[Federal Register Volume 86, Number 211 (Thursday, November 4, 2021)]
[Notices]
[Pages 60816-60817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23805]


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FEDERAL RESERVE SYSTEM


Agency Information Collection Activities: Announcement of Board 
Approval Under Delegated Authority and Submission to OMB

AGENCY: Board of Governors of the Federal Reserve System.
SUMMARY: The Board of Governors of the Federal Reserve System (Board) 
is adopting a proposal to extend for three years, without revision, FR 
HMDA LAR, the Reporting, Recordkeeping, and Disclosure Requirements 
Associated with the CFPB's Home Mortgage Disclosure Act Loan/
Application Register required by Regulation C.

FOR FURTHER INFORMATION CONTACT: Federal Reserve Board Clearance 
Officer--Nuha Elmaghrabi--Office of the Chief Data Officer, Board of 
Governors of the Federal Reserve System, Washington, DC 20551, (202) 
452-3829.
    Office of Management and Budget (OMB) Desk Officer for the Federal 
Reserve Board, Office of Information and Regulatory Affairs, Office of 
Management and Budget, New Executive Office Building, Room 10235, 725 
17th Street NW, Washington, DC 20503, or by fax to (202) 395-6974.

SUPPLEMENTARY INFORMATION: On June 15, 1984, OMB delegated to the Board 
authority under the Paperwork Reduction Act (PRA) to approve and assign 
OMB control numbers to

[[Page 60817]]

collections of information conducted or sponsored by the Board. Board-
approved collections of information are incorporated into the official 
OMB inventory of currently approved collections of information. The OMB 
inventory, as well as copies of the PRA Submission, supporting 
statements, and approved collection of information instrument(s) are 
available at https://www.reginfo.gov/public/do/PRAMain. These documents 
are also available on the Federal Reserve Board's public website at 
https://www.federalreserve.gov/apps/reportforms/review.aspx or may be 
requested from the agency clearance officer, whose name appears above.

Final Approval Under OMB Delegated Authority of the Extension for Three 
Years, Without Revision, of the Following Information Collection

    Report title: Reporting, Recordkeeping, and Disclosure Requirements 
Associated with the CFPB's Home Mortgage Disclosure Act Loan/
Application Register required by Regulation C.
     Agency form number: FR HMDA LAR.
    OMB control number: 7100-0247.
    Frequency: Annually and quarterly.
    Respondents: State member banks and their subsidiaries, 
subsidiaries of bank holding companies, U.S. branches and agencies of 
foreign banks (other than federal branches, federal agencies, and 
insured state branches of foreign banks), commercial lending companies 
owned or controlled by foreign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act.
    Estimated number of respondents: Reporting--Tier 1 Annual Reporter, 
3; Tier 1 Quarterly Reporter, 1; Tier 2, 131; Tier 2 Partial Reporter, 
308; and Tier 3 Partial Reporter, 33; Recordkeeping--Tier 1 Annual 
Reporter, 3; Tier 1 Quarterly Reporter, 1; Tier 2, 439; and Tier 3, 33; 
and Disclosure--Tier 1 Annual Reporter, 3; and Tier 1 Quarterly 
Reporter, 1.
    Estimated average hours per response: Reporting--Tier 1 Annual 
Reporter, 5,969; Tier 1 Quarterly Reporter, 6,903; Tier 2, 1,232; Tier 
2 Partial Reporter, 986; and Tier 3 Partial Reporter, 64; 
Recordkeeping--Tier 1 Annual Reporter, 4,130; Tier 1 Quarterly 
Reporter, 4,130; Tier 2, 83; and Tier 3, 27; and Disclosure--Tier 1 
Annual Reporter, 5; and Tier 1 Quarterly Reporter, 5.
    Estimated annual burden hours: Reporting--Tier 1 Annual Reporter, 
17,907; Tier 1 Quarterly Reporter, 27,612; Tier 2, 161,392; Tier 2 
Partial Reporter, 303,688; and Tier 3 Partial Reporter, 2,112; 
Recordkeeping--Tier 1 Annual Reporter, 12,390; Tier 1 Quarterly 
Reporter, 16,520; Tier 2, 36,437; and Tier 3, 891; and Disclosure--Tier 
1 Annual Reporter, 15; and Tier 1 Quarterly Reporter, 20.
    General description of report: The Home Mortgage Disclosure Act 
(HMDA) was enacted in 1975 and is implemented by Regulation C. 
Generally, the HMDA requires certain depository and non-depository 
institutions that make certain mortgage loans to collect, report, and 
disclose data about originations and purchases of mortgage loans, as 
well as loan applications that do not result in originations (for 
example, applications that are denied or withdrawn). The HMDA was 
enacted to provide regulators and the public with loan data that can be 
used to (1) help determine whether financial institutions are serving 
the housing needs of their communities, (2) assist public officials in 
distributing public-sector investments so as to attract private 
investment to areas where it is needed, and (3) assist in identifying 
possible discriminatory lending patterns and enforcing anti-
discrimination statutes.\1\ Supervisory agencies, state and local 
public officials, and members of the public use the data to aid in the 
enforcement of the Community Reinvestment Act, the Equal Credit 
Opportunity Act, and the Fair Housing Act and to aid in identifying 
areas for residential redevelopment and rehabilitation.
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    \1\ See 12 CFR 1003.1(b).
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    Legal authorization and confidentiality: The FR HMDA LAR is 
authorized pursuant to section 304(j) of the HMDA, which requires that 
the Consumer Financial Protection Bureau (CFPB) prescribe by regulation 
the form of loan application register information that must be reported 
by covered financial institutions. Section 1003.5 of Regulation C 
implements this statutory provision, and requires covered financial 
institutions to submit reports to their appropriate federal agency. 
Section 304(h)(2)(A) of the HMDA designates the Board as the 
appropriate agency with respect to the entities described above. The FR 
HMDA LAR is mandatory.
    The HMDA requires the information collected on the FR HMDA LAR to 
be made available to the general public in the form required under 
regulations prescribed by the CFPB. The CFPB is authorized to redact or 
modify the scope of the information before it is publicly disclosed to 
protect the privacy of loan applicants and to protect depository 
institutions from liability under any federal or state privacy law. The 
redacted information may be kept confidential under exemption 6 of the 
Freedom of Information Act, which protects from release information 
that, if disclosed, would ``constitute a clearly unwarranted invasion 
of personal privacy.'' \2\
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    \2\ 5 U.S.C. 552(b)(6).
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    Current actions: On July 19, 2021, the Board published a notice in 
the Federal Register (86 FR 38090) requesting public comment for 60 
days on the extension, without revision, of the Reporting, 
Recordkeeping, and Disclosure Requirements Associated with the CFPB's 
Home Mortgage Disclosure Act Loan/Application Register required by 
Regulation C. The comment period for this notice expired September 17, 
2021. The Board did not receive any comments.

    Board of Governors of the Federal Reserve System, October 27, 
2021.
Michele Taylor Fennell,
Deputy Associate Secretary of the Board.
[FR Doc. 2021-23805 Filed 11-3-21; 8:45 am]
BILLING CODE 6210-01-P