth Lennon, 

Director, Community and Consumer 

Law, (202) 649–6350; Office of the 

Comptroller of the Currency, 400 7th 

Street SW., Washington, DC 20219 or, 

for persons who are deaf or hard of 

hearing, TTY, (202) 649–5597. 

SUPPLEMENTARY INFORMATION: 

In 2013, the OCC issued the Guidance 

to set forth the agency’s expectations 

regarding deposit advance products 

offered by banks.1 A deposit advance 

product is a small-dollar, short-term 

loan or line of credit that a bank makes 

available to a customer whose deposit 

account reflects recurring direct 

deposits. The customer obtains a loan, 

which is to be repaid from the proceeds 

of the next direct deposit. The Guidance 

highlighted potential credit, reputation, 

operational, compliance, and other 

issues associated with deposit advance 

products and encouraged banks to be 

aware of these issues so that banks 

offering these products in response to 

their customers’ short-term, small-dollar 

credit needs did not engage in practices 

that would increase these risks or result 

in the unfair treatment of bank 

customers. 

Since adoption of the Guidance in 

2013, the regulatory and marketplace 

landscapes have changed, and the OCC 

has gained supervisory experience with 

application of the Guidance to deposit 

advance products. Most recently, the 

CFPB adopted a rule entitled ‘‘Payday, 

Vehicle Title, and Certain High-Cost 

Installment Loans’’ (CFPB’s Final 

Rule),2 regarding short-term, smalldollar loans, which overlaps with the 

Guidance and will therefore apply to 

many of the loans addressed by the 

Guidance. For example, the CFPB’s 

Final Rule includes underwriting 

requirements for covered loans that are 

inconsistent with certain aspects of the 

Guidance. In addition, the CFPB’s Final 

Rule provides for cooling-off periods 

that differ from those set forth in the 

Guidance. Thus, the continuation of the 

Guidance would subject banks to 

potentially inconsistent regulatory 

direction and undue burden as banks 

prepare to implement the requirements 

of the CFPB’s Final Rule. 

In addition, based on the changed 

regulatory and marketplace landscape 

and our supervisory experience noted 

above, the OCC is concerned that banks 

are able to serve consumers’ needs for 

short-term, small-dollar credit. As a 

practical matter, consumers who would 

prefer to rely on banks and thrifts for 

these products may be forced to rely on 

less regulated lenders and be exposed to 

the risk of consumer harm and expense. 

Accordingly, the OCC is rescinding 

the Guidance. In rescinding the 

Guidance, the OCC considered that 

many other OCC guidance documents 

cover key elements of consumer 

lending, and these guidance documents 


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Federal Register / Vol. 82, No. 196 / Thursday, October 12, 2017 / Notices 47603 

3See, e.g., Advisory Letter 2000–7, ‘‘Abusive 

Lending Practices’’; Comptroller’s Handbook, 

‘‘Deposit-Related Credit’’ (underwriting, credit 

administration, management oversight); OCC 

Bulletin 2010–16, ‘‘Guidance for Evaluating Capital 

Planning and Adequacy’’ (capital planning); OCC 

Bulletin 2001–37, ‘‘ALLL Methodologies and 

Documentation’’ (ALLL); OCC Bulletin 2013–29, 

‘‘Third-Party Relationships: Risk Management 

Guidance,’’ as supplemented by OCC Bulletin 

2017–21, ‘‘Third-Party Relationships: Frequently 

Asked Questions to Supplement OCC Bulletin 

2013–29.’’ The ‘‘Deposit-Related Credit’’ booklet, 

which provides guidance to and procedures for 

examiners, will be revised to remove references to 

the Guidance. 

remain in effect and will continue to 

apply to deposit advance products.3

The OCC continues to support and 

encourage banks and savings 

associations to develop and use 

innovative products to meet customers’ 

short-term, small-dollar credit needs 

and will continue to ensure that banks 

that choose to offer this type of product 

do so responsibly. In providing deposit 

advance products and other short-term, 

small-dollar loans, banks should be 

guided by basic principles of prudent 

underwriting and risk management as 

well as fair and inclusive treatment of 

customers. In particular, banks should 

consider the following core principles 

when offering innovative, short-term, 

small-dollar loan products: 

• All bank products should be 

consistent with safe and sound banking, 

treat customers fairly, and comply with 

applicable laws and regulations. 

• Banks should effectively manage 

the risks associated with the products 

they offer, including credit, operational, 

compliance, and reputation. 

• All credit products should be 

underwritten based on reasonable 

policies and practices, including 

guidelines governing the amounts 

borrowed, frequency of borrowing, and 

repayment requirements. 

OCC examiners will continue to 

assess how banks offer short-term, 

small-dollar loan products, including 

whether management oversight is 

appropriate, whether risks posed by 

third-party relationships are 

appropriately managed, and whether the 

product complies with applicable 

federal consumer protection statutes. 

The OCC will take appropriate action to 

address any unsafe or unsound banking 

practice or violations of law associated 

with these products. 

Dated: October 5, 2017. 

Keith A. Noreika, 

Acting Comptroller of the Currency. 

[FR Doc. 2017–22012 Filed 10–11–17; 8:45 am] 

BILLING CODE 4810–33–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Sanctions Actions Pursuant to 

Executive Order 13581 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the name 

of a person whose property and interests 

in property have been unblocked 

pursuant to Executive Order 13581 of 

July 24, 2011, ‘‘Blocking Property of 

Transnational Criminal Organizations.’’ 

DATES: OFAC’s actions described in this 

notice were effective on June 6, 2017. 

FOR FURTHER INFORMATION CONTACT: The 

Department of the Treasury’s Office of 

Foreign Assets Control: Assistant 

Director for Licensing, tel.: 202–622– 

2480, Assistant Director for Regulatory 

Affairs, tel.: 202–622–4855, Assistant 

Director for Sanctions Compliance & 

Evaluation, tel.: 202–622–2490; or the 

Department of the Treasury’s Office of 

the Chief Counsel (Foreign Assets 

Control), Office of the General Counsel, 

tel.: 202–622–2410. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The list of Specially Designated 

Nationals and Blocked Persons (SDN 

List) and additional information 

concerning OFAC sanctions programs 

are available from OFAC’s Web site at 

http://www.treasury.gov/ofac. 

Notice of OFAC Actions 

On June 6, 2017, OFAC removed from 

the SDN List the person listed below, 

whose property and interests in 

property were blocked pursuant to 

Executive Order 13581. 

Individual 

1. BOTTCHER, Monica Elizabete 

(a.k.a. BOTTCHER, Monica Elizabeth), 

45 Knock Rushen, Castletown, Isle of 

Man IM9 1TQ, United Kingdom; DOB 

26 Feb 1973 (individual) [TCO] (Linked 

To: PACNET BRAZIL; Linked To: 

PACNET GROUP) 

Dated: June 6, 2017. 

Andrea Gacki, 

Acting Director, Office of Foreign Assets 

Control. 

Editorial Note: This document was 

received at the Office of the Federal Register 

on Friday, October 6, 2017. 

[FR Doc. 2017–22096 Filed 10–11–17; 8:45 am] 

BILLING CODE 4810–AL–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

Sanctions Actions Pursuant to 

Executive Order 13581 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Notice. 

SUMMARY: The U.S. Department of the 

Treasury’s Office of Foreign Assets 

Control (OFAC) is publishing the name 

of a person whose property and interests 

in property have been unblocked 

pursuant to Executive Order 13581 of 

July 24, 2011, ‘‘Blocking Property of 

Transnational Criminal Organizations.’’ 

DATES: OFAC’s actions described in this 

notice were effective on June 21, 2017. 

FOR FURTHER INFORMATION CONTACT: The 

Department of the Treasury’s Office of 

Foreign Assets Control: Assistant 

Director for Licensing, tel.: 202–622– 

2480, Assistant Director for Regulatory 

Affairs, tel.: 202–622–4855, Assistant 

Director for Sanctions Compliance & 

Evaluation, tel.: 202–622–2490; or the 

Department of the Treasury’s Office of 

the Chief Counsel (Foreign Assets 

Control), Office of the General Counsel, 

tel.: 202–622–2410. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The list of Specially Designated 

Nationals and Blocked Persons (SDN 

List) and additional information 

concerning OFAC sanctions programs 

are available from OFAC’s Web site at 

http://www.treasury.gov/ofac. 

Notice of OFAC Actions 

On June 21, 2017, OFAC removed 

from the SDN List the person listed 

below, whose property and interests in 

property were blocked pursuant to 

Executive Order 13581. 

Individual 

1. DRISCOLL, Mary Ann, Vancouver, 

British Columbia, Canada; DOB 01 Jun 

1950 to 30 Jun 1950; nationality Canada 

(individual) [TCO] (Linked To: CHEXX 

INC.; Linked To: INDIAN RIVER (UK) 

LTD.; Linked To: PACNET GROUP). 

Dated: June 21, 2017. 

Andrea Gacki 

Acting Director, Office of Foreign Assets 

Control. 

Editorial Note: This document was 

received at the Office of the Federal Register 

on Friday, October 6, 2017. 

[FR Doc. 2017–22097 Filed 10–11–17; 8:45 am] 

BILLING CODE 4810–AL–P 


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