Source: http://www4.law.cornell.edu/cfr/text/12/part-226/appendix-B?quicktabs_7=2
Timestamp: 2013-12-10 16:40:18
Document Index: 639666104

Matched Legal Cases: ['art 226', 'art 226', 'art 226', 'art 226', 'art 226', 'art 226', 'art 262', 'art 261', 'arts 34']

12 CFR Part 226, Appendix B to Part 226 - State Exemptions | Title 12 - Banks and Banking | Code of Federal Regulations | LII / Legal Information Institute
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12 CFR Part 226, Appendix B to Part 226 - State Exemptions
There is 1 rule appearing in the Federal Register for 12 CFR 226. Select the tab below to view, or View eCFR (GPOAccess)
Pt. 226, App. B
Appendix B to Part 226—State Exemptions
Any State may apply to the Board for a determination that a class of transactions subject to State law is exempt from the requirements of the Act and this regulation. An application shall be in writing and addressed to the Secretary, Board of Governors of the Federal Reserve System, Washington, DC 20551, and shall be signed by the appropriate State official. The application shall be made pursuant to the procedures herein and the Board's Rules of Procedure (12 CFR Part 262).
(1) The text of the State statute or regulation that is the subject of the application, and any other statute, regulation, or judicial or administrative opinion that implements, interprets, or applies it.
(2) A comparison of the State law with the corresponding provisions of the Federal law.
(3) The text of the State statute or regulation that provides for civil and criminal liability and administrative enforcement of the State law.
(4) A statement of the provisions for enforcement, including an identification of the State office that administers the relevant law, information on the funding and the number and qualifications of personnel engaged in enforcement, and a description of the enforcement procedures to be followed, including information on examination procedures, practices, and policies. If an exemption application extends to federally chartered institutions, the applicant must furnish evidence that arrangements have been made with the appropriate Federal agencies to ensure adequate enforcement of State law in regard to such creditors.
(5) A statement of reasons to support the applicant's claim that an exemption should be granted.
Notice of an application will be published, with an opportunity for public comment, in the Federal Register, unless the Board finds that notice and opportunity for comment would be impracticable, unnecessary, or contrary to the public interest and publishes its reasons for such decision.
Subject to the Board's Rules Regarding Availability of Information (12 CFR Part 261), all applications made, including any documents and other material submitted in support of the applications, will be made available for public inspection and copying. A copy of the application also will be made available at the Federal Reserve Bank of each district in which the applicant is situated.
Favorable Determination
If the Board determines on the basis of the information before it that an exemption should be granted, notice of the exemption will be published in the Federal Register, and a copy furnished to the applicant and to each Federal official responsible for administrative enforcement.
The appropriate State official shall inform the Board within 30 days of any change in its relevant law or regulations. The official shall file with the Board such periodic reports as the Board may require.
The Board will inform the appropriate State official of any subsequent amendments to the Federal law, regulation, interpretations, or enforcement policies that might require an amendment to State law, regulation, interpretations, or enforcement procedures.
If the Board makes an initial determination that an exemption should not be granted, the Board will afford the applicant a reasonable opportunity to demonstrate further that an exemption is proper. If the Board ultimately finds that an exemption should not be granted, notice of an adverse determination will be published in the Federal Register and a copy furnished to the applicant.
The Board reserves the right to revoke an exemption if at any time it determines that the standards required for an exemption are not met.
Before taking such action, the Board will notify the appropriate State official of its intent, and will afford the official such opportunity as it deems appropriate in the circumstances to demonstrate that revocation is improper. If the Board ultimately finds that revocation is proper, notice of the Board's intention to revoke such exemption will be published in the Federal Register with a reasonable period of time for interested persons to comment.
Notice of revocation of an exemption will be published in the Federal Register. A copy of such notice will be furnished to the appropriate State official and to the Federal officials responsible for enforcement. Upon revocation of an exemption, creditors in that State shall then be subject to the requirements of the Federal law.
Title 12 published on 2013-01-01The following are only the Rules published in the Federal Register after the published date of Title 12.For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.2013-02-13; vol. 78 # 30 - Wednesday, February 13, 201378 FR 10368 - Appraisals for Higher-Priced Mortgage Loans
typeregulations.gov FR Doc.2013-01809 RIN1557-AD62 Docket No.OCC-2012-0013 Docket No.R-1443 Docket No.CFPB-2012-0031 DEPARTMENT OF THE TREASURY, FEDERAL RESERVE SYSTEM, NATIONAL CREDIT UNION ADMINISTRATION, FEDERAL HOUSING FINANCE AGENCY, BUREAU OF CONSUMER FINANCIAL PROTECTION, Office of the Comptroller of the Currency Final rule; official staff commentary. This final rule is effective on January 18, 2014. 12 CFR Parts 34 and 164 SummaryThe Board, Bureau, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) are issuing a final rule to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the official interpretation to the regulation. The revisions to Regulation Z implement a new provision requiring appraisals for “higher-risk mortgages” that was added to TILA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act or Act). For mortgages with an annual percentage rate that exceeds the average prime offer rate by a specified percentage, the final rule requires creditors to obtain an appraisal or appraisals meeting certain specified standards, provide applicants with a notification regarding the use of the appraisals, and give applicants a copy of the written appraisals used.
Title 12 published on 2013-01-01The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR 226 after this date.2013-02-13; vol. 78 # 30 - Wednesday, February 13, 201378 FR 10368 - Appraisals for Higher-Priced Mortgage Loans