[Federal Register Volume 85, Number 212 (Monday, November 2, 2020)]
[Rules and Regulations]
[Pages 69119-69120]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-22891]



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 Rules and Regulations
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 This section of the FEDERAL REGISTER contains regulatory documents 
 having general applicability and legal effect, most of which are keyed 
 to and codified in the Code of Federal Regulations, which is published 
 under 50 titles pursuant to 44 U.S.C. 1510.
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  Federal Register / Vol. 85, No. 212 / Monday, November 2, 2020 / 
Rules and Regulations  

[[Page 69119]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1003

[Docket No. CFPB-2019-0021]
RIN 3170-AA76


Home Mortgage Disclosure (Regulation C); Correction of 
Supplementary Information

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Final rule; correction.

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SUMMARY: On April 16, 2020, the Consumer Financial Protection Bureau 
(Bureau) issued the ``Home Mortgage Disclosure (Regulation C)'' final 
rule (HMDA Thresholds Final Rule). The Section-by-Section Analysis in 
the Supplementary Information to the HMDA Thresholds Final Rule 
contained several clerical errors regarding the estimated cost savings 
in annual ongoing costs from various possible closed-end coverage 
thresholds as compared to the then-current coverage threshold of 25 
closed-end mortgage loans. This document corrects those errors.

DATES: This correction is effective on November 2, 2020.

FOR FURTHER INFORMATION CONTACT: Jaydee DiGiovanni, Counsel; or Amanda 
Quester or Alexandra Reimelt, Senior Counsels, Office of Regulations, 
at 202-435-7700 or https://reginquiries.consumerfinance.gov. If you 
require this document in an alternative electronic format, please 
contact [email protected].

SUPPLEMENTARY INFORMATION: On April 16, 2020, the Bureau issued the 
``Home Mortgage Disclosure (Regulation C)'' final rule (HMDA Thresholds 
Final Rule), which adjusts the permanent thresholds for reporting data 
about closed-end mortgage loans and open-end lines of credit in 
Regulation C.\1\ The Section-by-Section Analysis in part V of the 
Supplementary Information to the HMDA Thresholds Final Rule contained 
several clerical errors regarding the estimated cost savings in annual 
ongoing costs from various possible closed-end coverage thresholds as 
compared to the then-current coverage threshold of 25 closed-end 
mortgage loans.\2\ This document corrects those errors. Specifically, 
in the first and second columns on page 28374 and in the third column 
on page 28383 of volume 85 of the Federal Register:
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    \1\ Home Mortgage Disclosure (Regulation C), 85 FR 28364 (May 
12, 2020).
    \2\ Effective July 1, 2020, the coverage threshold for closed-
end mortgage loans increased to 100.
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     The phrase ``institutions that originate between 25 and 49 
closed-end mortgage loans would save approximately $3.7 million per 
year in total annual ongoing costs, relative to the current threshold 
of 25'' should read ``institutions that originate between 25 and 49 
closed-end mortgage loans would save approximately $2.0 million per 
year in total annual ongoing costs, relative to the current threshold 
of 25'';
     The phrase ``institutions that originate between 25 and 99 
closed-end mortgage loans will save approximately $11.2 million per 
year, relative to the current threshold of 25'' should read 
``institutions that originate between 25 and 99 closed-end mortgage 
loans will save approximately $6.4 million per year, relative to the 
current threshold of 25''; and
     The phrase ``institutions would save approximately $27.2 
million and $45.4 million, respectively, relative to the current 
threshold of 25'' should read ``institutions would save more, relative 
to the current threshold of 25.''
    The HMDA Thresholds Final Rule includes the Bureau's consideration 
of the potential benefits, costs, and impacts of the final rule in the 
Dodd-Frank Act section 1022(b) analysis in part VII of the 
Supplementary Information.\3\ As the Bureau explained in part V of the 
Supplementary Information, part VII.E of the Supplementary Information 
provides a more comprehensive discussion of the Bureau's costs 
estimates than part V.\4\ These changes to part V correct the clerical 
errors on pages 28374 and 28383 to conform the cost estimates provided 
on those pages to the Bureau's analysis of the costs of the final rule 
provided in part VII.E of the Supplementary Information, including the 
estimates provided in table 2 on page 28392 and in the second and third 
columns on page 28396.
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    \3\ Specifically, section 1022(b)(2)(A) of the Dodd-Frank Act 
calls for the Bureau to consider the potential benefits and costs of 
a regulation to consumers and covered persons, including the 
potential reduction of access by consumers to consumer financial 
products or services; the impact on depository institutions and 
credit unions with $10 billion or less in total assets as described 
in section 1026 of the Dodd-Frank Act; and the impact on consumers 
in rural areas.
    \4\ E.g., 85 FR at 28371, 28374 n.68, 28381, 28383 n.137, 28384 
n.141.
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Correction

    Accordingly, the Bureau makes the following corrections to FR Doc. 
2020-08409 published on May 12, 2020 (85 FR 28364):
    1. On page 28374, in the first column, in the 39th to 43rd lines, 
revise ``institutions that originate between 25 and 49 closed-end 
mortgage loans would save approximately $3.7 million per year in total 
annual ongoing costs, relative to the current threshold of 25'' to read 
``institutions that originate between 25 and 49 closed-end mortgage 
loans would save approximately $2.0 million per year in total annual 
ongoing costs, relative to the current threshold of 25'';
    2. On page 28374, in the first column, in the 47th through 50th 
lines, and in the second column, in the 1st line, revise ``institutions 
that originate between 25 and 99 closed-end mortgage loans will save 
approximately $11.2 million per year, relative to the current threshold 
of 25'' to read ``institutions that originate between 25 and 99 closed-
end mortgage loans will save approximately $6.4 million per year, 
relative to the current threshold of 25'';
    3. On page 28374, in the second column, in the 3rd through 6th 
lines, revise ``institutions would save approximately $27.2 million and 
$45.4 million, respectively, relative to the current threshold of 25'' 
to read ``institutions would save more, relative to the current 
threshold of 25'';
    4. On page 28383, in the third column, in the 2nd to 7th lines, 
revise ``institutions that originate between 25 and 49 closed-end 
mortgage loans would save approximately $3.7 million per year in total 
annual ongoing costs relative to the current threshold of 25''

[[Page 69120]]

to read ``institutions that originate between 25 and 49 closed-end 
mortgage loans would save approximately $2.0 million per year in total 
annual ongoing costs, relative to the current threshold of 25'';
    5. On page 28383, in the third column, in the 10th through 14th 
lines, revise ``institutions that originate between 25 and 99 closed-
end mortgage loans will save approximately $11.2 million per year, 
relative to the current threshold of 25'' to read ``institutions that 
originate between 25 and 99 closed-end mortgage loans will save 
approximately $6.4 million per year, relative to the current threshold 
of 25''; and
    6. On page 28383, in the third column, in the 17th through 20th 
lines, revise ``institutions would save approximately $27.2 million and 
$45.4 million, respectively, relative to the current threshold of 25'' 
to read ``institutions would save more, relative to the current 
threshold of 25.''
    The Director of the Bureau, having reviewed and approved this 
document is delegating the authority to electronically sign this 
document to Laura Galban, a Bureau Federal Register Liaison, for 
purposes of publication in the Federal Register.

    Dated: October 9, 2020.
Laura Galban,
Federal Register Liaison, Bureau of Consumer Financial Protection.
[FR Doc. 2020-22891 Filed 10-30-20; 8:45 am]
BILLING CODE 4810-AM-P