[The Regulatory Plan and Unified Agenda of
Federal Regulatory and Deregulatory Actions]
[Federal Reserve System Semiannual Regulatory Agenda]
[From the U.S. Government Publishing Office, www.gpo.gov]
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Part XXI
Federal Reserve System
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Semiannual Regulatory Agenda
[[Page 79926]]
FEDERAL RESERVE SYSTEM (FRS)
_______________________________________________________________________
FEDERAL RESERVE SYSTEM
12 CFR Ch. II
Semiannual Regulatory Flexibility Agenda
AGENCY: Board of Governors of the Federal Reserve System.
ACTION: Semiannual regulatory agenda.
_______________________________________________________________________
SUMMARY: The Board is issuing this agenda under the Regulatory
Flexibility Act and the Board's Statement of Policy Regarding Expanded
Rulemaking Procedures. The Board anticipates having under consideration
regulatory matters as indicated below during the period November 1,
2010, through April 30, 2011. The next agenda will be published in
spring 2011.
DATES: Comments about the form or content of the agenda may be
submitted any time during the next six months.
ADDRESS: Comments should be addressed to Jennifer J. Johnson,
Secretary of the Board, Board of Governors of the Federal Reserve
System, Washington, DC 20551.
FOR FURTHER INFORMATION CONTACT: A staff contact for each item is
indicated with the regulatory description below.
SUPPLEMENTARY INFORMATION: The Board is publishing its fall 2010 agenda
as part of the Fall 2010 Unified Agenda of Federal Regulatory and
Deregulatory Actions, which is coordinated by the Office of Management
and Budget under Executive Order 12866. The agenda also identifies
rules the Board has selected for review under section 610(c) of the
Regulatory Flexibility Act, and public comment is invited on those
entries. The complete Unified Agenda will be available to the public at
the following web site: www.reginfo.gov. Participation by the Board in
the Unified Agenda is on a voluntary basis.
The Board's agenda is divided into three sections. The first,
Proposed Rule Stage, reports on matters the Board may consider for
public comment during the next six months. The second section,
Final Rule Stage, reports on matters that have been proposed and
are under Board consideration. And a third section, Completed
Actions, reports on regulatory matters the Board has completed or
is not expected to consider further. Matters begun and completed
between issues of the agenda have not been included.
A dot () preceding an entry indicates a new matter that
was not a part of the Board's previous agenda and which the Board
has not completed.
Margaret McCloskey Shanks,
Associate Secretary of the Board.
Federal Reserve System--Completed Actions
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Regulation
Sequence Title Identifier
Number Number
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604 Regulation Z--Truth in Lending Act (Docket Number: R-1366)............................ 7100-AD33
605 Regulation Z--Truth in Lending Act (Docket No: R-1370)................................ 7100-AD42
606 Regulation Z--Truth in Lending (Docket No. R-1384).................................... 7100-AD49
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_______________________________________________________________________
Federal Reserve System (FRS) Completed Actions
_______________________________________________________________________
604. REGULATION Z--TRUTH IN LENDING ACT (DOCKET NUMBER: R-1366)
Legal Authority: 15 USC 1601 et seq
Abstract: In August 2009 the Board issued a proposed rule amending
Regulation Z's disclosures for closed-end mortgages. The proposed rule
would make comprehensive changes to the disclosures consumers receive
before and after application for a closed-end mortgage loan. The
proposed disclosures included, among other things, disclosures of
information about interest rates and payment changes in the form of a
table. This disclosure would implement changes to the Truth in Lending
Act made by the Mortgage Disclosure Improvement Act (the MDIA). The
Board also proposed to prohibit certain payments to mortgage loan
originators (mortgage brokers and loan officers) that are based on the
loan's terms or conditions, and prohibit steering consumers to
transactions that are not in their interest to increase compensation
received.
In August 2010, the Board finalized two elements of the August 2009
proposed rule. First, the Board issued an interim final rule requiring
creditors to disclose certain summary information about interest rates
and payment changes in the form of a table for closed-end mortgage
loans secured by a real property or dwelling. The Board took this
action to ensure that the creditors have guidance on how to make the
interest rate and payment disclosure required by MDIA before the
statutory effective date of January 30, 2011. The Board's interim final
rule adopts the August 2009 proposed rule regarding the interest rate
and payment summary tables substantially as proposed. Public comments
on the interim final rule are due 60 days after publication in the
Federal Register.
Second, the Board adopted the proposed rule regarding originator
compensation, substantially as proposed. The final rule also prohibits
payments to mortgage originators that are based on the loan's terms or
conditions. The final rule also prohibits a mortgage originator from
steering consumers to transactions that are not in their interest to
increase the originator's compensation. The final rule applies to
closed-end mortgage loans secured by a dwelling, and is substantially
similar to the proposed rule.
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Board Requested Comment 08/26/09 74 FR 43232
[[Page 79927]]
Board Adopted Final Rule 09/24/10 75 FR 58509
Final Rule Effective 04/01/11
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Kathleen Ryan, Counsel, Federal Reserve System,
Division of Consumer and Community Affairs
Phone: 202 452-3667
RIN: 7100-AD33
_______________________________________________________________________
605. REGULATION Z--TRUTH IN LENDING ACT (DOCKET NO:
R-1370)
Legal Authority: 12 USC 1601 et seq
Abstract: On May 22, 2009, the Credit Card Accountability
Responsibility and Disclosure Act of 2009 (Credit Card Act) was signed
into law. Public Law No. 111-24, 123 Stat. 1734 (2009). The Credit Card
Act primarily amended the Truth in Lending Act (TILA) and created a
number of new substantive protections and disclosure requirements for
open-end (revolving) consumer credit plans. The provisions of the
Credit Card Act that the Board was required to implement under TILA
became effective in three stages: August 20, 2009; February 22, 2010;
and August 22, 2010. On July 15, 2009, the Board issued an interim
final rule amending Regulation Z (Truth in Lending), to implement
provisions of the Credit Card Act that became effective on August 20,
2009, 74 FR 36077 (July 22, 2009)(Docket No. R-1364). In October 2009,
the Board published a proposed rule amending Regulation Z (Truth in
Lending) to finalize the July 2009 interim final rule and implement
additional provisions of the Credit Card Act that became effective on
February 22, 2010, 74 FR 54124. In January 2010, the Board issued a
final rule based on the October 2009 proposal (75 FR 7658).
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Board Issued Final Rule on 02/22/10 75 FR 7658
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Amy Henderson, Senior Attorney, Federal Reserve System
Phone: 202 452-3667
RIN: 7100-AD42
_______________________________________________________________________
606. REGULATION Z--TRUTH IN LENDING (DOCKET NO. R-
1384)
Legal Authority: 15 USC 1601 et seq
Abstract: The Board proposes to amend Regulation Z, which implements
the Truth in Lending Act, and the staff commentary to the regulation in
order to implement provisions of the Credit Card Accountability
Responsibility and Disclosure Act of 2009 that goes into effect on
August 22, 2010. In particular, the proposed rule would require that
penalty fees imposed by card issuers be reasonable and proportional to
the violation of the account terms. The proposed rule would also
require credit card issuers to reevaluate at least every six months the
annual percentage rates increased on or after January 1, 2009.
On March 15, 2010, the Board published proposed amendments to
Regulation Z (Truth in Lending) in order to implement provisions of the
Credit Card Accountability Responsibility and Disclosure Act that went
into effect on August 22, 1010 (75 FR 12334). The proposed rule would
have required that penalty fees imposed by card issuers be reasonable
and proportional to the violation of the account terms. The proposed
rule also would have required credit card issuers to reevaluate at
least every six months annual percentage rates increased on or after
January 1, 2009. On June 29, 2010, the Board published final rules
finalizing the March 2010 proposal (75 FR 37526).
Timetable:
________________________________________________________________________
Action Date FR Cite
________________________________________________________________________
Board Issued Final Rule on 06/29/10 75 FR 37526
Regulatory Flexibility Analysis Required: Yes
Agency Contact: Amy Henderson, Senior Attorney, Federal Reserve System
Phone: 202 452-3667
RIN: 7100-AD49
[FR Doc. 2010-30471 Filed 12-17-10; 8:45 am]
BILLING CODE 6210-01-S